Was there a real estate agent involved with this sale? Ask them for guidance to getting your question answered, or call a local real estate broker and ask him or her to point you to answers.
From your question, there are several layers to be sorted out. You need specific advice.
I am a mortgage broker. If I can be of further assistance, please let me know.
877-238-6324 Ext 704
You are not tied to this broker what so ever. I am a broker in PA,DE, MD, and NJ. See with a broker as long as you do not sign a contract befor your closing then you can pick up and go with whom ever you wish. And as a buyer after the purchuse you can do what ever you want with the home. Feel free to contact me by
phone: 302-260-2015 or
by e-mail- firstname.lastname@example.org
ill see if there isnt something I can do for you.
Am I obligated to do business with this broker?
No, unless your state allows and you have signed a contract guaranteeing fees to your broker in the event you decide to close with someone else. Florida's Mortgage Broker Business Contract is an example of such a form (it is a mandatory form), but I have never heard of a broker attempting to have it enforced unless the borrower can be shown to have intentionally taken advantage of the broker.
Do I have the right to change brokers?
Can this broker threaten the seller and prevent me from living in this home?
No, and to do so strays dangerously close to tortious interference of the contract you and your future landlord wish to execute.
I am not a lawyer nor will I try to give you legal advice. My real estate license, and my E & O insurance will not allow it either, but I can and will tell you this, get with an attorney quickly. Make sure you have all of your facts together for him so he can advise you. Good luck!
Prudential John M. Brabham
Holy cow. You have no obligation to that broker and they cannot stop you from renting. I can't believe in 2008 some unscruplious brokers are still practicing this and do not need to be in the business. I would get a referral from someone that has a great reputation or maybe even a couple people. And compare GFE's to one another. It sounds like the service you our being provided is very poor. It also sounds like the broker is very desperate for business if he is actually making threats and trying to force you to use him.
I would get a new lender absolutely
The moretgage broker you are using seems to be unethical in his business practices. If you are the home buyer it is your write to work woth whomever you choose to. The first thing that you should do is have the person you are going to work with next for the financing review all the appraisals to see which one is the most accurate. I work for a local bank so i know how strict the guide lines are when it comes to appraisals. i'd be more then happy to advise you in ane way i can regarding your transaction.
Mid Atlantic Capital
405 Kings Highway South
Cherry Hill, NJ, 08034
Toll Free: 800-232-5171 ext. 501
Web Address: http://www.midacap.com
Michael D Delp
4802 Old Bethlehem Pike,
Telford Pa. 18969
It seems to me the mortgage broker is out of his commission due to a low appraisal and is exhibiting poor behavior. You don't need a mortgage to rent this property, therefore you don't need a mortgage broker!