Register a SA Forums Account here!
JOINING THE SA FORUMS WILL REMOVE THIS BIG AD, THE ANNOYING UNDERLINED ADS, AND STUPID INTERSTITIAL ADS!!!

You can: log in, read the tech support FAQ, or request your lost password. This dumb message (and those ads) will appear on every screen until you register! Get rid of this crap by registering your own SA Forums Account and joining roughly 150,000 Goons, for the one-time price of $9.95! We charge money because it costs us money per month for bills, and since we don't believe in showing ads to our users, we try to make the money back through forum registrations.
 
  • Post
  • Reply
LloydDobler
Oct 15, 2005

You shared it with a dick.

tiananman posted:

The seller caved and we're getting the price we want, she's covering closing costs and I'm honestly really happy with how the negotiations went - we really squeezed her pretty hard - got her down an additional 5% below her "max pain" point a few weeks ago.

But now... the seller wants to back out of a repair that she said she would make in the SPIR when she listed the house months ago - before we were even under contract. She basically promised to fix an issue BEFORE closing. It's all plain as day in the SPIR. We asked the seller's agent about this issue earlier this week (since we're supposed to close next week) and she threw a fit.

Her agent LITERALLY said it was "unfair" to force her to make this repair after we got the seller down so far from her asking price. Unfair! I feel like I'm playing a board game with a little kid.

We're clearly "legally" in the right on this issue, but the seller could drag this out, make us involve attorneys (which would make everything much more expensive at closing) and basically screw up our moving plans.

Everything is on hold until we find out if this seller plans on following what she contractually obligated herself to do. But I'm honestly done playing games with this lady.

If she doesn't make this repair (which could be upwards of $5k from my estimates) then the whole deal is void and we'll have to walk.

The agents are working on this deal, but I'm just exhausted from this process.

Just another reminder that until the closing date is in your rear view, the process is far from over. And even then...

Has anyone gone through anything like this? A seller trying to whine their way out of a contracted item?

Yes, and playing hardball solved it. Whiners never have the spine to stand up to people pushing them around and that's why they whine.

In my case, it was the opposite scenario as yours, I was the seller and the buyer wanted me to do a repair to which I said no. We were painting so most of the house was disassembled during the showing, but we disclosed exactly how everything was going to be finished. One of those items we fully disclosed was that we had removed and discarded the closet doors and had no intention of replacing them. My ex had a thing about closet doors, where she thought they were stupid and unnecessary, and me being a dutiful husband who had more important things to fight about, simply agreed and that was that.

So this guy walks through our half gutted house for about 30 minutes and makes an offer. He did try to amend the purchase contract with a clause about replacing the closet doors, which we simply refused, and he caved. He never looked at it again, and we met and closed on the closing date. The escrow officer hands us the check for our equity and the buyer asks "so can I have one more walkthrough today?" To which I replied "It's your house, you can walk through it all day every day from now on." I was a bit confused but quickly figured out what was coming.

He went to the house which was now completely finished and later that afternoon we got a call from our realtor indicating that because there were no closet doors on the house he was stopping payment on his check, or was somehow otherwise halting the deal until this grievance was settled. Keeping in mind this was a tiny 3 bedroom 1 bath house, this guy was ready to back out on a signed and closed deal over 3 interior doors which we had made clear in writing were not going to be included in the sale.

The key to all negotiations is knowing how much power you have. I actually had 6 weeks until I started school, which is why I was selling and moving. He had told our realtor that he wanted to move quickly because he was going through a divorce and was still living with his soon to be ex wife. So I told our realtor he can have his closet doors but it's going to take me 6 weeks to get them installed. Ten minutes later he called back telling me to never mind.

Adbot
ADBOT LOVES YOU

SlapActionJackson
Jul 27, 2006

Errant Gin Monks posted:

BTW, besides a new roof or foundation repairs what could possible cost 5k?

Are you joking? There are a million things that can go wrong with a house that cost more than $5k to fix.

I just spent that to fix two leaky walls in a rental house due to associated water damage.

Leperflesh
May 17, 2007

And "foundation repairs" can cost $25k.

You can spend $5k to fix a detached chimney, or bad wiring, or do a modest remodel of a 1/2 bathroom. $5k might get you a driveway if you're frugal. Replacing a sewer line could cost $5k. $5k might be a reasonable price for finishing a garage, repairing dry rot in one room, resurfacing a hardwood floor (cheaply, in three or four rooms plus a hallway), or re-insulating an attic. You can perhaps replace a modest A/C unit for $5k. $5k will get you about half the windows replaced on a modestly-sized one-story house.

If you own a home you need $10k in cash savings just for possible emergency repairs, nevermind actual planned maintenance, upgrades, or remodeling.

tiananman
Feb 6, 2005
Non-Headkins Splatoma

SlapActionJackson posted:

Are you joking? There are a million things that can go wrong with a house that cost more than $5k to fix.

I just spent that to fix two leaky walls in a rental house due to associated water damage.

Yeah the repair in question has nothing to do with safety or the structure of the house. It's just one of those items that *could* cost us up to $5k depending on how much work needs to be done. It could be as little as $500 - but we don't know because we didn't have any of our inspectors or contractors look at the issue since we thought it was being taken care of before closing by the seller.

We're getting an estimate on this item, and if it's less than $2k, we're going to split it with the seller. It's not worth our time to push back closing (and what would be a lot more money) getting lawyers involved, or walking away from the house at this point over a $1000 beef.

If the estimate comes in over $2k and she still expects to pay nothing for this repair, then we'll gladly walk away.

mcsuede
Dec 30, 2003

Anyone who has a continuous smile on his face conceals a toughness that is almost frightening.
-Greta Garbo
There are things too like in my state when the city redoes part of a residential street you pay for part of the cost if the street goes past your house. To the tune of $10k per lot.

Owning a house is much more expensive than buying one.

Splizwarf
Jun 15, 2007
It's like there's a soup can in front of me!

mcsuede posted:

There are things too like in my state when the city redoes part of a residential street you pay for part of the cost if the street goes past your house. To the tune of $10k per lot.

Owning a house is much more expensive than buying one.

:signings:

Holy poo poo, what a racket. That's horrifying.

Citycop
Apr 11, 2005

Greetings, Rainbow Dash.

I will now sing for you a song that I hope will ease your performance anxiety.

mcsuede posted:

There are things too like in my state when the city redoes part of a residential street you pay for part of the cost if the street goes past your house. To the tune of $10k per lot.

Owning a house is much more expensive than buying one.

:aaa: Where is this? Are your property taxes low? Do you get to vote on it before they approve the work? If you do I can't imagine that the streets ever get fixed.

Guacala
Jul 19, 2009

mcsuede posted:

There are things too like in my state when the city redoes part of a residential street you pay for part of the cost if the street goes past your house. To the tune of $10k per lot.

Owning a house is much more expensive than buying one.

There's a newer subdivision outside city limits here, and from the people I know, they say it's a nightmare.

It only has one paved entry road, which goes up a steeper hillside. The road partially collapsed within the first few years of being built. By this time, homeowners were established and that road was the only viable means of entry and exit. It was rebuilt numerous times and each homeowner was responsible to help pay. Each LOT had a $10,000 assessment going towards the reconstruction costs and attorneys fees. If you owned 2 lots, you had to pay $20,000. The taxes & special assessments are also significant, and according to one of the owners, they paid over $26,000 during that time.

On top of that, the drinking water levels have been below safety standards. Every house I've been at has 2-3 filtration systems and owners are still hesitant to drink from the tap.

Seriously, always be critical when developing and building in a new subdivision.

daggerdragon
Jan 22, 2006

My titan engine can kick your titan engine's ass.

Guacala posted:

There's a newer subdivision outside city limits here, and from the people I know, they say it's a nightmare.

It only has one paved entry road, which goes up a steeper hillside. The road partially collapsed within the first few years of being built. By this time, homeowners were established and that road was the only viable means of entry and exit. It was rebuilt numerous times and each homeowner was responsible to help pay. Each LOT had a $10,000 assessment going towards the reconstruction costs and attorneys fees. If you owned 2 lots, you had to pay $20,000. The taxes & special assessments are also significant, and according to one of the owners, they paid over $26,000 during that time.

On top of that, the drinking water levels have been below safety standards. Every house I've been at has 2-3 filtration systems and owners are still hesitant to drink from the tap.

Seriously, always be critical when developing and building in a new subdivision.

How is this legal, outside of a HOA? How is substandard water legal at all?

Splizwarf
Jun 15, 2007
It's like there's a soup can in front of me!
If it's not city water, it's all wells. There's no rules for wells. Water quality is high on the "get tested prior to buying" list. I'm surprised they didn't sue the builder over the road washout, though. The entry road has to be private, outside of state maintenance; otherwise the state would be responsible for it, and they can't force the people at the end of the road to pay for repairs.

Guacala
Jul 19, 2009

It's a shared well system and the road is private. I'm not sure if anyone has sued the subdivision developer.

CzarChasm
Mar 14, 2009

I don't like it when you're watching me eat.
So this goes to the lending/home loan process

Last summer my wife and I were looking into buying our first home. We were pre-approved for $120,000 (housing is cheap where we live and we could have gotten more, most likely).

Anyway, after getting pre-approved we received a phone call notifying us that due to our employer being a "temp agency", the bank would not offer us a loan. Now, both of us being IT workers, we are contractors, like a lot of IT people. However, at the time of us pursuing this idea, she had been in the same job for over 6 years. I am in a new job myself as of a year ago, working as a contractor, but I'm effectively a permanent employee.

Couple of questions: First off, are we completely screwed since we work as contractors (and that is unlikely to change any time soon)?

Most of these decisions appeared to be made from higher up the food chain than we had access to, but is there any reasoning or speaking with a human that can be reasoned with?

This appears to be a fairly common thing as several loan officers told us the same story. But certainly other people that work for these companies (Manpower, SFN, Kelly Staffing, etc) are able to purchase homes.

Do we have any recourse? I'd rather not go to Big Jim 'home of the friendly knee-cappers' for a home loan. I'd rather work with a trusted, national (or at least well reviewed) company.

cornface
Dec 28, 2006

by Lowtax
My wife works through a staffing company and they required 18 months of employment history for the same client before they would give us a loan, rather than 12 months for me.

edit: Your best bet is to just call the bank and ask them what their employment requirements are. If they won't tell you, talk to a broker or someone who is willing to spend the time walking you through the process.

cornface fucked around with this message at 22:02 on Oct 2, 2012

sanchez
Feb 26, 2003
I don't think I'd ever go through a bank, use a broker, they'll figure something out.

http://www.upfrontmortgagebrokers.org/

That organization was recommended somewhere in this thread, I used one of their members and he was fantastic.

Leperflesh
May 17, 2007

I bought using a broker. My wife is a contractor but also has a part-time job. For simplicity's sake, we chose to exclude her contractor income for qualifying for the loan, but the bank had procedures for establishing contract-based income. Basically you have to have a longer record, show that the income is regular, and so forth.

Having had your job for less than two years may be a larger problem; was your income at your previous job just as high?

Working at a temp agency is an even bigger red flag than just a professional whose line of work is contract-based. Temps tend to be chronically underemployed. That may also be an issue.

So I'll second sanchez's recommendation. An experienced broker should know which banks are willing to work with and approve borrowers who have contract-based incomes.

tiananman
Feb 6, 2005
Non-Headkins Splatoma
I think we're still going to close on Friday. The seller accepted our peace offering of $750 to meet her halfway on the repair. It's the most money I've ever given to someone to make them stop acting like a child, but we did get her to come down well under her asking price, and she's covering almost all of our closing costs - so it's a small price to pay to get this house.

Yeah, we could have stuck to our guns and dragged this out for another few weeks, but I'm guessing my attorney fees would have gone up way more than $750 AND we'd probably have to extend our current rental lease another month, which would have cost us $1500... so, we made the best of this situation.

Once we officially close I'll post some pictures of the place...

One piece of advice I an offer to anyone approaching their close date: DON'T I repeat DO NOT wait until the last minute to get your homeowner's insurance policy. Yes, it's possible that it will take you 10 minutes to actually get one, but if you have something like an underground fuel tank (like my house does) then a ton of insurance companies won't provide you a policy at any cost.

I went through 2 different firms that just denied me outright: Geico (who I have my car insurance through), then Liberty Mutual, (which I think has an office not far from my house) - both balked when I got to the underground fuel tank item. It might be a weird issue for me, just because I live in Vermont and there aren't many companies that cover the area - but my wife and I were biting our nails before I got a policy through progressive.

Just like everything else with buying a house: as soon as an item pops up, take care of it immediately. If you procrastinate, you'll be miserable the week leading up to your close.

Edit: I don't know if it's just me, but for the record, buying a house has been about twice as stressful as having a baby. At least.

I Love You!
Dec 6, 2002

tiananman posted:

I think we're still going to close on Friday. The seller accepted our peace offering of $750 to meet her halfway on the repair. It's the most money I've ever given to someone to make them stop acting like a child, but we did get her to come down well under her asking price, and she's covering almost all of our closing costs - so it's a small price to pay to get this house.

Yeah, we could have stuck to our guns and dragged this out for another few weeks, but I'm guessing my attorney fees would have gone up way more than $750 AND we'd probably have to extend our current rental lease another month, which would have cost us $1500... so, we made the best of this situation.

Once we officially close I'll post some pictures of the place...

One piece of advice I an offer to anyone approaching their close date: DON'T I repeat DO NOT wait until the last minute to get your homeowner's insurance policy. Yes, it's possible that it will take you 10 minutes to actually get one, but if you have something like an underground fuel tank (like my house does) then a ton of insurance companies won't provide you a policy at any cost.

I went through 2 different firms that just denied me outright: Geico (who I have my car insurance through), then Liberty Mutual, (which I think has an office not far from my house) - both balked when I got to the underground fuel tank item. It might be a weird issue for me, just because I live in Vermont and there aren't many companies that cover the area - but my wife and I were biting our nails before I got a policy through progressive.

Just like everything else with buying a house: as soon as an item pops up, take care of it immediately. If you procrastinate, you'll be miserable the week leading up to your close.

Edit: I don't know if it's just me, but for the record, buying a house has been about twice as stressful as having a baby. At least.

On this note, and related to the unexpected issue you've had with unfinished repairs, it's really important to make sure your agent has a concrete plan for guiding you through these steps at an appropriate time - not just at the last minute when it's required. It is rampant in the industry for agents to operate by the seat of their pants, when they should be the ones hammering you to get these steps done or confirm the seller handled them at the earliest possible time. Not just for convenience's sake, either; in many cases, missing out on a detail only to hit a huge road block can tank your negotiation leverage or even blow up a deal entirely. Either way it will cost you money more often than not.

Remember, your agent is as important as having a really good accountant/financial planner who is in charge of several hundred thousand of your precious dollars! Be careful of who you work with, and take time to find an agent who is actually skilled, smart, and has a concrete plan for the process with timeframes and checklists and all that fun stuff to ensure you are operating proactively at each step of the process. Too many people just go with whoever their mom recommends without digging deeper or demanding to see a marketing plan/qualification process for selling or buying respectively.

There's a lot of strong data to show just how much more money a good agent can get you/save you in a transaction, and it's little things like nearly getting screwed by a last minute insurance policy pitch that really drive this home. Do some research on potential agents and hold them to high standards!

/end rant

tiananman
Feb 6, 2005
Non-Headkins Splatoma

I Love You! posted:

On this note, and related to the unexpected issue you've had with unfinished repairs, it's really important to make sure your agent has a concrete plan for guiding you through these steps at an appropriate time - not just at the last minute when it's required.

/end rant

I'm pretty pleased with our agent. It's been stressful mostly because of the seller and the seller's agent. It seems like the seller's agent has dropped the ball on more than a few items - and after the first couple, she became reticent and reluctant to come clean with her client - understandably. Her client shouldn't have promised to repair something in the SPIR. That was just dumb. She shouldn't have let her client call our bluff on the termination. That miscalculation cost her client ~$15k.

Our agent has been on top of us, and has pushed the selling agent around pretty well. If the shoe was on the other foot and our agent represented the seller, I don't think we'd have received anything close to the deal we have today. I don't even know if our seller has any idea how bad her agent has botched this process for her...

We also had a VERY aggressive time frame. We were under contract by the last week of August and we scheduled to close the first week of October. Considering all of the negotiations, inspection, estimates, appraisal, getting the loan squared away, and this SPIR issue, I'm pretty amazed that we are actually (hopefully) going to close tomorrow.

Dogen
May 5, 2002

Bury my body down by the highwayside, so that my old evil spirit can get a Greyhound bus and ride
Woohoo, got final approval from underwriting today. First house! I can't believe when we started that I was like "oh, I don't know if we'll even have enough time to get one bought by NEXT year"

For clarity we started at the end of August, under contract I think September 8th and are closing Oct 15th.

Slappy Pappy
Oct 15, 2003

Mighty, mighty eagle soaring free
Defender of our homes and liberty
Bravery, humility, and honesty...
Mighty, mighty eagle, rescue me!
Dinosaur Gum
I hate banks. I hate lenders. I hate FICO. I recently locked (45-day) into a re-fi about 40 days ago for a house I bought last December. About 30 days into the process (last Tuesday) my mortgage wholesaler calls me to tell me that because there is a dispute on my credit report they cannot fund my loan. Evidently it's either a new rule or a rule that's been in place but hasn't been enforced until recently. No problem. I'm the one who placed the dispute. I will simply call the lender and ask them to remove the dispute and then provide a letter to that effect. Sounds simple, right? Now this is a dispute I made in good conscience. I had a retail loan (furniture financing) open from 2005-2007. Always paid on time and the account was paid in full. In 2009 (21 months AFTER the account was paid in full) the lender reported 4 delinquencies on the account including one 60-day. So I disputed it, naively believing that there must be some law actually requiring a lender to process my dispute. Now it is 2012 and not only was nothing ever done in regards to the dispute but all account details have been permanently removed from the lender's computer systems. The loan originated from HSBC but this portion of business has since been purchased by Capital One (I pity the fool who borrows from these clowns). 4 hours on the phone later I get confirmation from someone that they "found" a fax number I can send my request to. So I did, explicitly requesting that they send me an electronic copy because of the urgency of my request. No answer. I faxed the same request Wednesday, Thursday and Friday and finally called Friday and spoke to another nice woman who told me it was "impossible to speak to anyone in that department" but the good news was they finally mailed out my letter that morning. This was a week ago and I've still received no letter. I have no recourse and my mortgage wholesaler has told me there's less than a 10% chance we'll be able to meet the funding date - and that's if the letter is delivered today. He also says something is happening on October 12 that's big within the mortgage industry, indicating that rates will probably rise substantially. Additionally, the lender is requiring 5/8 of a point to extend the lock which I will not pay because gently caress those assholes.

I trust my agent but he's told me a couple of things that I don't understand. He said that either me or him are on the hook for defaulting (?) on the lock to the tune of around $2,700. He's my friend and it's theoretically my fault the lock won't be satisfied but there's no way I'm paying that. Also - the thing about October 12. Does anybody know what that is and if it's real?

Anyone have advice? The best thing about this process WAS that during the process my house appraised for $642k (30k more than I bought it for) so without putting another dime into principal I was standing to eliminate PMI. Between that and the rate change (3.625% down from 4.125% - and don't tell me I can get 3% because non-conforming loans don't really go as low as you think) I was looking at almost $600 less per month. With a kid on the way I would really like to lower my mortgage now. Should I just ditch this loan and try and re-lock before the 10 yr treasury rate shoots through the roof (it's already up .15 this week).

Leperflesh
May 17, 2007

I don't personally believe the 10 year t note rate is going to "shoot up" later this month.

I think my broker made it clear to me before buying, and again before refinancing, that anything amiss on my credit report could be a problem, and that certainly would have included an open and unresolved dispute (regardless of whose fault that is).

When I locked in a rate, I don't recall my broker ever saying something like "if we don't wind up making this loan, you'll be out a pile of money." Now, it may be that he just didn't tell me, or it may be he always eats the cost himself when that happens, I don't know: but it doesn't sound right to me, so hopefully someone else can let us both know if that's a normal thing or not.

With regards to cleaning your credit report, I sort of feel like you need to talk to an expert, which might be a lawyer or might be some kind of credit analyst accountant type person. You shouldn't have to put up with some entity totally erroneously loving up your credit with zero recourse.

I would never use a personal friend as a broker, realtor, etc. The potential for ruining the friendship over a business/financial dispute is too high. I can appreciate that it must have seemed like a good idea to go with your friend, though: he gets a commission, you get a refinance, you both win, awesome. But now you are seeing the downside and that sucks.

Slappy Pappy
Oct 15, 2003

Mighty, mighty eagle soaring free
Defender of our homes and liberty
Bravery, humility, and honesty...
Mighty, mighty eagle, rescue me!
Dinosaur Gum
He's my friend because we became friends when I bought the house (he was my real estate agent and handled brokering the loan). He just did a great job and was very patient with us - I'm probably his friend mainly because he helped me get a great price on an awesome house. I think he may be on the hook for some fee with the lender if we break the lock and he's indicated that he would cover that - so that part isn't a huge concern, although I really would feel like a heel if I cause him to take a hit. It would be really nice if I had the ability to remove the dispute myself.

Captain Windex
Apr 10, 2005
It'll clean anything.
Pillbug

Spamtron7000 posted:

He's my friend because we became friends when I bought the house (he was my real estate agent and handled brokering the loan). He just did a great job and was very patient with us - I'm probably his friend mainly because he helped me get a great price on an awesome house. I think he may be on the hook for some fee with the lender if we break the lock and he's indicated that he would cover that - so that part isn't a huge concern, although I really would feel like a heel if I cause him to take a hit. It would be really nice if I had the ability to remove the dispute myself.

Regarding the fee for breaking the lock, my guess would be that he made a "mandatory" lock rather than "best efforts". They're different levels of commitment and more or less work the way they sound - best efforts they'll try to deliver on the agreed upon lock, if they fail to do so you may be charged a fee for an extension or if the deal just falls through there usually isn't a (stiff) penalty. They may take a small hit in whatever rating system their bank uses but usually that's it.

On a mandatory lock they are guaranteeing that they will deliver on the agreed upon terms and if they fail to do so they get charged a fee which depending on how the bank calculates it can be quite substantial. Ours is calculated based on relative pricing between the date of rate lock and the date the lock falls through, so if the pricing is way better and the deal is broken they can get charged a ton. I've seen fees for this be upwards of >$10k in some cases. The benefits of a mandatory lock is you'll get a little bit better price and rate than you would have otherwise, but if you don't make it you can get hosed. Mandatory locks are generally a dumb thing to make, particularly if you're not anywhere near finalized on your approval. This is a fee charged to your broker though, with all the GFE and TIL compliance crap that has come down the pipeline I don't think they can legally charge you for the fee unless they had disclosed it on the initial GFE.

I can't think of anything specifically slated to occur on the 12th that would cause rates to spike. FHFA did announce end of August that they are increasing the guarantee fees charged by Fannie and Freddie by 10 basis points to back loans which will cause an increase in the interest rates, though I don't know how significant of an impact that would have in practice. That goes into effect for loans delivered to them either November 1st or December 1st depending on the banks delivery method so I imagine most lenders are phasing that in currently.

Leperflesh
May 17, 2007

"10 basis points" meaning 0.1%, right?

Captain Windex
Apr 10, 2005
It'll clean anything.
Pillbug

Leperflesh posted:

"10 basis points" meaning 0.1%, right?

Yep. The old guarantee fee was 24 or 26 basis points I think so it's 40% increase or so.

Leperflesh
May 17, 2007

A window pane fell out of the old garage door. Because it is wooden and sagging and has giant gaps between panels and is basically shot.

New garage door, new opener, 2-layer R6.3 insulated, with plastic windows, very no-frills basic door. 15' wide, 7' tall. $1750 installed.

Do never buy.

Untagged
Mar 29, 2004

Hey, does your planet have wiper fluid yet or you gonna freak out and start worshiping us?
I previously qualified for a government affordable housing program. I thought it was great until I realized I don't really like any of the houses they've offered so far and the one of only two mortgage companies that participates is treating me like a deadbeat as far as my records are concerned. I've needed to submit everything including bank statements, taxes for several years, pay stubs, original notarized copies of letters, etc. four times now during this process in under a few months. I've been approved already but it turns out they want everything again to just re-verify for the underwriting company (they just did this a month ago).

So if I just decided I don't want to continue with this process (affordable housing and this particular mortgage company) will that affect me in any way in the future? Either credit report/score or otherwise? Or has the damage that would have been done - done already? In the near future I'd like to apply for a "Regular Mortgage Loan" for a "Regular House" and I want to make sure this process doesn't adversely affect that one as much as possible.

/e

Untagged fucked around with this message at 00:55 on Oct 8, 2012

Leperflesh
May 17, 2007

Untagged posted:

I previously qualified for a government affordable housing program. I thought it was great until I realized I don't really like any of the houses they've offered so far and the one of only two mortgage companies that participates is treating me like a deadbeat as far as my records are concerned. I've needed to submit everything including bank statements, taxes for several years, pay stubs, original notarized copies of letters, etc. four times now during this process in under a few months. I've been approved already but it turns out they want everything again to just re-verify for the underwriting company (they just did this a month ago).

So if I just decided I don't want to continue with this process (affordable housing and this particular mortgage company) will that affect me in any way in the future? Either credit report/score or otherwise? Or has the damage that would have been done - done already? In the near future I'd like to apply for a "Regular Mortgage Loan" for a "Regular House" and I want to make sure this process doesn't adversely affect that one as much as possible.

/e

For what it's worth: everyone has to send a lender bank statements, tax returns, pay stubs, and more, for at least 2 years of history, in order to get a mortgage these days.

Presumably the bank has made a credit check already: that can have a small hit on your credit score if you do it again outside of some number of days (I forget the exact amount, I think somewhere between 30 and 90). But otherwise there's no penalty.

People shopping for loans switch banks all the time, it's not a big deal.

Untagged
Mar 29, 2004

Hey, does your planet have wiper fluid yet or you gonna freak out and start worshiping us?

Leperflesh posted:

For what it's worth: everyone has to send a lender bank statements, tax returns, pay stubs, and more, for at least 2 years of history, in order to get a mortgage these days.


Yeah, that's not really the problem as I've had it all ready to go to begin with since I've needed it so much. It's just that everything is the same as it was three weeks ago. Just seems out of the normal to ask for it so many times in such a short period of time. Maybe it's not. Although I've been given the indication it's a product of using this particular lender and applying for a loan for that certain type of house. They also have been slow to get back to me and work with. Perhaps just the last nails in the coffin as far as that whole thing goes. My main concern was just moving on and having it somehow come back to bite me in the rear end that I left the process with the one company.

tiananman
Feb 6, 2005
Non-Headkins Splatoma

Leperflesh posted:

I don't personally believe the 10 year t note rate is going to "shoot up" later this month.


It could, but even bond experts like Bill Gross wouldn't bet a bulk of their earnings for the next 30 years on the likelihood. Rates are super low - even if they jump 20% up to 4.5% over the next month, they'll still be well under long term averages. If you want to buy a house at 3.75%, it shouldn't be a bank-breaker to buy one at 4.5%. If it is, then maybe you should buy less house.

edit: or re-fi as the case may be

tiananman
Feb 6, 2005
Non-Headkins Splatoma
Sorry to double post - but we closed on our house on Friday!

Here's a couple pictures of the exterior:



That's my wife and son in the foreground: ignore them - and notice the house behind them. It looks tiny from this angle (from the driveway) - because you can't see the rest of the house.



This is a shot from the backyard, where you can see most of the layout of the house. The chimney in this shot (on the left side) is the same chimney from the first picture.

There's a hot tub on the deck, which may or may not work. I can't wait to get out the pressure washer and bring the cedar siding back to life.

And here's one shot of one of the streams that runs through the property:




It's on 7.5 mostly wooded acres, which is super exciting. I've walked the property a few times and I'm looking forward to blazing a few trails with a machete - and making some fun xc skiing trails and maybe a small sledding trail for the kiddo. It's a nice chunk of land, but still close to town (less than 10 minutes from Ben and Jerry's).

We've already spent the past couple days cleaning the place - which has been empty for the past two months, allowing a few million spiders to take up residence. We need to shampoo and steam clean the carpets, as the renters who lived here for the past 2 years had two big smelly dogs. Besides that, in the next few weeks we're having contractors come fix a rotted wall, a cracked chimney and some rotted bathroom floorboards.

Splizwarf
Jun 15, 2007
It's like there's a soup can in front of me!
Very pretty. I love the styles you see in Vermont/NH/upstake NY. Beautiful landscape, too.

Guacala
Jul 19, 2009

We've done much remodeling as of late - we bought an 'estate' home last year and have been saving for update work. We just had our bathroom finished, just needs some plumbing and shower door installed.

We chose travertine tile for the bathroom, but now a contractor friend stated our tile is porous and isn't fit for shower usage. Regardless, we're rolling with it and hoping we're not having to redo it a second time.

Also had the entryway tiled - there was a plywood board with vinyl and a gap from the tiny wall we removed. Still have to wait to tile the kitchen - the old custom cabinets were built into the wall and flooring. I can't just unscrew and salvage them, they are nailed together to the flooring and walls. It's strange.

House Porn (imgur wouldn't load my photos)

Guacala fucked around with this message at 23:35 on Oct 9, 2012

FCKGW
May 21, 2006

tiananman posted:

Sorry to double post - but we closed on our house on Friday!

Here's a couple pictures of the exterior:



That's my wife and son in the foreground: ignore them - and notice the house behind them. It looks tiny from this angle (from the driveway) - because you can't see the rest of the house.



This is a shot from the backyard, where you can see most of the layout of the house. The chimney in this shot (on the left side) is the same chimney from the first picture.

There's a hot tub on the deck, which may or may not work. I can't wait to get out the pressure washer and bring the cedar siding back to life.

And here's one shot of one of the streams that runs through the property:




It's on 7.5 mostly wooded acres, which is super exciting. I've walked the property a few times and I'm looking forward to blazing a few trails with a machete - and making some fun xc skiing trails and maybe a small sledding trail for the kiddo. It's a nice chunk of land, but still close to town (less than 10 minutes from Ben and Jerry's).

We've already spent the past couple days cleaning the place - which has been empty for the past two months, allowing a few million spiders to take up residence. We need to shampoo and steam clean the carpets, as the renters who lived here for the past 2 years had two big smelly dogs. Besides that, in the next few weeks we're having contractors come fix a rotted wall, a cracked chimney and some rotted bathroom floorboards.

Pictures like this make me really hate suburbia.

Slappy Pappy
Oct 15, 2003

Mighty, mighty eagle soaring free
Defender of our homes and liberty
Bravery, humility, and honesty...
Mighty, mighty eagle, rescue me!
Dinosaur Gum

Guacala posted:

We've done much remodeling as of late - we bought an 'estate' home last year and have been saving for update work. We just had our bathroom finished, just needs some plumbing and shower door installed.

We chose travertine tile for the bathroom, but now a contractor friend stated our tile is porous and isn't fit for shower usage. Regardless, we're rolling with it and hoping we're not having to redo it a second time.

Also had the entryway tiled - there was a plywood board with vinyl and a gap from the tiny wall we removed. Still have to wait to tile the kitchen - the old custom cabinets were built into the wall and flooring. I can't just unscrew and salvage them, they are nailed together to the flooring and walls. It's strange.

House Porn (imgur wouldn't load my photos)

Looks good. Can't you get some stone sealant for the travertine? A quick search brought up this (vague instructions but at least it indicates that sealing travertine for shower use is a real thing):

http://www.ehow.com/how_6540524_seal-travertine-showers.html

MockTurtle
Mar 9, 2006
Once I was a real Turtle.

Guacala posted:

We've done much remodeling as of late - we bought an 'estate' home last year and have been saving for update work. We just had our bathroom finished, just needs some plumbing and shower door installed.

We chose travertine tile for the bathroom, but now a contractor friend stated our tile is porous and isn't fit for shower usage. Regardless, we're rolling with it and hoping we're not having to redo it a second time.

Also had the entryway tiled - there was a plywood board with vinyl and a gap from the tiny wall we removed. Still have to wait to tile the kitchen - the old custom cabinets were built into the wall and flooring. I can't just unscrew and salvage them, they are nailed together to the flooring and walls. It's strange.

House Porn (imgur wouldn't load my photos)

Lots of awesome work BUT! I need to tsktsk you on the removal of the sweet pink tile bathroom.

moana
Jun 18, 2005

one of the more intellectual satire communities on the web

tiananman posted:

Sorry to double post - but we closed on our house on Friday!

Here's a couple pictures of the exterior:



That's my wife and son in the foreground: ignore them - and notice the house behind them. It looks tiny from this angle (from the driveway) - because you can't see the rest of the house.



Beautiful home! I grew up on a large plot like that, and it was so fun as a kid to run around the woods! Just make sure you check for ticks every night...

Guacala
Jul 19, 2009

Spamtron7000 posted:

Looks good. Can't you get some stone sealant for the travertine?

It has been sealed, not sure about the epoxy. Thanks for the link.


Spamtron7000 posted:

Lots of awesome work BUT! I need to tsktsk you on the removal of the sweet pink tile bathroom.

There's a special place in hell for people like you. Thanks for the kind words.

let it mellow
Jun 1, 2000

Dinosaur Gum

Guacala posted:


We chose travertine tile for the bathroom, but now a contractor friend stated our tile is porous and isn't fit for shower usage. Regardless, we're rolling with it and hoping we're not having to redo it a second time.

That's true for pretty much all tile and grout, which is why you waterproof behind it. RedGard is the general membrane used, but there are others.

e: sealing it will just trap the water behind the tile and give it no way out.

Adbot
ADBOT LOVES YOU

Elephanthead
Sep 11, 2008


Toilet Rascal

jackyl posted:

That's true for pretty much all tile and grout, which is why you waterproof behind it. RedGard is the general membrane used, but there are others.

e: sealing it will just trap the water behind the tile and give it no way out.

Make sure you get a guy or gal that knows what they are doing and inspect every step. Tile showers are the number one seriously messed up contractor installed improvement. A good one should last 30 years, a bad on will last 2. Kerdi makes a good system, but there are several that work. I like the hot mop guys myself.

  • 1
  • 2
  • 3
  • 4
  • 5
  • Post
  • Reply