It is good to know that I am not the only one out there in this situation. I don't think in my case it is always the lenders fault opposed to the Listing Agent NOT submitting the offer. I am learning as time is passing some of the Listing Agents out there are picking and choosing who they submit the Offer(s) to.
If there are multiple offers, and the Listing Agent has their own client, they will most definitely submit their own first, so they do not have to submit other Offer(s) by other agents and possibly have to split their Commission. My agent has been in the business for over 20 years, and is coming across this fight just about 90% of the time now, if it is not his own listing. He cannot help people like us, because of a home we want to purchase and it isn't his listing. We have submitted 7 offers now, and have been told several stories. Only one offer was due to a Cash Deal.
As you can see from my original statement I am just Annoyed. I have been doing some homework, and I found grounds to fight back. THIS IS FROM THE FTC (Federal Trade Commission's web site)
What If Your Loan Application Is DeniedIf your mortgage application is denied, the lender must give you specific reasons — or tell you that you have the right to ask for the reasons. The law gives you the right to:
- find out whether your loan is approved within 30 days of submitting your completed application. The lender must make a reasonable effort to get all the necessary information, like credit reports and property appraisals. If your application is rejected, the lender must tell you in writing.
- know specifically why your application was rejected. The lender must tell you the specific reason for the rejection or your right to learn the reason if you ask within 60 days. An acceptable reason might be: “your income was too low” or “you haven’t been employed long enough.” An unacceptable reason might be “you didn’t meet our minimum standards.” That’s not specific enough information.
- learn the specific reason why you were offered less favorable terms than you applied for, but only if you reject these terms. For example, if the lender offers you a smaller mortgage or a higher interest rate, you have the right to know why — as long as you don’t accept the lender’s counter offer.
- get a copy of the property appraisal from the lender. Mortgage applications may be turned down because of low appraisals. Review the appraisal. Check that it has accurate information and determine whether the appraiser considered illegal factors, like the racial composition of the neighborhood.
The lender may have rejected your application because of negative information in your credit report. If so, the lender has to tell you that, and give you the name, address, and phone number of the consumer reporting company that provided the information. You can get a free copy of that report from the consumer reporting company if you ask for it within 60 days. Otherwise, unless you order your free annual credit report from that particular consumer reporting company, expect to pay up to $11.00 for a copy. If your credit report has inaccurate information, the consumer reporting company is required to investigate items that you dispute. Those companies furnishing inaccurate information to the consumer reporting company also must reinvestigate items that you dispute. If you dispute the consumer reporting company’s account even after the reinvestigation, make sure that your credit report includes your summary of the problem.
If You Suspect Discrimination
Take action if you think you’ve been discriminated against.
- Complain to the lender. Sometimes you can persuade the lender to reconsider your application.
- Check with your state Attorney General’s office (www.naag.org) to see if the creditor violated state laws: Many states have their own equal credit opportunity laws.
WELL GUESS WHAT I AM GOING TO DO ON MONDAY, DEMAND FROM THE LISTING AGENT to have the Lender TO MAIL ME A DENIAL LETTER IN DETAIL AS TO WHY I WAS DENIED. If it was due to a cash deal, ok at least I know my offer was submitted. IF SHE DOESN'T DO THIS, AND GIVES ME A STORY, I WILL GO TO THE LENDER, California DRE, FCRA, ECOA AND FTC and file complaints. Maybe trying this new route, will help us eventually get us a home. And keep these Listing Agents on their toes. So these agents don't control the sale of the home. It is worth a try.... Wish me luck, will keep everyone posted. :-)
Here is the link to review your rights as a consumer....http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea08.shtm
