Home Buying in Naples>Question Details

Chris, Home Buyer in Naples, FL

Is there any recourse against a mortgage broker who has been so inattentive that appraisal has expired?

Asked by Chris, Naples, FL Fri Apr 26, 2013

An out of town broker I'm using has delayed multiple issues by not communicating needed information, resulting in 2 extensions (the seller has been very understanding), the appraisal expiring, and closing delayed. Now I'm told it will likely be another month, (likely 2-3 months at current rate) the cost of a new appraisal, and more paperwork. Do I cut my losses and find someone else or can I ask them to pay for the appraisal and reduce costs since it's their failure to follow through?

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Number one, you can pretty much forget about a refund

Second, it's amazing to see posts from those who are clueless about how hard it is to get borrowers financing in certain situations.

Tell us exactly what happened from start to finish and about your credit, liabilities, asset, debt to income ratios.

What exactly happened?

0 votes Thank Flag Link Sat Apr 27, 2013
You should have been pre-approved in order to avoid this situation, not that it couldn't happen anyway. But if you have good credit, and qualify for the loan, call is manager and get to the bottom of the issue.
0 votes Thank Flag Link Sat Apr 27, 2013
The problem is that you used an out of town lender. That is a big mistake. You want to use someone in your community that you can sit face to face with. I would cut and run. Find someone close to home that will get this done for you. You should be able to have everything done and close in less than 45 days.

Good luck,
0 votes Thank Flag Link Sat Apr 27, 2013

Without knowing both sides of the story, I lean towards defending a fellow Mortgage Broker as 99% of the time these days its usually a situation where they're doing everything they can to overcome the borrower's credit and financial issues, in this, the hardest time in history to obtain a loan.

All depends on your CLADD:
Debt ratio
Down payment

What are the issues here? Explain what has happened from the beginning in detail, as if the your Mortgage Broker could read what you are writing and could respond too, so we can advise.

The part about them not responding would really make me mad too, but again, there are two sides to every story.
0 votes Thank Flag Link Sat Apr 27, 2013
Stop playing around with a Chump Loan Officer who doesn't have enough respect to communicate with you. The number one reason someone doesn't call you back it because they have bad news that they don't have the guts to tell you. We are licensed in FL and have offices there. Please feel free to contact me direct (even over the weekend) so I can give you some assistance. I personally have help hundreds of clients who were pre-approved and in the 11th hour their loan officer skipped town or their loan was denied, I'm sure that I can find out why the deal has hit a dead end. I really feel bad for folks in your position. Let me know if I can help.

Best of Luck!
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Fri Apr 26, 2013
Hi Chris,

I am sorry to hear that you have been experiencing such horrible service. Your appraisal should be able to be recertified for a lesser cost than the cost of a whole new appraisal. My recommendation would be to find a new lender! What you have been experiencing is unaaceptable. If you are getting an FHA loan, the appraisal will follow your file as there is an FHA case # assigned tio you.
Let me refer you to our preferred lender. They are honest and can get things done fast for you. His name is Tyler Bahnsen and he is with Prospect Mortgage. Here is hos contact info. You can even call him tonight or over the weekend on his cell phone and he will respond. If he doesn't answer, leave a message. Make sure to tell him that Jimmy sent you. Also, please feel free to contact me if you need any help. Jimmy 239-877-3194

121 Alhambra Plaza, Suite 1500
Coral Gables, FL 33134
Tel. (305)423-6302
Fax (877)345-8063
Email: tyler.bahnsen@prospectmtg.com
0 votes Thank Flag Link Fri Apr 26, 2013
Tyler Bahnsen performed 4 mortgages for me recently and they all went very smooth and very quickly. Got a great rate on all four. I cannot say enough good things about this guy and he is a pleasure to work with. AAAA++++ Professional!!
Flag Sat Jun 15, 2013
I can also vouche for Tyler. He does what he says he can do and quickly. Four mortgages with him and we even went to court for me as a witness in one of my transactions. Highly recommend him!!!!
Flag Sat Jun 15, 2013
Hi Chris,
This is a loaded question. I always urge my out of state buyers to use a local lender, such as a corespondent lender that does their own underwriting and meets deadlines. They know the local market and state statutes and rules, as a local Realtor would.
Your situation is a classic result for those that try to sell "by owner" or go "direct" to that seller on their own thinking they will save commission, and do not have professional guidance in a legal transaction.
Whatever the reason, the result is you lose in the long run. You need a professional local Realtor, mortgage company, and real estate attorney.
Again, you may not receive an "easy" answer on Trulia but need a professional review. It's worth what you may lose otherwise.
I have the resources that have assisted my clients in successful results, should you decide to go that route.

Mary Horesco
"Outstanding Performance Award Winner"
Downing-Frye Realty, Inc.
Web Reference: http://www.maryhoresco.com
0 votes Thank Flag Link Fri Apr 26, 2013
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