Real Estate Crash thread

[skaredshtles]

The best part of Texas is east Texas because California isn't there yet.

If that's the best part of Texas, they are *wholly* fucked.

[J. Barron DeJong]

Mortgage broker calls nine days from closing to say the locked rate can no longer be honored. That's nice.

WTF did they think ‘locked’ meant? And why do they charge extra for a longer lock period then?

[Mazderati]

The lock did not happen. Either distracted or trying to game rates.

[dan_pdx]

I'm just a humble dental office receptionist, but surely there's some legal recourse here?

[fastfred]

The best part of Texas is east Texas because California isn't there yet.

Spot on.
Having one of the most diverse cities in the country isn't a bad thing

The grit around the edges scares most people

Dogging on texas even California is lame and easy

[Mazderati]

Maybe, but that is its own headache to deal with on a longer timeline.

[byates1]

Mortgage broker calls nine days from closing to say the locked rate can no longer be honored. That's nice.

How is that legal. Ahh that's right, the great taking...

[babybear]

my mind went exactly to this place as well

[Dantheman]

my mind went exactly to this place as well

Yep, immediately

[yeahman]

The lock did not happen. Either distracted or trying to game rates.

That's really fucked man, sorry that happened to you. I've had more than one shady interaction with mortgage brokers. Something about the profession attracts some unscrupulous characters.

[liv2ski]

I visited Austin on business once... and if that's the *best* part of Texas... they're truly fucked.

That is exactly what I thought when I was there about 5 years ago.

[Kevo]

Broker likely thought that 10 year treasuries were going to come down more but they've actually been going higher for a couple months despite the fed reducing the fed funds rate.

Had 10 year treasuries actually dropped like the broker anticipated they would have originated the mortgage at a the rate you "locked" and earned more commission from the spread.

IMO the broker should buy down the rate for you since they screwed you.

Liv2Ski can confirm if my understanding is accurate here. I know enough to perhaps be reading this incorrectly.

[Mazderati]

There is an offer to buy down the rate for 12 months and refinance if rates comes down to the original rate. Or, move forward with a higher rate that is still better than anything I can currently find. Will know more tomorrow.

[liv2ski]

The lock did not happen. Either distracted or trying to game rates.

When I was doing loans, the client signed a lock acknowledgement. Did you get something in writing? If not you're fucked. If yes, tell them to honor it or else.

[singlesline]

There is an offer to buy down the rate for 12 months and refinance if rates comes down to the original rate. Or, move forward with a higher rate that is still better than anything I can currently find. Will know more tomorrow.

Their offer should be to buy down rates back to what they told you they locked on (assuming you have an email or someone where they told you they locked)

This is their problem. They were probably gambling that rates were going to drop so they could pocket the difference. I’ve heard the same story multiple times this week.

Otherwise let them know you are going to tell everyone you know and post on every review platform you can find that they fucked up in a way that cost you real money and were unwilling to fix the problem.

And while you’re at it, shop the loan to someone else. If he’s not going to give you the deal he promised, don’t give him any business.

[Kevo]

There is an offer to buy down the rate for 12 months and refinance if rates comes down to the original rate. Or, move forward with a higher rate that is still better than anything I can currently find. Will know more tomorrow.

They really should honor your rate. If you have written proof of a lock confirmation and they aren't honoring it, I would file a CFPB complaint.

https://www.usa.gov/mortgage-company-complaints

https://www.consumerfinance.gov/complaint/

I had success in the past with a CFPB complaint when a mortgage servicer wouldn't send me my escrow balance after I closed on the sale of a house.

Perhaps even the threat of a CFPB complaint would be enough for them to buy down the rate to the "lock" rate.

[goldenboy]

If you're working with a buyer's agent, you should let them know as well. They'd have even more leverage over the mortgage broker not honoring the rate- not working with them anymore, letting their coworkers know, etc.

[singlesline]

Here's yet another story of someone's broker failing to lock: https://www.reddit.com/r/personalfin...rate_what_now/ Funny how so many brokers "forgot" right around a time where interest rates looked like they could drop but actually went higher.

Love the BS of blaming it on a technical glitch. That's such a cop out. What technical glitch could possibly exist on the broker's end that they would be absolved of responsibility for? Evenif hey submitted to the bank's system, the internet timed out, and they didn't get confirmation back? Guess what...still their fault, should have followed up on the lack of confirmation. Their job is literally to push around the paper and make sure everything happens on time.

That's the entire selling point of using a broker--they do the legwork of shopping you around and keeping everything on track with the lender for your closing. They tell you if you go with some faceless online bank you might have things slip through the cracks and fail to close on time.

[Mazderati]

My debacle continues. New lender. Closing pushed.

[dan_pdx]

My debacle continues. New lender. Closing pushed.

, sorry to hear it. Hope things go smoothly with your new lender

[J. Barron DeJong]

Crazy.



https://bsky.app/profile/maxdubler.c.../3lawcpxvhus2i

[neckdeep]

True, but kinda ignores the fact that Manhattan still had open farmland in the early 1900's. You want to build something today, you got to tear something down. You see another, "open space" bump in housing in the 1950-1970 window when cheap cars and road programs open up more farmland to become suburbs. It's not really the sort of thing you can repeat, imho, and that's a big part of why development has always had a bit of a gold rush mentality.

My grandmother lived in Chicago on Kedzie Avenue in 1905. There was a cow pasture across the street and it was a long trip through farmland to get to Oak Park. Probably drive 30 miles west of Kedzie to see a cow these days

[Toadman]

They just need to build higher in Manhattan. Go tall so you can go home.

[neckdeep]

Do they really need to build much at all?

Last I read, NYC population was down nearly 2% over the past decade and Chicago hit its peak population 25 years ago.

[J. Barron DeJong]

It’s not really that New York specifically needs to build like they did in the 20’s. My concern is more that nowhere is building like 1920’s New York.