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| I am buying a house i UK. I have already signed the contracts and made a deposit of 5% of the mortgage through my sollicitor. I was told I will get the keys to the house as soon as I do this.After ... |
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Kelly R | Is it illegal for my real estate agent to force me to use his lender instead of builder's lender? |
Trying to buy a townhome in Orlando. Realtor is almost refusing to show me new townhomes because he says I would have to go through the builder's lender and I don't have good enough credit. |
 |
 
HotNurse71
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No it is illegal for them to force the sale through their lenders. Under the U.S. Housing and Urbal Development (HUD) Laws, you have the right to choose a mortgage lender that is right for you. Call the HUD administration and ask them your question. They should be able to help you. Click on the website link and look at the bottome, it has a link to find the nearest HUD office near you and also look under Borrowers rights on Step 2. That should tell you what your rights as a buyer are.
Click on the website and look at the bottom, it has a link to find the nearest HUD office near you.
Hope this helps... and don't give up! |
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young2bballin
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YES!!!!! It is your absolute right to get your home loan from whoever you choose. No one can force you to choose a certain company and further more if you can prove that the agent is doing this they can lose their license. Dont let them bully you! If I were you I would walk away cause things like this should be a red flag that you are dealing with some shady individuals. |
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goz1111
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two things happening in this case
first it is illegal for the real estate agent to force you to use any lender when buying a place
but also
It is legal for a builder to require if you buy their townhouse you must financed threw their lender, if you finance
so in your case i bet you do not have good credit as such the real estate agent has found a independent lender that will write a policy for you, because in the normal lender market you can not get a loan
the agent knowing your situation with your credit is reluctant to show you cretin town houses where the builder requires you to go threw a certain lender because the agent knows you will not qualify for the loan, wasting every ones time |
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Kristy - Kaitlyn's mommy
 |
You can use whatever lender you want. I'm sure your agent sees alot of clients like you and is only advising you what he thinks is best.
Do you have a realestate attorney for your purchase? You should. |
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crey r
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yes it is illegal its called funnleing |
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loancareer
|
That is an absolute YES! It is however, done all of the time because so few people know enough to question it. This is a MAJOR area of RESPA abuse.
Often times what a Realtor or builder will do is offer some sort of perk to have you use their guy and not mention you have the right to look elsewhere. This is a huge grey area. It comes down to this. Is your Realtor FORCING you to use their guy, or did they just fail to mention you can go elsewhere? If they are telling you that you MUST use their guy or you can't make an offer on a property. RUN! Report them to the State Board of Realtors. Do what ever you have to to get away from that company.
If the Realtor is just presenting their guy as the best and only option, well that may be unethical but it's not really breaking any laws.
Final Point: Buying a home is a major step. Research, do your homework. After all is said and done no one has to live with the choices you make except YOU. |
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Zilla
 |
Yes, it is not legal to FORCE you to use their lender. You have a right to get a loan from wherever you like. What I would do if I were you is talk to a lender that you trust that can pull your credit and show you exactly what kind of programs that you can qualify for, based on what your credit score is.
Oftentimes, the people that want you to use their "preferred" lender are charging you extra fees and costs for that "privilege." Here in Charlotte, we had a builder that was talking about how advantageous it was to use their preferred lender, and was even giving lots of "incentives" to do so. However, in an expose done by the local paper, the builder was CHARGING $1.58 for every dollar of incentives that they were "giving" to the home buyer--pretty sleazy, eh?
So don't completely trust anyone that is trying to FORCE you to use their lender. Check out stuff elsewhere, and get a good idea of what a competitive rate for your situation is. Then, if you like, you can go to them and give them a chance to EARN your business, and see how competitive their quote is compared to what you have.
Any questions, or need help with this, e-mail me, mark@ourcarolinahouse.com. We do loans and real estate transactions all over the country!
Best of luck! |
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John S
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you may choose which ever lender you want. if your agent is pushing you hard to use his/her lender i would feel that your real estate agent is pushing you to do so that he/she receive an illegal "kickback" of some sort. BUT it does not hurt to see what the agent's lender has to offer versus the builder's lender. if the builder has it's own lending arm it may offer you incentives (upgrades, landscaping, etc) that the agent's lender may not be able to compete with especially now with the housing market being soft. if the agent says you have to use his/her lender i would recommend finding a new agent and possibly report the agent. |
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sarah W
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well first off maybe your agent is right, if you dont believe he/she is then try for the builders lender and agent |
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Kari McCoy
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Sometims my buyers do not know of a lender and I usually recemend 2 and then ask them to simply have quick meet up and then tell both the lenders that they will talk it over and get back to the one that is the right fit for the buyers. Choose a lender has a human touch and trust and not everone is the same. That is why I think the buyers have that choice. |
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