Weston Real Estate News

More November 2006 News Vacation homes are very much requested in the City of Weston Real Estate Agents work for you to buy a home in Weston Home Builder Mortgage Programs under Federal investigation Real Estate inventory in Weston is growing October 2006

November 13th, 2006

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Home Builder Mortgage Programs under Federal investigation

Customer abuses were reported lately, so Federal regulators started a  serious investigation on home builders who have pressured buyers to use their mortgage programs unlawfully. The Federal Real Estate Settlement Procedures ( RESPA ) says that  realty brokers and builders are prohibited from obligating purchasers to use their mortgages, titles or any other related services. Recommendations are allowed, but they can’t force people to use them. It has also been reported that when a homebuyer refused to use home builder mortgage programs, they increased the home price. In other cases they have presented incentives from $10,000 to $30,000 to require the use of their mortgage affiliate companies to be eligible for incentives of kitchen or bathroom upgrades with zero settlement costs as a truly discount, when it is known that incentives are absolutely attached to the cost of the home construction. Investigators have obtained $32,400 in cash refunds from a condo developer who charged each buyer with an additional fee of $162 for 200 condo units survey that was never asked by the mortgage lender.