Why?....why?....WHY?

Began the month (SEPTEMBER) with three contracts ready to close within the month.

Contract #1: Dead because mortgage broker cut corners on the apprasial. Used the HUD apprasial to shop deal to mortgage companies.... AFTER I TOLD HIM NOT TO! Result: DEAL DEAD!!

Contract #2: Dead because of same mtg. broker fails to inform client that on a 100% stated loan he needs 2 months pmi in bank before closing. Result: DEAL DEAD!

Contract #3 Buyer after looking at finances realizes that maybe he wont be able to pay 2 mortgages if the tenants move from the home he is currently the landlord on and wants to know if he can get his earnest money back? But he "really loves the house" just dont know what to do!
Result: TBD

ANY Suggestions as to what I should do are greatly appreciated!

Get a new mortgage broker asap.

Already working on the NEW MTG Broker.

What about buyer #3 with buyers remorse!

How do I stop it? Do I charge a retainer in addition to the earnest money?

I feel used! My time gone, my money gone, my mortgage due, my car note due all for "I'll work with you in six months when I'm ready to commit but can you get my earnest money back."

What da F?

I mean sure your my "client" I'll look out for your intrest above my own. I'm a REALTOR!

I'm not sure if #3 is Buyer's remorse. Maybe he is. But I rather let him regret this now than after closing realizing that there's no mortgage payment hanging around.

I cant quote enough past experiences where I put my interest above my own, how much it had rewarded me. The most vivid is from a transaction I did last year. We finally narrowed to 2 houses to this couple. The lady (final decision maker) likes this house, while I feel that the other was a better house/ value, etc. Sure it would be easy selling the house she liked, but I stood by the promise I made to myself: do unto others as you want them do unto you.... I gave her my honest/ sincere real estate advice. That took her into 1 week of going back/ forth, back and forth. It looked like she wouldnt want either one.... Later, she decided to take my advice and pursued the house I felt was better. This house paid a 6% commission - something I didnt know at all. This lesson taught me to take care of my clients first, the rest will take care of itself. The 6% commission took my husband and I on our first mission trip with the church, plus a huge surplus. We just got back from Africa 2 weeks ago, did what we could to the best of our strength and energy. God rewarded us again with another bonus through my husband's work.... they called it a spot bonus. The highest bonus he's ever received from work in his entire work career.

I do have alot of examples I can quote where if I took the short cut and didnt perform to the best of my ability, things just wouldnt fall in its place so perfectly. I strongly encourage you to guide your client, just like you would in his shoe. Everything does and do fall in its place. If it is truly buyer's remorse, you will also know the right words to say.

one of my motivations for getting back into the business, although a bit misguided.

I had THREE mortgage companies to settle on my last home. The first two screwed me 24 hours before settlement. They made me go stated doc although I had 5 years IRS tax returns from my university lecturing overseas. the rate was 5.875 at that time. The threw 7.5 at me 24 hours before settlement. I said GD "#$%R#&%, just settle the thing and 48 hours later re-fid with National City Bank and settled in 2 weeks.

Fattmaxx: Thanks for the reply I understand what you are saying but we went over his obligations and possible scenerios before we began looking so he knew full well that he would have two mortgage payments and he knew what his intrest rate would be the only thing that changed was his tenants "maybe not staying in his first home". What burns me up about his request to regain his earnest money is that he thinks he is obligated to it and I should move the earth to get it back for him. Don't get me wrong I will try my best by protecting his intrest but I will not do anything unethical (lying)!

Lightman I feel for you, I have had also had deals fall through after a great deal of legwork. Unfortunately, based on the information given, your client will not get his EM back. Who is holding Em, your broker or listing broker? It will be their call on who gets EM. I understand that you want to protect your client's interest but we as Realtors also must obey the terms of the contract and the RE laws. If you are using the GAR forms, you can use the mortgage interest rate clause or the home inspection clause to protect skittish clients. This must be done at the time the Purchase Offer is made and must be accepted by the sellers.This can't help you now but may in the future.If the buyer still thinks he is entitled to the EM, go over the contract line by line and then ask, who broke the contract, seller or he? Hopefully he will see his mistake. Hope this helps and good luck.

Find a DRE & DOC Aprroved Mortgage Banker instead of broker. It's alot better when they have there OWN money to use and not others. Mission Hills Mortgage has been nothing but good to me. I love them. I can call them at 11pm at night and get a pre-approval (not qualification but approval) within 2 hours. They will always get my business if my buyer wants to use them.

Keep trying though man! They will go through. Sometimes stuff just happens. Roll with the punches and come out on top.