changing in contract

NEW -> Contingent Buyer Assistance Program
<p><em>if the rate drops then unlock the rate for the buyer and relock and help your customer out.</em></p>

<p>Next time, if you want to ensure you benefit from a rate that goes down after you lock, buy a "float down". I can't remember how much it cost me to do so, but it worked for me. Perhaps you can Google it.</p>
 
why would you want to buy a float down? when the LO can uplock it for you if she wants to or not it is all up to them. In this market with the house market going down? you would think lennar would accommodate their customer but i guess they had other avenue. probably sell it to a higher bidder. i am not sad about it no more... kinda of greatful that i did not get it now. 435k for a 2bedroom is ok. not a bargain or anything. so i see it as a blessing in the end.
 
<p><em>Q. I'm refinancing my mortgage. I've locked a rate, but right before closing, the rates dropped a quarter to a half percent. Can I get the mortgagor to give me a lower rate?</em></p>

<p><em>A. You can try to jawbone the rate lower, but you should understand if the lender refuses to do so. A rate lock commits both sides to a mortgage.</em></p>

<p><em>If rates went higher, you'd expect him to honor his commitment. Why shouldn't he expect you to honor yours?</em></p>

<p>This was what I found on Goog. I didn't know they could unlock the rate, I've never heard of such a thing without a float down...but I believe you. Glad you are out of it anyway.</p>

<p><em></em></p>
 
Trooper- your Q/A is absolutely correct. but considering UAMC belongs to lennar i am sure they could have pull some strings. it wasn't if i was going with countrywide or some other lender then i would not have said anything to lennar. it was a one stop shop where lennar own the whole start to end buying process. other option was to wait it out and let the lock period expire but hey UAMC is owned by Lennar and if they really wanted the deal to work out though i am sure they can get it done.
 
<em>"when the LO can uplock it for you if she wants to or not it is all up to them. In this market with the house market going down?"





"but considering UAMC belongs to lennar i am sure they could have pull some strings."</em>


<em>


</em>ROFL, in this market... If Lennar had missile lock going off at Fannie or Freddie, they wouldn't budge. Lending has changed, and changed BIG TIME, this is what everyone needs to get used to. It no longer matters if you have a FICO above 720, a decent down payment, and a stellar job history, the lenders are in control. What used to happen, will not happen for a very long time. Try to pull strings, or think about relocking a loan (without re-underwriting the loan, in which guidelines could have changed an hour ago, let alone a month), and they will tell you to pound sand. Before, it was the lender telling you why you deserve a loan, now... and like it should be, you need to tell the lender why you deserve a loan.





I know... it sounds like I am being a bitter bear, but this is the new lending reality. A reality, that is normal in most non-koolaid drunk times. No one is entitled to a loan, you need to prove you deserve a loan, and that proof is changing daily. Guess what? It will only get worse, and getting a loan today, will be easier than getting a loan a month from now.
 
Yeah, it might be all about the re-underwriting. Underwriting standards are probably changing on a daily, if not hourly basis. Once they approve you, you absolutely don't want to go thru underwring again. They might find a piece of lint on your jacket they don't like. Or, some super-minor late payment 5 years ago, which was ok yesterday, but now means that they must reject you--or raise your rates.
 
I believe that when a loan is "locked" there has been a commitment made by a purchaser in the secondary market. If there are any changes to the buyers situation then the originator(UMAC in this case) must "resell" the loan under the new terms at the new rates and new guidlines. There is a cost to the originator for not delivering a locked loan.



Like Graph says "it is a new world in lending". Even with home prices falling getting a loan will be much harder. I was selling new homes in the 1980's when rates were 16-18% and there were buyers but it was extreamly hard to get a loan.



On another note for those who think that buyers are in total control. As a new home VP I would often cancel contracts on people who generally complained, bitched, or seemend unreasonable as too their expectations. If they were a pain during escrow that told us that they would be a pain during the warrenty period and would often cause problems with other owners. You may not think that this is fair-but fare is what you pay for a cab ride.



As I am sure Trooper can attest your attitude often reflects how you will be treated in return.



I believe that some lessons will be learned on both sides of transactions in the next couple of years.



Have a great weekend!!
 
xsocal - you bet i am a problem buyer i would have made lennar work hard to earn my business and the warranty period..... will be one long nightmare for lennar. hahahhahaaaa and i would have gotten on the hoa board and stir up the neighbor. hahahhaaa



As for loan standard getting harder.... i sure hope it does get harder.... so impossible to get that it kills off all the potential buyer and crush the price. as for me i will still be ok. there is always the mom and pop bank only problem there is that you have to swallow your pride.
 
jbatzmare



I am glad that I can still spot problem buyers. I have a saying that goes: 'sometimes the best deal is the one you don't make". That works both ways.



Sometimes attitude causes one to lose out on good things in life.



enjoy!
 
xsocal-



you sound alot like my sales guy. great guy, very informative fellow but there was one thing that i didn't like about him though.... he worked for the other side.



anyways as for missing out... maybe, and maybe not. only time will tell.



thanks for the comp. i would rather be known as a problem buyer then a sucker buyer.
 
jb



I like to be an informed buyer with the ability to get all that I can in a positive way while setting limits on how I am treated. Like you I have no problem walking away if I feel the seller is either not more informed than me or attempts to hit me with things that I know are just not true or take advantage of me. Since I have been in sales and done sales training I am very adverse to any canned presentation.



Yes he was on "the other side of the table" but a really good sales person will try to make it a win-win for both sides. Remember that the "other side of the table" pays the salesperson and it was disclosed to you that he only represented the seller.There still, however, are limits that a seller of any goods or services has to abide by to make any deal work.



I am speaking in general terms here not just homes. I may start a thread regarding sales people in general and how we as consumers in a tightenning economy make decisions. Is it all price? Do warrenties count? Is service a factor? Do we pay more to feed our egos? Pros and cons of internet shopping.



Thanks for the discussion and sharing your personal experience of your transaction openly here. We all learn from each others experiences.



Enjoy!
 
i'm glad the other posters made my point clear... i'm am not praising lennar... i'm just saying you are one of these guys who are always will complain and try to get an extra penny... you are best off renting for a few more years....



again... the only reason to buy right now is if YOU LOVE THE PLACE and you want it and you are willing to pay premium for that !
 
as things devloped on my project. i was able to get a lower price and more incentives. that was after i locked in my rate and selected flooring. now i had all of the sudden money leftover not to be used anywhere but my loan... guess what i was nice about it, the entire way, i got my loan relocked at a lower rate and everyone is happy.



my point is, you can yell and scream and not get anywhere, or you can be nice (or at least pretend) and work with the builder and you will get what you want.



i have a incredible interest rate and good price for todays market and i am sure that you could have gotten the same improved terms...



but it seems you are happy thast you walked away... i hope you will find your dream home soon !



cheers
 
<p>flmgrip</p>

<p>Congratulations on great negotiating skills. I would always go the extra mile when dealing with pleseant people and often "shut the door" on the ones that were rude, loud, insulting or just plain whinners.</p>

<p>enjoy!</p>

<p> </p>

<p> </p>
 
i told you that you could relock the rate. anyways glad things worked out for you. as for me, once my work slows down a bit, i am going to start filing complaints with lennar corp headquarters and i am going to write letters to the BBB. i know it won't do anything but if you don't voice your opinion then you won't be heard. PLUS i want them to remember my name and my case so later in the future they will treat other people nice no matter who they are.



as for me... who knows i might get in at the end of the year if they have anything left, maybe maybe not. or maybe they just won't want to deal with me all. ahhahahaaaaaa



xsocal land merchant- don't get me wrong. if they treated me nice from the get go then i would behavior the same. but if you treat me like dirt then i will complain.
 
<p>jbatzmaru</p>

<p>Sorry, I wasn't pointing at you. </p>

<p>If you think that you may buy later you may be better just letting go and chalking it up to experience and starting over on a new deal.</p>

<p>Being right does not mean that you win.</p>

<p>enjoy!</p>
 
Being right isn't everything true. but helping someone saves thousand of dollars sure gives me a warm fuzzy feeling.



flmgrip- which community did you buy in anyways? was it from lennar? maybe UAMC got their hand slap for pulling a stunt like that and thus flmgrip was able to relock his rate without any problems.
 
jb, i bought from lennar and financed by UMAC. i don't want to disclose where i bought and what price i paid... i want to keep my neighbourhood prices up... i want it to be at least 6 months before my house looses value...



and no i don't have to thank you for UMAC relocking my loan, your rudeness did not make them be nice to me... they didn't pull a stunt with you, they just didn't want to deal with you. they did this with me because i did ask nicley instead of DEMANDING... you can't believe how mcuh you can achieve by respecting each other. i often get confronted by people who do not respect me, but i still do the very best to respect them. it works for me. that eye for an eye thing just doesn't work for me... especially it seems you are feeling like you been treated like dirt. i don't think you were and some others here seen to think the same...



now you might go out there and file suits, BBB's forms thinking you are making a difference and fighting the big man... but in the end you are wasting your time (and free time) and the ones of our court system... all while i will enjoy my new home ;)



now i can praise lennar, they came thru the whole way, treated me well and delivered as promised. an not because i am black, white, yellow or green. i am very happy with the results and looking forward to move.



i wish you the very best for your future home plans !
 
Flmgrip- how do you know i was rude to them? honestly unless you have inside knowledge of my case, you just don't know right. all in all you are assuming that i was rude. Then again you could be someone working at uamc or lennar since this is an open blog it could be anyone.



As far as my question as to what communities, all i asked was where did you buy it from. i didn't ask for price or incentives. As for the value of your home going up or down.... don't worry about, that the market will take care of it for you.



As for the whole purpose of this board is to enlighten and educate people, and sharing info is the first step.



As for wasting time filing suits with the BBB.... not at all, i think it is rather productive and quite educational.
 
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