I applied for a mortgage on 8/21/01 with a local bank. First, it took 8 days before they even pulled my reports. They pulled a tri-merged report from Credco that had an error in which a recent dispute was being confused with the last date of activity and/or late payment dates. The bank wanted a letter from the creditor (another bank) to verify. I called today after failing to receive replies after numerous voice mails. I was told that they called the other bank, and they verified the information. I then proceeded to tell them that I have the original bank note with "PAID 2/XX/01" stamped on it. They stated, "Well I guess this is an error since you couldn't have been late on that account last month." Duh. Anyway, I faxed that and a copy of my credit report with the actual date of last activity circled. So this seems to be proof that the original creditor did not in fact investigate the error and just assumed it was correct. Hmm. I am still waiting on a yes or no from the bank on my mortgage. On top of this mess, I found a house in a great neighborhood that I liked, and I was in the process of signing a contract the next day. Someone had a contract before me but wanted the owner to wait until they sold their first house. I was told I had a better chance since my mortgage application was already underway. I got a call that night from the realtor stating that the owner raised the price of the house by $5000.00. WTF? The realtor said the owner raised the price because he added new carpet and painted the inside, yet everything was already done before I looked at the house at the advertised price. The owner is a multimillionaire lawyer to boot! Another case of "screw the little guy!". My first mortgage experience has been less than stellar to say the least. Bah!
IF YOU AND A SECOND "POTENTIAL" BUYER OVER-BID THE ASKING PRICE BY $5,000...THAT IS OK...BUT I DON'T THINK THE SELLER CAN CHANGE THE "OFFER PRICE"...
I think it is really sad when a multimillionaire haggles over another $5,000. The usual routine is you make an offer for around 4% less than the selling price of the house. I feel violated Actually, the house is probably worth the extra amount, but I won't buy the house on principle.
Actually, a seller can change the price anytime they want, up until they have accepted an offer. If a buyer puts in a full price cash offer, the seller has the right to refuse that offer and counter with a higher price. Doesn't matter if they have done anything to the house or not. It may not be right, but that's the way it is
Yes, they can change the price up until a binding contract is made (maybe not even then in cases) and even up to the actual closing. It is perfectly legal, but it is not ethical. Oops, I forgot, the seller is a LAWYER. (No offense to the "good" lawyers out there.)
Hi Greg, The bank is still investigating the credit report error. I faxed the bank note in question to them yesterday afternoon. I guess I picked the slowest lender in town. The person was "out of the office" and on vacation for several days. I am still house hunting after the previous experience mentioned above.
You should tell them that they have a week (9/21 will be one month since you applied) to give you their final answer, Regis-- even if that answer is that your request for a loan is denied. If it is denied, make the lender put it in writing with the actual reasons designated in ECOA. Show it to the credit reporting agency as evidence that the denial was caused by them to get them off their duffs. Did you give the lender any money for a credit report? Ask them why they're not using the "rapid credit dispute" process. http://www.mortgagepublishing.com/august 00/credit.html http://www.cbfbusinesssolutions.com/rescore.htm
