Incentive to use mortgage company . . .

[TheBrownFamily]

What is the name of your state? Oregon

We are in the process of purchasing a newly constructed home. When we made the offer on the house we also signed a document that said if we used their preferred mortgage company (owned by the builder), then we would receive $1000 in upgrades. The document didn't obligate us to use the company.

We have signed several addendums in the meantime and the $1000 was written into one of the addendums, but it didn't specify what it was for.

So here we are 10 days before closing and the mortgage broker from this company hasn't done a very good job, so we go elsewhere because we are done being stressed out by this guy.

My question is, since the $1000 has been written into the purchase price of the home on a previuos addendum can we keep the incentive or do we have to raise the price of the home by that much?

Does it matter if the mortgage broker did a poor job?

[HomeGuru]

Originally Posted by TheBrownFamily

What is the name of your state? Oregon

We are in the process of purchasing a newly constructed home. When we made the offer on the house we also signed a document that said if we used their preferred mortgage company (owned by the builder), then we would receive $1000 in upgrades. The document didn't obligate us to use the company.

We have signed several addendums in the meantime and the $1000 was written into one of the addendums, but it didn't specify what it was for.

So here we are 10 days before closing and the mortgage broker from this company hasn't done a very good job, so we go elsewhere because we are done being stressed out by this guy.

My question is, since the $1000 has been written into the purchase price of the home on a previuos addendum can we keep the incentive or do we have to raise the price of the home by that much?

**A: yes, you have to pay for the amount.
***************

Does it matter if the mortgage broker did a poor job?

**A: no, unless it states that in the contract. But try arguing your point anyway.