North Penn Regional Realty

As the broker of record for the Keller Williams Real Estate office in Montgomeryville I am responding to the complaint filed by [redacted] on 1/26 /2016 which I received on 2/3/2016.I read through the “Customer's Statement of the Problem” and also had the agent involved to the same. Here is his...

response.--I'd like to start out by saying I wanted [redacted] (Buyer) to purchase this home more than anyone else. As her agent I would have earned almost a nice commission, so I had all the motivation in the world for her to be the buyer as opposed to someone else. There is a long version and a short version to this story and for the sake of this complaint will keep it as short as possible.Buyer and Seller executed an agreement of sale November 16 2015. The buyer indicated she was pre approved to buy a home with [redacted] of [redacted] and she would send the written pre approval letter to me November 17th. I spoke to [redacted] on November 17th and he stated she was pre approved, although the written letter had to come from someone else, and he was just acting as the broker, and her financial adviser. I asked for that persons contact information but [redacted] wanted to be the point of contact. I made it clear to [redacted] that I needed information regarding the mortgage or [redacted] was in jeopardy of losing the home. [redacted] did not answer my phone calls or return my messages from that point forward. I asked [redacted] for her lenders information numerous times, and she simply ignored the requests. At the time I thought this was just an oversight, but after learning the facts, she was intentionally withholding the contact information so I could not find out the truth. [redacted] would go days without responding to my calls and text messages, and I began to think she was going to back out of buying the home and sent her a message on November 21st stating those fears. On November 27th the seller decided he wanted to terminate the contract per Paragraph 8 section (c). I convinced the seller that [redacted] just needed a little more time to clear up disputes on her credit report, and that everything would still close on time. I asked [redacted] if she had officially completed a written application which she said she did, but later found out that she couldn't, because the system would have denied her for a loan. November 30th, 14 days after the agreement was executed, was the very 1st time [redacted] shared the lenders name and contact information with me. [redacted] with [redacted]. After speaking with [redacted] learned [redacted] could not qualify for a home, she could not give me specifics, but her credit score was not high enough to be approved. They were taking steps to try to raise the score, but it was going to take 7 -10 days, and there was still a chance at that point the scores would not be high enough. This was the first I was made aware that she was not qualified to buy the home. I made it very clear to [redacted] that the seller had the right to terminate and find a new buyer, but that I would do everything in my power to convince him to give us more time to sort this out. The seller agreed to wait and see if she could get approved. In the meantime I suggested [redacted] speak to another lender, one that I had worked with in the past that could help buyers that other banks could not. She Spoke to that lender to try to get a pre approval and unfortunately they were unable to approve her as well. [redacted] from [redacted] was able to find a loan product that [redacted] could use at her current credit score, although it required something like $16,000 cash and that was more than [redacted] had. A full month had gone by, 2 lenders had refused to pre approve her for a loan, the Seller finally gave up. The seller terminated the agreement on December 14th per Paragraph (c) (d), although I advised him to wait 4 more days until the loan commitment was due, in the rare case that this would end up in Court, there would be no denying the fact that the commitment was not issued in time. [redacted] was made aware that the seller terminated the contract, but we were going to continue to try to get the mortgage issues corrected, and hopefully purchase the home. [redacted] was finally able to obtain a pre approval letter on December 22nd although it was too late. The seller had already moved on. Plain and simple, in order to purchase home, a buyer must pay cash or qualify for a mortgage. Unfortunately [redacted] was not in a position financially to purchase yet, I did everything in my power to help her get approved for a loan, and that's all I can do as a real estate agent.As the Broker, I have reviewed the situation the email trail and the contracts and find that the protocol and the terms of the agreement were followed. In this situation the buyer could not be approved under the terms in the agreement of sale and the seller has executed a release under the terms of the agreement. Her agent and I would like to see the buyer receive her deposit monies since her loan could not be approved as she originally intended. If further information is needed the company and I will certainly comply. Please let me know directly how we can assist you further and of course your decision.Sincerely,Lynn S.Broker