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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April 30th, 2008 
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