• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

NC - Preferred Lender Incentives... "Preferred Agent" at lender?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

BryanNC

Junior Member
What is the name of your state? North Carolina

I am building a home, the builder offers 1.8% of the purchase price towards closing costs if you go with a preferred lender. I called the corp office to get a few lenders so that I could shop for the best deal (after my sales agent only gave me 1 lender to go with), I was told BOA was on the list. They told me "Sun America, Bank Of America, First Horizons".

I called my BOA rep that I have worked with for years, got approved and locked in a great rate. I was then told by my builder sales agent that I had to use their contact only at the preferred lender, I was not told this by their corporate office.

Can they hold me to using a preferred agent with the preferred lender? I have tried to get their program in writing several times and was always told to contact my sales agent. When emailing my sales agent for a "list of preferred lenders and program details" I was just emailed a 2nd lender (he only gave us one option the first time we asked for who we could work with).

Please help! Let me know if you need any other details. I am building in Union County North Carolina.

Thanks!
Bryan
 


pojo2

Senior Member
Yes but did you even discuss the incentive with your "BOA rep that I have worked with for years"?

Once again the answer lies in the contracts you have signed. Without seeing every detail of those contracts we can not answer the question with any accuracy.

It would be prudent to take the contract to an Atty and see what he or she says. It would also be VERY prudent to set aside 1-2K (high estimate) for an Atty anyway when BUILDING a home.
 
Last edited:

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top