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Needs a lawyer |
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To make a long story short my ex wife and I put our house on the market I owed nothing on it, she had a lean on it. We used the same realtor my ex had used a couple of months earlier to buy her new property. This was the first time I had sold or bought a house through a realtor. We had bought the property 25 years ago direct from the owner.
After a few false leads an offer was made which we accepted. The offer was adjusted down by 40k. after a building inspection was done. We both turned it down and I heard no more about the offer. When all the contracts had expired which I confirmed with the realtor, I made an offer on the house to my ex and an offer to the realtor to act as liaison officer (more fool me). The Realtor said maybe she could work a deal with the previous interested party. I was not interested. My ex was getting desperate which I think the realtor was picking up on. I was fed up with the games that were being played.
I applied for a refinance 30 year fixed loan. In the mean time my ex unbeknownst to me agrees on a deal with some buyer and upon the request of the realtor takes an appraiser out to the house. Then the realtor calls me in; she has another buyer and a better offer. I’m still not interested.
I qualified for the loan signed a purchase agreement that the realtor gave to me and put down earnest money that ends up being held in a trust account in the appraiser’s office. I pay $1800 for a refinance appraisal and am given a purchase appraisal. Then my loan is turned down. I apply to 2 more banks who qualify me until they see the appraisal but no one tells me why they don’t like the appraisal. The fourth bank that I approach, the loan officer says she knows all about this appraisal. She had to pay out of pocket $754 the realtor paid the other half but they got reimbursed some months later. Alarm bells started to go of in my head.
The end result this loan officer lost her job and I got a bridge loan with the condition that the city electric cable is relayed. The city has never had a problem with it even though it was not up to code. Now that the cable has been replaced I am ready to get my 30 year loan but have just discovered I have to buy another appraisal plus pay for all closing cost again.
To sum up I ended up with an appraisal that was order by a realtor for a house not on the market for a buyer that did not exist (no purchase agreement had been signed) and an owner who had no idea this was happening to his house.
I became full owner of the house in July 06 and realize I made many mistakes the main one trusting the realtor. Who was at fault, the realtor, the loan officer, the appraiser or ignorant me? What is my statue of limitation? I feel I was definitely taken for a ride but do I have a legal case at all? I'm not a rich person. Courts are expensive but so was this house buying experience.
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All I can offer you is my sympathy. I just can't figure out exactly what happened, but I'm glad it all worked out in the end. For the rest of your questions I suppose you could always talk with a lawyer. |
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Edith
Originally published on October 28, 2007 |
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