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Issues with Van Metre

Discussion in 'Homeowners Corner' started by rakeshkdhawan, Aug 13, 2004.

  1. sj445

    sj445 New Member

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    Can Van Metre charge us the per diem if they are the cause for the slow up in closing. They are saying they will charge us 0.049% of the sales price for every day the closing is delayed as per the contract. That would be fair if we cause the delay but what if they do by not getting the lender what he needs. Do we have any protection?
     
  2. Wick

    Wick New Member

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    In the case of BofA, they made it very clear to Van Metre that VM would have to pay any costs of delay. In fact, after the initial one week delay, VM wanted to delay another week. However, our interest rate lock would have expired within that second additional week. We made it very clear to VM that they need to their together. In our case, however, it was abundantly clear who delaying things: VM. In your situation, you need to communicate with your bank and find out what exactly is happening. BofA was not shy in telling us that VM was slow and VM didn't deny it.
     
  3. Zansu

    Zansu New Member

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    This is from the Intercoastal Loan Application online @ http://www.icmtg.com/pdf/Van Metre Disclosures 8-10-04.pdf

    Van Metre "has ownership in" and gets profit from intercoastal, so of course they're going to steer you that way.
     
  4. Carol Al-Ajroush

    Carol Al-Ajroush New Member

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    VM will take whatever approach to get the best deal which also represents their best interests hence pushing Intercoastal Mortgage. However, in our case, while my spouse and I were more than ready to go with Intercoastal for the convenience and incentives, once they learned of his diplomatic status, Intercoastal did not want to provide a loan as they viewed it as a risk. Therefore VM encouraged us in finding another mortgage company which ultimately worked in our favor with a better loan rate.
     

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