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lender screwed up - we lost our dream home

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N

naivenomore

Guest
What is the name of your state? Illinois

We are young, first-time home buyers. We are pre-approved for an FHA home loan, due to low down payment. In our price range, it is very competitive when a decent home comes up for sale. We had seen 30 homes that needed a lot of work (which we don't have money for after our down payment) when, on Thursday night, we found the perfect home for us (right neighborhood, house in great condition, in our price range, etc.). We fell in love with it and made an offer. The seller's agent was concerned about going FHA, but the seller liked us and wanted to make it work. Even though we had a pre-approval letter from our lender, the seller's agent wanted another letter faxed over, signed by the vice-president of the lending company. Our loan officer said it was no problem, she had the letter typed up and would fax it right away. Everyone waited. No fax. We called our lender, but no answer - this was on Friday at 3:00. It turns out that the loan officer had a half-day and didn't fax the letter before she left the office. In the meantime, the seller's agent was still showing the house Friday night and had three offers, one of which went over the asking price. They said they were sorry, but they couldn't turn it down. Now, we understand that we can be out-bid on a home, but if our lender had faxed this letter by close of business on Friday, the seller was ready to accept our offer because she loved our daughter and us and felt that we were the right people for her beloved home.

My question is, is this worth seeking legal advice for action against the lender? We spoke with her yesterday and she said she had a horrible day on Friday and was late to pick up her child and ran out of the office :mad: .???!!!!!

Has anyone ever heard of anything this ridiculous?? We are, of course, calling the President of the company tomorrow to complain, but we are so devastated by this that we don't want to make any mistakes.

Thank you for your help....
 


JETX

Senior Member
"is this worth seeking legal advice for action against the lender?"
*** No. Based solely on the information in your post, you have no cause of action against the lender. Simply, they were under no legal obligation to comply with your wishes.
 

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