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PiyoPika566
talk to the hand
Member since 5/05 1436 total posts
Name:
Stephanie
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Good RE lawyer rec? (also warning about lending tree)
so we saw THE house yesterday and put in our offer, the owners countered 5k more, we are going to do it!!.... now we need a good lawyer for the rest of the way to become homeowners 
also, yesterday when I was talking to the RE agents (centry 21) I showed them my pre-approval form from one of the mortgage company through lending tree and they said they would feel better if we get pre-approved again through one of the mortgage broker they use (isn't this annoying?!?) and told us that it isn't a good idea going through these internet mortgage sites, and going through lendingtree actually might lower your score because multiple mortgage company can view your credit...
anybody else heard this?
fingers crossed, I hope everything goes well and we get this house, both FI and I are in love  
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Posted 8/22/05 7:41 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: Good RE lawyer rec? (also warning about lending tree)
I have heard fishy things about lendingtree.com as well. I don't know about going through one of the RE agent's mortgage companies... sounds like kickbacks to me and I'd be suspicious.
Just get last two paystubs from you and DH, last two years' tax returns, and investment account statements, last two months of any bank account statements and a list of all of your liabilities. I'd photocopy that packet a few times because that's what they will need to evaulate you. Have you checked out your home bank? Check with other "brick and mortar" lenders. I would not fax the packet due to identity theft issues. Try to mail it or drop it off and see who gives you the best rate.
We are currently buying AND selling. From a seller's perspective I have to tell you that we are not accepting any bids that do not come with a pre-qual letter for the amount of the mortgage attached to the bid. We are not even looking at them.
FYI: We have a friend who has been trying to sell her split in East Norwich for months now. 15, YES, 15 offers have fell through because of the buyers' financing. Not sure of all of the details, but she is really up a creek. She held out on closing for her second house as long as she could. She'll have to get a homeequity loansd and have two houses for a while. Oh, and her husband is a lawyer.
As for a lawyer, I can't help. I get house closings (up to 3 in a 5 year period) free from my union's legal plan. We use a law firm in Hauppauge. I'd ask family and friends who they used.
ETA: Get another lender fast. I've know of houses where a couple has put in a bid but were not pre-qualified than another couple comes along who is, submits a bid and the seller has taken the second couple... even if it's a lower bid there is more confidence the deal will go through.
Message edited 8/22/2005 7:56:36 AM.
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| Posted 8/22/05 7:55 AM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Good RE lawyer rec? (also warning about lending tree)
FM
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| Posted 8/22/05 9:19 AM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: Good RE lawyer rec? (also warning about lending tree)
we used a great attorney. Fred Bienz, he's in smithtown..631-863-1788
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| Posted 8/22/05 9:51 AM |
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Re: Good RE lawyer rec? (also warning about lending tree)
Posted by PiyoPika566
and they said they would feel better if we get pre-approved again through one of the mortgage broker they use (isn't this annoying?!?)
That sounds more than annoying, it sounds fishy to me.
Pre-approval can be a fairly quick process. I don't know if I would go with their broker, it just seems too convenient for the RE people. Maybe meet with their broker while looking into mortgages on your own.
Also, getting a pre-approval from one mortgage co does not mean you have to use them. DH and I got pre-approved through my credit union. We had the letter, which helped us in the bidding process, but we ended up getting the mortgage through someone else. I'd try the bank where you have your accounts, get the letter, then once your bid is accepted go full speed ahead with your mortgage.
We used GMAC for ours and were very happy with the service in every way. I almost used Municipal Credit Union, but they were a disaster.
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| Posted 8/22/05 10:02 AM |
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MrsJ
I love my Katie Bug
Member since 5/05 11357 total posts
Name:
Kathy
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Re: Good RE lawyer rec? (also warning about lending tree)
We're really happy with our attorneys: Joseph Rizzo and Charles DeMartin of Rizzo & DeMartin in Huntington. (631) 367-3740
ETA: they are doing the purchase of the new house and the sale of our current house (when we sell it!)
Message edited 8/22/2005 10:10:25 AM.
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| Posted 8/22/05 10:07 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Good RE lawyer rec? (also warning about lending tree)
Posted by PiyoPika566
also, yesterday when I was talking to the RE agents (centry 21) I showed them my pre-approval form from one of the mortgage company through lending tree and they said they would feel better if we get pre-approved again through one of the mortgage broker they use (isn't this annoying?!?) and told us that it isn't a good idea going through these internet mortgage sites, and going through lendingtree actually might lower your score because multiple mortgage company can view your credit...
anybody else heard this?
That is the DUMBEST thing I have ever heard.
First off... its definitely not going to hurt your credit. Yeah Lending Tree will probably do multiple pulls on your credit report. But thats OK because multiple pulls on a credit report doesn't lower your score IF THEY ARE ALL DONE WITHIN A MONTH.
Its called "credit shopping" and this is OK according to the big three credit agencies.
A hard credit pull every month for 6 months will hurt your credit more than 6 pulls within days of each other.
The agent wants to discredit Lending Tree because they want to make more money! They say they want to use the lender THEY recommend because THEY probably get a cut of it.
Stupid.... stupid.... stupid. I would love to have a talk with this RE and better educate him/her.
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| Posted 8/22/05 10:29 AM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: Good RE lawyer rec? (also warning about lending tree)
Posted by MrsProfessor
Posted by PiyoPika566
and they said they would feel better if we get pre-approved again through one of the mortgage broker they use (isn't this annoying?!?)
That sounds more than annoying, it sounds fishy to me.
i agree!!!
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| Posted 8/22/05 10:52 AM |
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PiyoPika566
talk to the hand
Member since 5/05 1436 total posts
Name:
Stephanie
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Re: Good RE lawyer rec? (also warning about lending tree)
thanks guys, I do agree it is very fishy, but we don't have to use their mortgage broker, I am just going to get pre-approved by them so the RE agency can shut up 
I am also looking on my own through my company (I work in an investment bank) we don't have retail in US but have lots good relationships with other retail banks.
... so fingers crossed, I hope everything goes smoothly! 
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| Posted 8/22/05 11:07 AM |
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sasha96
lovin' my 2 little ladies!
Member since 5/05 7401 total posts
Name:
Julianne
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Re: Good RE lawyer rec? (also warning about lending tree)
I'll send FM
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| Posted 8/22/05 7:31 PM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: Good RE lawyer rec? (also warning about lending tree)
We used lendingtree to get our mortgage and had no problems. in fact, our lawyer said that it was the easiest closing he'd ever had, that the bank we used thru lendingtree was on top of everything and we didn't have to call for anything to be faxed to the closing at the last minute, which he said happens more often than not.
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| Posted 8/22/05 10:49 PM |
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PiyoPika566
talk to the hand
Member since 5/05 1436 total posts
Name:
Stephanie
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Re: Good RE lawyer rec? (also warning about lending tree)
you are right, I am having no problem with LendingTree and the mortgage broker that we are working with now is very willing to make sure we get a package that works for us.
I don't understand why the RE agency is so against LendingTree 
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| Posted 8/22/05 11:00 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Good RE lawyer rec? (also warning about lending tree)
Posted by PiyoPika566
I don't understand why the RE agency is so against LendingTree
Because that means less money for them! They want to sell you "their financing".
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| Posted 8/22/05 11:01 PM |
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Suzanne
May the Force Be With You!
Member since 5/05 2083 total posts
Name:
Suzanne
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Re: Good RE lawyer rec? (also warning about lending tree)
Sounds wierd to me.
As far as a RE attorney. I recommend Marc Brunengraber of Feldherr and Feldherr. His number is 516.222.2626.
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| Posted 8/22/05 11:34 PM |
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PiyoPika566
talk to the hand
Member since 5/05 1436 total posts
Name:
Stephanie
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Re: Good RE lawyer rec? (also warning about lending tree)
Posted by DjPiLL
Posted by PiyoPika566
I don't understand why the RE agency is so against LendingTree
Because that means less money for them! They want to sell you "their financing".
You're right! .... well, I ain't going with their financing people, they offer isn't good enough! 
It's just stupid how they wanted me to get pre-qualified AGAIN through their people.
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| Posted 8/23/05 7:45 AM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Good RE lawyer rec? (also warning about lending tree)
Sounds like what the agent did to us when we went to put an offer in on the house we are buying. We had a pre qual and they said if we get a pre quak through them then it would look better to the seller because everything will be done in their office, so we let them do it.
But then they tried to get us to use their broker too, and said that was the only way the seller will agree to the sale - but I doubt the seller really cared who we use as long as we could get a mortgage.
So we basically yessed the realtor to death and they figured we were going to use their broker, but the truth of the matter is they cannot force you to use their broker, it is against the law, and if it isnt in the contract, then you can use whom ever you like.
So our lawyer told us to yess them to death and after the contract is signed by you, and the seller, and the engineer looks at the house, then you can tell them that you are using a different broker.
What we did was have our brokers appraiser call the real estate agent and boy did she get a surprise. I got a phone call like 5 minutes after and she said that the other agent was going to be mad that we werent using their broker, and I said well actually it isnt in the contract about us using your agent, and it is against the law to force us to use your agent, and what does it matter if we use your agent or not, we are going to be approved for the mortgage as long as the appraisal goes well, which it did.
She was just like we thought you were using the agent and the seller liked it that way because everything would of been done in our office, and they had no idea that we were going to not use their agent...It was pretty amusing.
It was so obvious that they got a kickback from this...even though they kept saying they all work together and they get paid through the agent.....
Just be careful, and ask your lawer if you have to use their agent.....Dont agree to it because the real estate agent will say it is easier and that everything will go smoother...Its just a ploy to make more money off of you.
Scott
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| Posted 8/23/05 8:14 AM |
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PiyoPika566
talk to the hand
Member since 5/05 1436 total posts
Name:
Stephanie
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Re: Good RE lawyer rec? (also warning about lending tree)
Hey Scott, thanks for the heads up!! I think that's exactly want the RE agent is trying to do.
They told us that the seller requested that we get a pre-qual through their mortgage broker... but she also mentioned that we don't have to use him.
WELL, we are not!
If they going to change their story later on, I will have our lawyer (when I find one!) deal with them, it's just ridiculous....
You're right, the seller probably don't care which broker we use, as long as they get their money on time... it's just so obvious that the RE agency is getting something from the broker if we do end up using them... IF they offered us a more attractive deal, we would of go through them, but they are not good enough!
Do you mind sharing who the RE agency with me through FM? 
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| Posted 8/23/05 9:11 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Good RE lawyer rec? (also warning about lending tree)
Its really simple. If a stupid RE agent wants you to use their broker so bad....
... demand that the broker not only BEAT your current rate... but give you a longer rate lock as well (at least 90 days with ZERO points).
That will shut them up.
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| Posted 8/23/05 9:26 AM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Good RE lawyer rec? (also warning about lending tree)
FYI-This is also illegal if they are getting kickbacks. Do not let anyone strong arm you into using a specific broker
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| Posted 8/23/05 3:48 PM |
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Re: Good RE lawyer rec? (also warning about lending tree)
I think we are going to use:
Adler, Calonita & Ferri
666 Old Country Rd
Garden City, NY 11530
ph: (516) 745-6666
I know someone who works there and maybe I can try to get a discount.
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| Posted 8/24/05 10:57 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Good RE lawyer rec? (also warning about lending tree)
Posted by melijane
FYI-This is also illegal if they are getting kickbacks. Do not let anyone strong arm you into using a specific broker
How is this "illegal". Isn't something like this called commission?
This is a RE broker we are talking about.... not a lawyer.
And its most likely the RE's firm getting the commission... not the RE directly.
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| Posted 8/24/05 11:04 AM |
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Ellie
LIF Adolescent
Member since 5/05 581 total posts
Name:
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Re: Good RE lawyer rec? (also warning about lending tree)
Yes, I have heard of this. We were looking to refinance and we went through lending tree. When I finally got in touch with someone else (another mortgage company) they told me my score was lower - due to the fact that many brokers had run my credit report in the past month.
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| Posted 8/24/05 11:11 AM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Good RE lawyer rec? (also warning about lending tree)
Posted by DjPiLL
Posted by melijane
FYI-This is also illegal if they are getting kickbacks. Do not let anyone strong arm you into using a specific broker
How is this "illegal". Isn't something like this called commission?
This is a RE broker we are talking about.... not a lawyer.
And its most likely the RE's firm getting the commission... not the RE directly.
I believe the real estate agent was going to get some of that money too, and that is not commission, that is a kick back and that is illegal
Scott
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| Posted 8/24/05 11:37 AM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Good RE lawyer rec? (also warning about lending tree)
As a licensed real estate agent you can not split commissions or "kick back" anyone except another agent or your broker. A RE agent getting $$ from a mortgage broker would be illegal on the RE agents part
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| Posted 8/24/05 12:04 PM |
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JennChris
life moves fast
Member since 5/05 4225 total posts
Name:
Jenn
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Re: Good RE lawyer rec? (also warning about lending tree)
I don't know why the RE told you that, we used lending tree 2-3 years ago and it was excellent!
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| Posted 8/24/05 4:42 PM |
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