Finance, Investments Lenders misrepresenting you

Bryan Turner

New Member
I am currently trying to purchase a home through Prime Lending. I have been dealing with an originator. I feel He has not represented me or my purchase properly to his company, or his company to me. This guy had me convinced I could buy a home with a conventional loan and then rehab it myself out of pocket. When it came time for an inspection, I reminded him it would not pass an inspection nor would the sellers allow one. This was an AS IS sale. He changed the loan to a rehab loan and had me get a quote from my contractor to have windows installed throughout the property. He ran the loan through the underwriters with just a window quote. Now comes time for the appraisal. The house wouldn't appraise correctly in current condition so he asked me to get installed quotes from Lowes for some of the major projects. The appraisal came back good with everything updated. He sent me an un-official breakdown of the total cost and down payment, and it had double charges on it of $900 plus a $495 credit was not applied Plus a 2,950. quote that was not provided. Now the underwriters see an appraisal with all of these quotes attached to it when he originally sent it through with just the window installation quote. Now the underwriters are probably upset and suspicious of course. The underwriters keep coming back with more things needed. Every time he asks for something, I get it right to him. Four times, now they are now requiring an un-necessary plumbing inspections, mold inspection, and a structural inspection that I need to pay for up front. After complaining that I have already paid for the appraisal, told me he would pay for the inspection, but I received the invoice and had to pay up front. He will not give me an answer on anything. Now that we are in 48 days. My realtors, the sellers, and myself still waiting to see if this company will even finance the house. I only have 4 days left until I loose this property. The Structural inspection was today. If I would have known I needed installed labor/material quotes for every little thing, I would of just hired a contractor to quote it all at once. I feel I am about to loose this house because if the structural inspection finds any little tiny thing, they are going to require an installed material/labor quote from there preferred company.My realtor asked for an extension date from him three times and never got a response. The deadline was last Friday. My realtor extended it for 7 days. I have asked him several questions he will not answer. In the first three emails, I sent him letter of intent with a budget showing everything I needed to do before this home would pass inspection and be move in ready. He has changed the loan type twice on me. He convinced me to just send a quote for the windows to push it through. I have over 50 sent and received emails cooperating everything.
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Wasn't that long. There just wasn't a question in there.

I feel I am about to loose this house

So you lose it. You take your lumps and find another house, having learned that if you have to borrow to buy a "fix-up" you'll need a rehab loan and you'll need a contractor to give you an estimate for the entire rehab before you go looking for a loan.

There's nothing you can do about what's happening with this one. You are at the mercy of the lender.