Please Help!

[Michelle]

Hello
I am in desperate need of advice and I don't have the luxury of time to order the book.
My hubby and I are in the process of buying a Manufactured home. We have signed a sales agreement, had a survey, appraisal, and are being rushed for a closing date. My problem is this: I have caught the salesman in many many lies. First of all, he told me that I needed a new perc test on the land, the owner of the land already had one and had I not really checked it out with the county I would have had to pay for it....that was just the start of his lies and wanting more and more money. He also wants to control my escrow money and create fake bills for his friends to do the work and said he would give me extra money. The biggest problem that I have at this moment is that I was quoted an interest rate of 7.99% and it is also in the sales agreement and now he says it was a mistake that he messed up and we have to pay 8.99% What are my rights? What can I do? I am under a purchase agreement for the land and I really want "that" home. Can I make any demands? Also he said we are required to pay 5% in cash, and actually the amount he is telling us to bring is 6-1/2% I am really ready to be"difficult" Every week it is a new dramatic problem that has come up. Can I change dealers this late in the game or can I demand my interest rate I was promised? Please help!!!
Thank you... I feel much better venting.
Also he promised enough improvement money to cover everything and I will end up putting another $2000 in this deal just to live there, not to mention he promised X amound in payment and that has increased $50 per month.
Thanks...

[Randy Eaton]

Hello Michelle,

I have one word for you, "STOP".

I have been in the business long enough to know when being rushed to make a decision is usually the wrong decision. Go to other lenders and shop around take your time and if the deal falls through then it was not meant to be. If you take your time and do it right you'll never have to second guess yourself.

Randy Eaton

[rmurray]

I agree 100% with the other post here...I would be most concerned about the fake bills with rebates to you...This would be considered FRAUD by most lenders..Prison is not a fun place to live...Any dealer willing to commit Fraud in a financial deal will not be there for you in the future...

Talk to your land seller and tell them you have a problem...Your closing will be delayed...Check with the manufacturer about other dealers in your area...there will be some...

The finance you mention sounds like traditional manufactured home finance with a buydown rate ( the buydown will have very large fees associated with it)...If you qualify for this...you also qualify for a regular mortgage at about 7% to 7 1/2% with far less closing costs...There are mortgages that do not require any downpayment or very low....These mortgages do require a different type of appaisal and can be a problem in some areas...Another dealer should be able to explain in your area..

P.S. Report this salesperson to the highest managagement person you can find...No dealer wants a salesperson willing to commit Fraud on a lender..

Good Luck

[Chuck]

Avoid this transaction! This sets the stage for more disapointments. Best contact the local BBB!

[Michelle]

Thank you so much for the advise..
We have a "sales agreement" with the
manufactured home center that states 7.9%
and now they say that Conseco made a mistake and it is 8.9% Do I have any rights in forcing the 7.9%????

thanks..

[Rob]

It appears to me that you have two obvious options -

If you want the home badly enough, retain the services of the best attorney you can afford and fight for the terms of your original agreement (or something you find acceptable).

Or- RUN LIKE THE WIND !!!

Of course there are others, but after 35 yrs. in business I would think your
decision(s) are limited to these two if you're going to be fair with yourself.

And, as mentioned above - report the behavior of this salesperson to manager/owner immediately, and if you find his/her response lacking then the BBB and your local Chamber of Commerce (if your town is big enough to have one).

[rmurray]

The rate you have been offered is the best rate Conseco offers...You will gain nothing by fighting...You DO qualify for far better financing in todays market...Check with local mortgage companies or on this site...

$50/ month is $ 18,000....whole lot of bump here...

Please report the saleperson to both the owner...AND...Conseco...they would like to know about the kick back offer as well...

[Michelle]

thank you guys so much! I did contact an attorney, he needs to see the papers to see if contract is binding enough.
Will let you know.
thanks again

[Bill Kitchens]

I'm not a lawyer, but I think they have to give you the interest rate in the sales agreement. If you can find any way to get out of this deal I would. You should be able to find another dealer in your area that carries the same manufacture. Based on what you said, this dealer sounds like a crook, I would call the Better Business Bureau on this guy. Also you can ask the Better Business Bureau for some advice on this. O'k?

Good luck and watch your pocket book. All dealers are not like that. My rule is in our house. Shop around for the best deal and best price.