News Channel Mortgage

David,
If the LO generates paperwork that states they locked in a loan at a specific interest rate and they do not provide it–this isn’t floating and is far from making “the best effort they could”. The LO lied and gambled with the buyers trust and money. The buyer could have gone to another LO but believes the piece of paper provided from the lender.

How do you prove damages?

Easy.

In the example I mentioned at #4 the buyer just needs a written lock confirmation. And if I were the buyer, I would want a written explanation of what happened from the LO. The LO could lie and say that the buyer didn’t qualify…it would just take a second opinion from another LO to state they are easily qualifed.

If this ever went to court, the underwriting findings and lock documentation would support whether or not the loan was locked/buyer approved.

The losses are huge in the example I mentioned.

Non-refundable e.m. in the amount of $15,000. This is if they walk away.

Rate difference of more than 1.5% on a 600k loan is a difference of about $750 per month. Not locking in the rate (when they say they have) could cause the buyer to be disqualified. This is if they stay and close.

Either way…they lose.

Why should the buyer suffer these losses because a LO gambled the lock and did not do what they represented to the buyer and provided a signed agreement stating they would?

holy cow,

i’ll get over it and go on.

OK attorney you have enough evidence here to open many lawsuits, but please sue me first.

like i said you can charge a fee for filing in paper work or you can go after some these scoundrels.

* Discount Rate 2.25%

* Fed Funds Rate 2%

* LIBOR 2.80%

* Prime 5%

From Charlotte.com

Tackling crime on their terms

3 neighborhoods devise watch programs that work for them

DAVID PERLMUTT

dperlmutt@charlotteobserver.com

They stand constant watch, neighbors policing their own communities.

They are neither armed, nor vigilantes. They provide more eyes and ears -- taking their watchfulness beyond merely posting a "crime watch" sticker in a window.

As concerns of property crime grow in the Charlotte region, residents are stiffening watch strategies, patrolling neighborhoods and even hiring off-duty police officers to keep the peace.

But as the following three communities show, there's no such thing as a one-strategy-fits-all neighborhood watch program.

Windsor Park

• 2,616 households• 12 percent are rentals

Four days a week, Jim Roberts (pictured) and his band of six volunteers climb into cars and patrol Windsor Park's 26.8 miles of streets.

They call themselves "Citizens on Patrol." It says so on the magnetic signs they stick to their car doors.

Windsor Park in east Charlotte is a conglomeration of seven neighborhoods on 53 streets.

That's a lot of territory to cover. Roberts, president of Windsor Park Neighbors, said the neighborhood tried traditional community watch techniques -- with block captains and a phone tree. They didn't work.

"We had meetings and encouraged people to set up phone trees, and if they spotted anything suspicious get the phone calls going," Roberts said.

But they'd need 70 to 75 volunteers just to be block captains. Neighbors said they didn't have time or didn't want to get involved, he said.

So the association split Windsor Park into five zones and formed patrols during daylight hours. With more volunteers, Roberts hopes to get the patrols running every day.

The patrols, he said, deter criminals because they are visible with car signs. They watch traffic coming off main corridors that border the neighborhood -- Eastway Drive, Central Avenue and North Sharon Amity.

There are two residents to a car. If they see something suspicious, they're trained to call 311 and report it. They also report zoning violations, or furniture or junker cars left in yards.

If they run up on an actual crime, they report it to 911 and leave.

Some are trained to use radar to clock speeders. They report average speeds to Roberts, who alerts police that speeds are high.

"We still have volunteers on every street who keep a watch," he said. "But we've just found that Citizens on Patrol is more effective because of our size."

I have been there. I don’t really understand the back end of the mortgage business but understand the mortgage rep was getting an extra “point?” on the back end that also didn’t materialize.

He didn’t lock but generated paper work saying he had. He was floating. The buyer paid the higher rate. OK, on to bitching, moaning, and complaining, the lender made the best effort they could. How long was I supposed to fight the lender and hold up the transaction.

My question again is what are the damages? How do you prove damages? How can anyone gaurantee that the rate my buyer got wasn’t the best rate available and the rep was incompetent, incapable, or insane at the time he was making representations? In my case the rep just disappeared, so the lender said.

What about the value of having a deal as opposed to walking away, for both the buyer and seller?

It’s a slippery slope in Real Estate.

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If you find yourself in need of a commercial appraiser for your project, be it a single asset, or a portfolio, we invite you to review these pages and contact us.

I really need this fixed yesterday.  It’s driving me NUTS!

For almost a month our WordPress Blog here has been malfunctioning for me and only me.  Not Rhonda.  Not Dustin.  Just ME!  I am not getting an email when someone posts a comment on one of my posts.  So I have to come here WAY too often to see if someone is “talking to me” and I have to answer quickly and get back to what I am doing.

I have to check the site mega times a day, instead of simply seeing the question in my email.  And if someone leaves me a comment and it rolls off the sidebar while I’m working, I risk ignoring someone who asked me a question, which I don’t like to do.

The result is that I’m commenting like a madwoman by coming here ALL the time, instead of just working and seeing an email come in when I get a comment on one of my posts.

I’m going NUTS!!!!!  I’m busy up to my eyeballs and I just can’t put up with this one more day!

Dustin and I have tried everything we can think of to fix this problem.

So if you have a WordPress blog, and have ANY suggestions as to why the comments are not causing me to get an email (and yet everyone else still is getting theirs) PLEASE, PLEASE HELP!  Any and all suggestions appreciated.  I’m going out of my mind and it’s starting to be noticeable in my writings.  Please help me.  This must get fixed.

Thank you.

• Inspiring People to Comment
• Should RCG Allow Anonymous Comments?
• Grasping for pebbles & listening for grasshoppers
• spam filters, google ads and site statistics, oh my!
• Checking Things Off the ToDo List…

James,

Degrading is in the eye of the beholder. You are so not on the same page as this conversation, that it is hard to address your comment.

The main issue is that YOU do not get to decide, your client does. You getting the whole thing and you “giving to” the buyer’s agent is technically correct, but THAT conversation is degrading to the buyers and sellers of the world.

I know we’re turning the world upside down, and you want to think you run the show once the seller gives you a total commission contract. But that is not the way the World is going to work in the future…or now for some of us. You don’t get to hold all the cards irregardless of your buyer client’s or someone else’s buyer client’s negotiation.

Yes, you are technically correct and it’s been that way for 100 years. But if you are not willing to open your mind up to a different way, then this conversation will appear “degrading” to you, and your response will appear “degrading” to “us”.

Patti,

I’m answering this on the rush.

1) yes, wood on all of first floor on a townhome that is 1,400 sf is usually best. Get a big area rug for the “cold factor”.

2) If cost is not the issue, go with granite and yes match the bath and kitchen. 1,400 sf on two levels is not large enough to play mix and match.

3) Paint looks cheap too. Likely the best answr is to restain them a color you like better.

Hope that helps!

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