My partner and I recently made an offer on a home that got accepted and we ratified the contract. Closing at that point was roughly 50 days away. When we originally submitted the offer, we had done so with the pre-approval from a bank, lets call it ABC BANK. The next day I decided to rate shop and found a significantly better rate with another bank.
Long story short, when the original lender called me to finalize things, I let them know i had rate shopped and asked if ABC BANK could compete. The lender got extremely hostile with me, said we only got the house because of their personal connections to our seller’s listing agent, and threatened to ruin our deal.
She called the seller agent, after hanging up on me, and a few minutes later my realtor let us know that the sellers were threatening to walk.
We figured it out and got moving with the other bank (ahead of schedule), including paying our earnest deposit. The hostility from the seller agent is continuing, including canceling our scheduled walk through due to “us ruining things.”
This feels very wrong, as the seller agent and lender have a personal relationship that has jeoporadized the purchase of the home.
Curious around the legalities of this and if I should contact anyone regarding what has transpired.
Location:
Comments
What does your P&S agreement say about your lender? Is your lender specified in the agreement?
A little more context. Actually closing a deal is a big deal of real estate. It’s why a cash offer with no contingencies and quick close is seen as worth taking a hair cut on price.
Someone who has a better rate might have stricter rules on whether they approve the purchase. The seller doesn’t care about what’s best for you.
It sounds more you’re like hey this was buddy buddy, are they getting a kick back for being pissed off?
Even if the seller was ok, the agent can be mad that the deal might close.
tell them to go fk themselves. also you are entitled to a scheduled walk through. make it clear you will not close without touring the property.
don’t worry about the lender, that’s just a contingency at least in the california contract.
keep rate shopping, i rate shop usually until the 30 day mark.
>we only got the house because of their personal connections to our seller’s listing agent
I’m inclined to think you got the house because your offer had the best net to the seller. Preferred lender may enter into play if there are two identical offers; but a seller isn’t going to accept an offer that nets them thousands, or tens of thousands, less because of the lender.
Something is fishy though, about the agent cancelling the walk-through for “ruining things.” Nothing was ruined.
NAL – but I don’t think poor, petulant service has a legal remedy. Reviews?