help, I recently closed a commercial retail office loan, now they say I owe additional points…..?
After closing on a commercial loan 3 weeks ago, I am now informed that I owe an additional for points that the lender left off of the settlement cost by mistake.
the only thing that I recieved to remotely suggest that points were involved was a pre committment letter that was already expired when we recieved it { we were asked to initial the letter and fax it back }….. we assumed that we had to initial since our commitment date had expired and a request for an extention was also signed.
we never recieved anything else pertaining to points or fees after that. no final approval , good faith estimate, closing cost estimates, e.t.c. althougt we asked for them to gage an appromimate figure of closing costs.
I was told verbally by the broker that closing cost would run between 00 and 000.
it was 000 and I assumed that was it , until we were notified that additional costs were left off the settlement statements and we will be responsible for them.
{ whats fair ?}
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2 comments
Espinito on August 12, 2009 at 11:50 pm
Contractually, I don’t see anything here that legally obligates you to pay for his error. Read your final closing statement thoroughly to see how much he’s already received. Usually, commercial loans are handled by the banks directly w/o the use of third party brokers, so try going direct w/ the bank for any questions/concerns. The loans funded, so I wouldn’t pay a dime since he won’t be able to prove your legal obligation. What could he do?
boston857 on August 12, 2009 at 11:50 pm
It is true that your actual closing costs will vary from the GFE (Good Faith Estimate), but all applicable costs should be included on the Settlement Statement at close (unless of course, you were shown a preliminary Settlement Statement, in which case, there is little you can do).
Sounds like your broker is incompetent…make sure that you are paying down your rate though and not putting in the broker’s pocket.