What should I expect?

**calihrdknock** · 08-03-2009, 12:43 PM

I recently applied for a mortgage. Mind you, my credit isnt perfect. The mortgage broker said I needed to pay off a couple of old debts, which I did, then we could go through the process. He then stated it needed a manual underwriter to approve the loan, which came back 2 weeks later a denial. Im frustrated as I have only a couple months left to move and my real estate agent wont return my calls.
Prior to even starting this loan proceeding, I explained that if I didnt qualify for a mortgage now, all I needed was someone to guide me until I was mortgagable. This whole entire time of almost a month, my realtor has not sent me any listings, called me or followed through with what he said he would do. Not to mention, we havent even talked about the possibility of looking at a home.The communication has been somewhat poor and I just dont know what to do at this point. He has my home up for sale now and has many showings, yet we still hear no feedback and are constantly inconvenienced. Please help.
This is my first, so I really dont know if Im expecting too much. He said he would help us find a lease with option if we didnt qualify the first time around, yet I dont feel him doing his part after supplying him several addresses to set up appointments with.
What do I do at this point?

**Chrisopher Moltisanti** · 08-06-2009, 09:17 AM

You can do several things there mate.
1) Track your realtor down and hound him until he gives you straight answers since you said your house is up for sale now and he said he'd locate a lease option for you.
2) Locate a new realtor and explain your situation concerning your inability to qualify for a mortgage...right now.
3) Locate a lease option home on your own if you really feel like moving into a home instead of an apartment.
4) Sell your home with your current realtor or the new realtor you locate, take the proceeds, pay off debt and rent an apartment until your score is "improved" and you can get pre approval from a lending institution to then move into a home.

If I were you, I'd try #1 for three days, if I didn't receive any answers or offers from buyers, I'd fire him and locate a new one on the fourth day.

If after a week working with the new realtor, if I didn't get that warm, fuzzy feeling with them, I'd just relax and take a deep breath.

I don't know you're entire situation. But good luck and I hope this helped.
CM

**tucsonhomes** · 08-06-2009, 11:13 AM

Did you hire "your real estate agent"? Is there a formal (written) agreement?

Your obligation, and theirs, are contained in that agreement. If your agent has abandoned you - due to credit or any other issue - you would normally have a right to cancel that agreement and move on to someone who would be willing to work in your situation.

**Greg** · 08-07-2009, 06:31 AM

If you are using the same agent to sell your house and to find your new house then you must not be relocating very far.

Why not just stay in your current home?

**wolfneyetna** · 08-07-2009, 08:51 PM

If your Realtor listed your home, it's had showings, and you're not getting callbacks, it's time to dump him. Call the broker at the office where he works. Express your dissatisfaction, and ask that your listing be assigned to a more responsive Realtor. Your contract is with the brokerage, not with the Realtor. If the brokerage wants to retain your listing, then they should become more responsive.

As to the buy/lease side of the transaction - a Realtor isn't going to be excited to show you homes if you can't qualify for a mortgage. He may or may not be compensated in a lease/option situation. If not, you can surely understand why he'd be reluctant to invest his time in showing you homes. Suggest you watch Craigslist for lease/option homes; and pursue them directly - without a Realtor.

Good luck!

**Hollywood Landlord** · 08-08-2009, 03:33 PM

Let me preface this by saying that I don't think it's ethical, BUT it sounds like your Realtor got frustrated with trying to help get your credit in shape. As soon as many Realtors hear that you don't qualify for financing they don't see much in it for them financially. The amount they are going to make on finding you a lease option is tiny compared to their commission on finding you a new home outright. And on top of it, they still see $$$ when selling your house and as crappy as it sounds, don't have much motivating them to "guide you along the process of getting your credit scored improved."

If you aren't prepared to move into an apartment (as lease options are not only not profitable immediately for your Realtor - they are generally much harder to find) - you should not let your home be sold. You will need to check your listing agreement that you signed with the realtor to see under what circumstances you can break it. But do this sooner rather than later.

Good luck!