After 32 1/2 yrs., in the same house we were ready to move. We trusted our Agent-Suresh-to have our best interests at heart and thought we were doing well when we got several showings and then an offer both parties agreed to. After signing the contract, we put our bid on a house we were looking at in N. Carolina, and it was accepted. Everything seemed to be going smoothly until…
The buyer’s lender denied this person because there was less than 2 yrs at the employer. At this point Suresh assured us he had a friend whose lender accepted applicants with less than 2 yrs. and so our buyer applied again.
My husband kept checking with Suresh, pinning him down with questions, several times asking him “are you sure…etc” in which cases he would tell us don’t worry, yada yada yada. Well, to shorten it up this is what the results were.
*This lender DID NOT accept employment under 2 yrs.
*Turned out we got information the buyer actually had less than a year’s employment.
*Our agent never suggested a pre-approval letter, but we were assured the buyer had a good credit score (in their defense, they did. The employment was the issue).
*Our realtor in N. Carolina, who researched and helped us more than Suresh ever did, found out Michigan requires 2 yrs for mortgage lending.
*We feel that we were mislead, lied to, strung along for over 2 months. Any respectable agent should have known these things within the first week of negotiations.
*We feel because of his callous disregard, or ineptitude (we’re not sure) we lost out on a beautiful home on 10 acres with woods and a view of the Appalachian mountains.
*To add insult to injury, the $1,000 earnest money isn’t going to us, isn’t getting returned to the buyer, but we were told because we didn’t sign some paper stating what we wanted, the BROKER and somebody else split the money between themselves!Is this even ethical?
So 3 parties were hurt by this-our buyer who was also strung along; us because we were practically ready to move within a few days; and the seller in NC that had already moved out of their home.
Lesson learned. And this sounds vindictive, but in my opinion I wouldn’t trust this agent.
2page views and 3188$ of monetary losses. The most of the users reported the severity of the scam is high.