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my real estate saga continues.. [img]/forums/images/graemlins/blush.gif[/img].aye sah
My first 2 apraisals came in low..i was able to negotiate a reduction and some concessions from the buyer
After that the lender basically threw out the broker's appraisal and knocked off another 100k. At that point the broker pretty much told me to consider myself lucky and move on. My lawyer, who had recommended them, encouraged them to try another bank
I was not getting a "warm and fuzzy" feel from them (no updates, conflicting info), so I tried another broker. I let the broker know before hand.
Things moved incredibly smoothly with the 2nd broker..both he and the appraiser knew the neighbourhood, etc. This appraisal even came in higher than the asking price
To top if off..the 2nd broker gave me a better interest rate
Eventually the 1st brkr got the loan approved but at the old rate from June and pretty much told me they were doing me a favour keeping it there because their wholesale rate was not that good. He said there was no way the other company could beat them w/o charging points, etc. THis is not the case.
I expressed my appreciation for all their work and acknowledged that the 1st appraisal had helped in my negotiations. That's probably where i went wrong...now they're saying they understand why I am going with the new broker...but since they worked so hard on this would I mind compensating them for time and effort in the amt of 1500?
What do you guys think is fair? My thoughts are if they get anything at all its the application fee that they waived.
But at the same time, I'm thinking if it was up to you guys I would have lost this apartment..
My first 2 apraisals came in low..i was able to negotiate a reduction and some concessions from the buyer
After that the lender basically threw out the broker's appraisal and knocked off another 100k. At that point the broker pretty much told me to consider myself lucky and move on. My lawyer, who had recommended them, encouraged them to try another bank
I was not getting a "warm and fuzzy" feel from them (no updates, conflicting info), so I tried another broker. I let the broker know before hand.
Things moved incredibly smoothly with the 2nd broker..both he and the appraiser knew the neighbourhood, etc. This appraisal even came in higher than the asking price
To top if off..the 2nd broker gave me a better interest rate
Eventually the 1st brkr got the loan approved but at the old rate from June and pretty much told me they were doing me a favour keeping it there because their wholesale rate was not that good. He said there was no way the other company could beat them w/o charging points, etc. THis is not the case.
I expressed my appreciation for all their work and acknowledged that the 1st appraisal had helped in my negotiations. That's probably where i went wrong...now they're saying they understand why I am going with the new broker...but since they worked so hard on this would I mind compensating them for time and effort in the amt of 1500?
What do you guys think is fair? My thoughts are if they get anything at all its the application fee that they waived.
But at the same time, I'm thinking if it was up to you guys I would have lost this apartment..
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