you are making a bigger deal out of this than you should. if the offer was contingent on third party financing, your deal died when the lender killed it. case closed. if the contract did not have financing contingency, you can enforce it against the buyer. good luck!!
MANY lenders have seasoning rules, not just this particular bank. There is nothing sinister about them, and they serve a very good purpose (proteting banks!).
But other lenders do not have these same rules. Do some homework and try to identify the ones who don’t. then have your buyer go to one of these lenders and do your deal.
I purchased a house last year and rehabbed it. Had a sales contract for $95,000.00. The house appraised for $96,000.00
Because I have owned less than a year, the mortgage company required a drive-by appraisal. The second appraiser made the lender aware that my purchase price less than a year ago was $52,500.00. I spent A LOT on rehabbing but, of course, that doesn’t show up in MLS.
The loan officer told my buyer that I only paid $52,500.00 and now my buyer is backing out of the sale. It doesn’t matter what my acquisition costs were… The house is worth $96,000.00 and I have a contract signed by my buyer to purchase for $95,000.00.
Is it legal for the loan officer to disclose to my buyer how much I paid for the house? Have my privacy rights been violated? I know this stuff is posted on MLS but is it legal for that information to be given to my buyer?
Re: Loan Officer cost me a sale. What can I do? - Posted by River City
Posted by River City on April 22, 2005 at 07:11:43:
Maybe the applicant asked the loan officer for the information. Since it is public information, it is not illegal.
A lot of states and counties have their tax assessor information online and it is available to the public. It not only tells everyone how much you paid for your home, it also tells them how much your annual taxes are and whether or not you have paid them. The tax assessor information in my area even gives a layout of the residence on the lot. It even shows the pool in the back yard, square footage of the home, siding info, etc.
This is also something that was going to be in the appraisal, and the applicant has the right to ask for a copy of the appraisal. As long as the house appraises for the selling price, it should not matter how much you paid for it.
Is it legal, I believe so because it is public record if they would take time to research the tax office.
Is it right I would think not. The loan officer MIGHT be some relation to buyer or desires the property himself. He cost you a sale and himself a commission, Why?
You could probably force the buyer legally. But it is better to just move on