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  #1  
Old 02-04-2005, 08:20 AM
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Join Date: Aug 2002
Location: Georgia
Posts: 61

Lender communication with Seller

What is the name of your state? GA

I am in the middle of negotiations on a purchase price. I am not using a realestate agent. I am considering using an approved Lender for a codominium conversion property.

This morning on the phone I find out one of my prospective lender has communicated a mortgage approval amount to the seller without my permission and the seller discussed that I may need to be approved for more money. Neither has been given permission to discuss my sales offer or loan request to each other. I feel this may have damaged the negotiation process. Is the matter just ethica,l or are their legal realmifications.
  #2  
Old 02-04-2005, 08:36 AM
seniorjudge
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Quote:
Originally Posted by latarpley
What is the name of your state? GA

I am in the middle of negotiations on a purchase price. I am not using a realestate agent. I am considering using an approved Lender for a codominium conversion property.

This morning on the phone I find out one of my prospective lender has communicated a mortgage approval amount to the seller without my permission and the seller discussed that I may need to be approved for more money. Neither has been given permission to discuss my sales offer or loan request to each other. I feel this may have damaged the negotiation process. Is the matter just ethica,l or are their legal realmifications.
"...I am not using a realestate agent...."
Extremely bad move.

What kind of written documents did you sign with the prospective lender?
  #3  
Old 02-04-2005, 08:44 AM
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Join Date: Aug 2002
Location: Georgia
Posts: 61

Lender communication with Seller

I have not signed any documents with the lender.
  #4  
Old 02-04-2005, 09:19 AM
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Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Quote:
Originally Posted by latarpley
I have not signed any documents with the lender.
**A: do you have any signed documents with the Seller?
  #5  
Old 02-04-2005, 09:26 AM
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Join Date: Aug 2002
Location: Georgia
Posts: 61

Lender communication with Seller

I have offered a price on a sales contract and they have countered. We have not setteled on a price. I planned on countering their offer today.
  #6  
Old 02-04-2005, 09:55 AM
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Join Date: Aug 2002
Location: Georgia
Posts: 61

Lender communication with Seller

I have the purchase and sales agreement. The seller has not signed since the price is not finalized.
  #7  
Old 02-04-2005, 10:16 AM
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Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Quote:
Originally Posted by latarpley
I have offered a price on a sales contract and they have countered. We have not setteled on a price. I planned on countering their offer today.
**A: then it's just an ethical issue. Have a talk with that joker lender.
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