Home Buying in Elma>Question Details

Jared.greenn…, Home Buyer in Elma, WA

Should I get a lawyer?

Asked by Jared.greennwlc, Elma, WA Mon Jun 24, 2013

Should I get a lawyer if my lender told me closing would be $5000 and it went up to $7000 then to $10,600 a week later? Also is back dating legal?

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Rob, $200 an hour! Lawyers must be cheap in 98225! ;-)

Jared, your question is not very clear at all. What is going up? The amount you have to bring to close? Keep in mind that if you're going FHA the minimum you have to bring to close is 3.5% of the purchase price, so on a $200,000 house that would be $7,000.00. There is no way around that (sort of). So if you were expecting less than that number, someone didn't explain the process to you. I would also note that in many transactions that's exactly what the buyer brings in to close.

Also, as to lack of clarity, you don't say what is being back dated.

As to your question about getting an attorney, I'm one of the first here to say people should get a lawyer, and this certainly sounds like such a situation. Keep in mind though that your remedy at this point might be to back out of the deal. So I doubt you're looking at a heck of a lot of attorney time.

One other option might be to find a new lender. It sounds like at the very least they are not very good at communicating. That would probably require the seller to consent to the change even if you could still close on the same time deadline. The need for seller consent would also be a question for a lawyer. Once when one of our buyer clients came to us with a lender in tow, and it became apparent that they totally sucked as a lender, we sent them to one of our preferred lenders even though it required a week or so delay in closing. Something like that might be an option for you.
0 votes Thank Flag Link Tue Jun 25, 2013
Lawyers tend to be very self serving, and no matter what the outcome is for you, they will be certain to get their 200 bones or so per hour...
0 votes Thank Flag Link Mon Jun 24, 2013
Hi Jared
Find an attorney to look at the paper work to see if there is any wrong doing. Best of luck to you.
0 votes Thank Flag Link Mon Jun 24, 2013
I would get a lawyer.that seems to violate the good faith estimate, but only a lawyer would know for sure. Good luck!
0 votes Thank Flag Link Mon Jun 24, 2013
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