So we’ve been at the mercy of the underwriters for the past week. We’ve been too patiently waiting to find out what we need to get into this house. We finally get a phone call from the broker today, he noted that he’s heard from the underwriter and that he’s got both good news and bad news.
The Good News:
We’re pretty much approved for whatever amount of money we need to get into a new home.
The Bad News:
They can not provide us with a loan for any property owned by the property management company.
The broker then went as far as saying “If you can find a house in another complex, I can fast-track everything for you”.
WHAT THE FUCK!?
Supposedly the lending company is currently involved in a lawsuit with the property management company. The company (ELS) is located pretty much throughout the bulk of America, at least one property in every state from what I saw. Something happened between 21st-Mortgage and ELS in reference to ELS’s definition of “Rent Justification” and the rest is history. This happened in the state of California, and even though I believe the suit is actually over with, 21st will not lend out. Of course they decided to tell us this after they ran Sean’s credit about 10 times.
If you know, damn well, that you’re company is to not have any dealings with another company – shouldn’t that fucking information be dealt with initially? Don’t get someone’s hopes up and then have everything fall through. Where do these people get the right issuing is with a pre-approval and then tell us that we’re fully-100% approved only to pull it off the table as soon as they FINALLY look at the address of the property that we’re taking?
Money and credit scores are 100% not the issue. We were told that we can buy whatever house we want as long as it it has nothing to do with ELS. This whole massive bump in the road is completely based on the banks lending policies and all of the lawsuit bull shit.
After this conversation, I started to think. The realtor noted that the previous couple looking to buy the home couldn’t get the financing in order. I’m wondering if they had the same fucking issue considering the realtor seems to recommend the same lending companies. Then I wondered why so many houses down here are STILL on the market (any home having to do with ELS). Clearly there isn’t a lending company down here that wants anything to do with them, so why should I?
As much as I love this house, I’m starting to wonder if I should just let it go. It’s going to cost us around $1200 a month just for the mortgage and communities fees, for $1200 a month I can find a house a little further north in Delaware that’s on its own property. I’ve had a few homes saved on my trulia.com account for a while now, they aren’t selling – and they have some pretty decent features that make them worth-while. One of which is a home that houses a gorgeous pool in a massive backyard. The house is only $230,000, and when you factor in down payment and mortgage it works out to about $1300 a month. The upside is we would own the property, have a pool to enjoy in the summer, and there’s 4 bedrooms and 2.5 baths to make sure I have room for everyone.
At this point we just need to figure out how to get out of the contract on this current house when clearly there’s no possible way (unless someone hands us cash for the full cost of the house) for us to even get into it. I do believe the realtor knew that the lending company wasn’t going to work out and she failed to provide us with this information. There’s also upcoming issues with the lease agreement with all of the ELS properties because of the recent bills going into law with rent justification.
I know things work out for a reason, and maybe this particular house was just too good to be true. It’s upsetting to know that we’re more than likely going to lose this house, but hopefully that means it opens a new door (a better door).