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Captain Windex posted:If your processor is competent and anticipates underwriting issues before they actually submit the loan it's certainly possible to sail through underwriting without any conditions from the bank, or none that involve getting more documentation from the borrower at least. I've had a few loans where I sent them straight to clear to close, and others where we just had to verify employment or wait for your 4506t results or something minor like that which typically doesn't require any updates with you. You may also just have a lovely underwriter who didn't catch the massive defects in your credit profile I'm glad that its not an unheard of situation. One thing I found weird is that I don't think my work ever received an employment verification. I normally handle those requests. I was providing my pay stubs weekly though. Oh well, now I just wait for three weeks. I can do a massive furniture purchase now, right?
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May 10, 2013 02:46
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Vilkata posted:I'm glad that its not an unheard of situation. One thing I found weird is that I don't think my work ever received an employment verification. I normally handle those requests. I was providing my pay stubs weekly though. Oh well, now I just wait for three weeks. I can do a massive furniture purchase now, right? Do not do this. For verifications, the bank has some flexibility. If I have 2 years of W2s and I reach your voicemail through your employers phone tree, good enough.
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May 10, 2013 04:51
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Captain Windex posted:Do not do this. For verifications, the bank has some flexibility. If I have 2 years of W2s and I reach your voicemail through your employers phone tree, good enough. I was kidding about the furniture.  Thanks for the clarification on the verification process Captain.
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May 10, 2013 04:55
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Thanks to everyone who gave their thoughts!uwaeve posted:Our deed literally said "the parcel starting at the street and the border of the land owned by the Johnson family, bordered on the northwest by the land owned by the Perkins" etc. Literally no reference to a fixed point. The surveyor said a lot of properties around us were similar, and he'd have to survey a couple lines to even get to our property from a reliable marker. Honestly I have no idea how that deed was legal, but whatever, we sold the house last year. This turned out to be close to our situation. I got a second quote, and this guy very nicely called and explained a ton of poo poo to me. We've got an odd-shaped country lot bordered by one agricultural parcel, a drainage stream with another farm parcel across it, and a road. He says it looks like our parcel was carved out of three pre-existing parcels, and the plat description is all in inches and degrees (I looked it up and yeah it's poo poo like "ALSO 80 FT TO POB TH CONT S57DEG07'33"E ALG SD CL 151.55 FT TH S68DEG54'32"W 143.68 FT TH N23DEG21'38"W 100.0 FT", etc) but he has no idea where the point of beginning is because it just references a part of the adjacent farm. And he says that it looks like it's never had a modern survey put on it since it had originally carved in 1969. So he says if he can find a modern survey point on our lot line in adjacent parcel, he can establish a few known points and work from those. That would be a $200-$300 scenario. If not, he has to find the nearest established point (probably a half-mile away at the highway) and survey his way back to our property, then survey ALL our measurements by hand. That's the $1000-$2000 scenario. We're just gonna pay and have it done. We closed on the house in October so the realtor/seller is already out of the picture. If I had known then, I would have asked them to have it surveyed prior to close. They caved on nearly everything else we requested and still got away with leaving us a shitton of hidden fix-its. Baronjutter posted:Or you'll find out your neighbour took like 3' of your property. That happened to my grandpa. This is a house in the city not some sprawling country estate so a few feet is a big deal. They acted like he was a crazy fussy neighbour for asking them to move the fence. OH also they surveyed their property before they built the fence so they absolutely knew what they were doing. This is sort of why we want to have it done. There is this large area (50'x200') immediately behind our house, about 50' away, bordered by the stream on the far side, where we can't tell if it belongs to our house, or the farmer. It's full of debris (discarded cans, garden trash, kids toys) that seems to indicate it goes with our house, but in the fall we watched the farmer use that bit to turn around his harvester. Maybe it's his land and the previous owners just used it on the 360 days out of the year when the farmer isn't running the harvester. But if it's our land, it's a perfect place for a fenced area for our dogs. I would have just asked the farmer but this is Wisconsin, we've got frost warnings again tonite, so it may be weeks before he gets out here.
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May 10, 2013 14:59
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I've been told we can finally schedule a closing date! And starting to feel like it's impossible to get 7 people that can all meet at the same time during 9-5 hours.
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May 10, 2013 16:24
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FCKGW posted:My coworker is trying to get a house in my neighborhood with no luck. He just put in an offer above list on a house that hit the market today sight unseen. As an update on this, his offer was one of 41 offers the seller received, a few of them all cash, no inspection, no contingency offers. Insane.
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May 10, 2013 20:10
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I really wish I could fire everyone right now... sellers attorney included. How can it be so hard to schedule a closing date?
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May 10, 2013 21:02
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What's fun is when you get out of a contract and it takes weeks for the title company, a 20 minute drive away, to mail you your deposit check. Almost two weeks went by without receiving any mailing after my realtor asked for the check to be sent back. Figuring it was in the mail until then I had just waited. They finally answered our emails with a one line reply of "it will be sent tomorrow". The date on the mailing shows it went out three days later...
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May 10, 2013 21:21
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How do people get away with such bullshit? I really wish I could work a job where I can just not do something for 3 days with no consequences.
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May 10, 2013 21:29
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Astro7x posted:How do people get away with such bullshit? I really wish I could work a job where I can just not do something for 3 days with no consequences. Be a big bank. They can do whatever the gently caress they want because gently caress you that's why.
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May 10, 2013 22:05
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FCKGW posted:As an update on this, his offer was one of 41 offers the seller received, a few of them all cash, no inspection, no contingency offers. Insane. I'm starting to see houses come back on the market from investors who bought this way but once they got in the house realized that they might be in over their heads.... And they're listed for more than they bought at of course.
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May 11, 2013 00:23
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How soon is too soon to start feeling out the market? I am looking to buy sometime around January or February of 2014. I have started poking around on Zillow and it seems like my budget is reasonable for what I am hoping for in the area I would like to live. How long should I wait before I get my team assembled? If I wanted to move in February when should I start making offers?
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May 11, 2013 02:01
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Sound_man posted:How soon is too soon to start feeling out the market? I am looking to buy sometime around January or February of 2014. I have started poking around on Zillow and it seems like my budget is reasonable for what I am hoping for in the area I would like to live. How long should I wait before I get my team assembled? If I wanted to move in February when should I start making offers? You might as well start looking at open houses, checking some things out casually. A lot of neighborhoods, even from the 50s and 60s have been built by a small number of builders, so you can get a good feel for a neighborhood by looking at what is available, I personally found this valuable. It will also let you meet real estate agents and give you a chance to see how they work. These days you need a real estate agent to handle the paper work, help you tour listings and provide advice, the property listing apps are pretty good and you'll be able to figure out what you want to see by using them. Timing is hard and will depend on the market but you're going to need flexible. You may find house you like in a great neighborhood that you can afford but the person moving out can't move until March that puts their house on the market in November. My first house we went into contract about 2 months before moving in, I really have no feel for what an average time is.
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May 11, 2013 02:30
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We closed! Fewer signatures than I was led to believe (my hand didn't cramp a bit!) but waiting on the lender to get off their asses was fun. Lawyer humor is hilarious, when they're just jawing at eachother waiting for poo poo to happen. edit: oh yeah, it was only 5 weeks after the initial close date, so much waiting. silvergoose fucked around with this message at 03:12 on May 11, 2013 |
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May 11, 2013 02:52
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We closed on our place on the 30th, with the seller having 10 days of possession (at ~$150/day). Today's day 11 and we were supposed to be picking up our keys right now, but the seller's still there with a bunch of his stuff. We put in a doubling of the per diem after 10 days, so we'll be getting $300/day from here on out. Part of me hopes he's gone by tomorrow, but another part sure likes having extra cash.
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May 11, 2013 17:27
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borkencode posted:We closed on our place on the 30th, with the seller having 10 days of possession (at ~$150/day). Today's day 11 and we were supposed to be picking up our keys right now, but the seller's still there with a bunch of his stuff. We put in a doubling of the per diem after 10 days, so we'll be getting $300/day from here on out. Part of me hopes he's gone by tomorrow, but another part sure likes having extra cash. Man I'd do anything for a tenant that would pay me 9k/month
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May 11, 2013 18:03
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Yeah, unless you are going to end up on the street let them stay as long as they want. Just remember they are buying your furniture right now
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May 11, 2013 22:54
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Jose Valasquez posted:Yeah, unless you are going to end up on the street let them stay as long as they want. Just remember they are buying your furniture right now Yeah, the lease on our apartment is through the end of June so we're not in a huge rush, we're planning on having painters do a few rooms before we move in though, so we do want to get in before the last minute. We decided to go furniture shopping today, and while we were out decided to drive by the place to see if there was a moving truck or anything... No moving van outside, but he had his dog lounging in the yard, clearly still there. I decided to drive through the alley and see if there was any activity there, and surprise there are literal piles of trash behind the garage. Nothing in bags, just all sorts of random trash (Random pieces of wood he had been collecting [he was a wood worker], a boggle game from the 80s, a mattress that was falling apart, just piles of junk. If the city doesn't pick it up, I have no idea what we do. Edit: Agent called back and met us to give us the keys and walk through. Seller was still there cleaning up with help from the neighbors. We're letting him leave some crap in the garage overnight, but he's done with the house. Piles of trash still there, but everyone seems confident the city will pick it all up. I guess that's why we set up an escrow. borkencode fucked around with this message at 04:51 on May 12, 2013 |
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May 11, 2013 23:30
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Well more info about the closing date on my home. We were told by our mortgage person at Chase once we had the last mortgage contingency taken care of (a follow up inspection) we would get the clear to close and could schedule the closing date. This was on Monday and our loan was approved on Tuesday morning, Okay... That's taken care of! Oh, Chase needs to do a audit first of all our paper work, which is basically making sure that all our paperwork is in place and correct before we can schedule the closing. I'm told bullshit about how other banks don't do this, and this is why Chase doesn't miss documents when they go to closing. I'm told "it takes 2-4 hours, but it will most likely take 3 days". Um... So what is it exactly? Words were spoken in firm tones and the audit gets done. Hurray! Except that something had to be changed on the title, so that needs to be taken care of before we can schedule a closing date. Jesus Christ... Well our original closing date is Wednesday May 15th, on Thursday at 2pm my lender calls me and says "we missed our noon deadline for a Monday May 13th closing". Okay, we'll we still have our original date of Wednesday to schedule the date and time. On Friday at 2pm I get a phone call from our lender asking ME if we had scheduled the closing. Um... What? We've been asking them all week when we can schedule a closing date and time and they've been telling us that we can't do it,. And apparently "since its 2pm we missed our noon deadline for a Wednesday closing". Whoa whoa whoa... WEDNESDAY closing?!? What the gently caress happened to Tuesday? Wednesday is our closing date in the contract! Why in the gently caress are they giving me wrong dates for deadlines, why does the bank need to schedule a closing 72 hours in advance, why is the bank asking me if I scheduled the closing when its the one thing I've been asking them about when I can do it every day.... Actually, why is the bank contacting me 2 hours after a deadline in our contract cannot be met? Why was this deadline not told to me in the morning? The bank appologizes for giving me the wrong deadlines, and since its "only 2pm" maybe she can give us an extension to close Wednesday, and that she'll be contacting both lawyers to schedule a time right now, 30 minutes later I get a call back about how she couldn't reach anybody, and I am told "because you seem to get things done" to try to call them and schedule the closing. Wile im at work, not I uave to stop what im doing and make phone calls. We manage to get ahold of everyone and call the bank back and tell them to schedule the closing for Wed at 8:30am. Saturday we get our official loan approval letter in the mail dated early May, and there are still issues with it not being accurate. Things such as it saying we are escrowing taxes and insurance which is not true. I respond to our main mortgage person, and cc the loan processor as well, and notify them that the paperwork is incorrect. Our lender tells me to ignore the paperwork and that its old and out of date. She will double check on Monday. I reiterate by forwarding an email from mid April specifically mentioning how the escrow info was wrong in a previous document and to fix it. That email was dated Mid April, and the loan approval letter was date early May. The loan processor chimes in, on a Saturday, and says that I am correct that there is no record of fixing the escrow information. She fixes it and sends me a new approval letter reflecting this. She also says that a "rush closing" will need to be approved on Monday as well. By this point I am so pissed about needing to get an approval for a rush closing, I ignore the fact that the error in my paperwork wasn't caught in this "audit" which was done and delayed us from scheduling a date. I am seriouslly wish I could fire our lender right now, and by that I mean from a canon out In to space. This is one of many balls that have been dropped in the whole process. The only thing they have going for them is that they were super responsive at the initial part of the process up until the rate lock. While they gave us the best rate with the lowest amount of closing costs, since then I feel like they keep loving up by either not telling us deadlines or miscommunicating them. TL;DR, stay away from Chase... Astro7x fucked around with this message at 05:08 on May 12, 2013 |
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May 12, 2013 05:03
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Baruch Obamawitz posted:Yeah, I wouldn't mind getting custom windows in a few weeks and getting some cash from the seller in exchange except one of the windows is broken such that you can just push a pane in, and I'm none to thrilled with moving into a place like that. Trip report: He said that the windows that were in that he's replacing were themselves framed in but he found the same sized windows and he's going to replace it. I've got the final walkthrough tomorrow evening for closing Wednesday morning. We still don't have financing.
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May 13, 2013 03:19
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I'm changing jobs/cities and my employer will be paying closing costs on my condo. I was able to interview 2 appointed realtors and will have to pick one to list/show my place. They both seem competent with experience in the type of market that my condo exists. The one is more technologically savvy and has a support team including his wife (also a realtor) and a couple assistants. The other seems more traditional and likes to do most of the leg work herself. Do any of you that have sold have any suggestions on questions to ask or things to look out for before I go with one? I'm checking with my former buyer agent to see if he can provide any feedback on either one.
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May 13, 2013 21:22
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resident posted:I'm changing jobs/cities and my employer will be paying closing costs on my condo. I was able to interview 2 appointed realtors and will have to pick one to list/show my place. They both seem competent with experience in the type of market that my condo exists. The one is more technologically savvy and has a support team including his wife (also a realtor) and a couple assistants. The other seems more traditional and likes to do most of the leg work herself. Do any of you that have sold have any suggestions on questions to ask or things to look out for before I go with one? I'm checking with my former buyer agent to see if he can provide any feedback on either one. I'm personally a fan of team-based approaches but it really depends on the realtor and what you prefer in terms of communcation/single or multiple points of contact.
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May 14, 2013 07:55
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Closing is tomorrow and I still don't have an approved mortgage. Apparently the second appraiser went out the same day they were replacing the french doors to the backyard per the agreed-upon repairs so there was a hole in the wall, so they have to go back to get a picture that there is, in fact, a door there (and there is, in fact, a door there). Racing the clock! Exciting! e: At least I have my HUD-1. So just stop off at my bank to get a check in the morning, then off to closing at 11, and hopefully my mortgage comes through some time between now and then... WhiskeyJuvenile fucked around with this message at 21:40 on May 14, 2013 |
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May 14, 2013 21:35
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Is there a good resource out there to understand homeowners insurance, what the different kinds cover, and what to expect to pay? I'm closing in about a month, and need to have my insurance stuff all in place. Also, is it generally cheaper to have your locks re-keyed by a locksmith or just buy new locks upon taking possession?
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May 15, 2013 23:46
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resident posted:I'm changing jobs/cities and my employer will be paying closing costs on my condo. I was able to interview 2 appointed realtors and will have to pick one to list/show my place. They both seem competent with experience in the type of market that my condo exists. The one is more technologically savvy and has a support team including his wife (also a realtor) and a couple assistants. The other seems more traditional and likes to do most of the leg work herself. Do any of you that have sold have any suggestions on questions to ask or things to look out for before I go with one? I'm checking with my former buyer agent to see if he can provide any feedback on either one. I'm a fan of teams as teams cost money and that means they close homes often enough to afford it all. Make sure they familiar with condos as they require things like special approval from FHA/Fannie/Freddie/VA.
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May 16, 2013 00:33
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So closing today was at 11:00 am. Loan approval came in at 11:05 am. gj mortgage company! (trip report: i'm a homeowner)
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May 16, 2013 02:51
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Closed on our house yesterday! The very first thing we did was started ripping out all the old carpeting so we can get ready to have the hardwood finished. Glad to see the floors were in good condition underneath http://imgur.com/Jet7Goj
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May 16, 2013 13:21
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Expected rotted planks and sarcasm, was surprised to find shiny wood. Why do people cover up hardwood floors with crappy carpet ahhhh
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May 16, 2013 13:23
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Because people like dumb carpet
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May 16, 2013 13:37
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The carpet looks better than that color of hardwood, in my opinion. 
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May 16, 2013 13:46
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Bought in fall of 2011, according to a realtor I spoke to recently my house has appreciated in value +35% since then. He was not aware of any of the upgrades we've made to the place. Welcome back, bubble!
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May 16, 2013 15:29
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three posted:The carpet looks better than that color of hardwood, in my opinion.  It looks like my parents' house in age and style, so the floors are probably red oak.
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May 16, 2013 17:09
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My fiancee and I have just started our home buying adventure. Based on the uptick in speculation how close to list should we be offering to stay competitive on recent listings? Something listed 6 months ago has some wiggle room I am sure, but something in the last month seems like it has the possibility to be more competitive. Also out of curiousity, what kind of rates are you all getting recently? We got pre-qualled at 3.38%ARP for a 15y fixed and that seemed a bit high to me. The lender claimed bankrate.com's much-better-numbers were based on shady fine print and points... yeah okay. We'll submit another application elsewhere, but the guy is local and pretty helpful with fast responses. We plan to pay off early so the interest difference would be under 5k over the life of the loan compared to the 2.7s we've seen online.
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May 16, 2013 17:10
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BossRighteous posted:My fiancee and I have just started our home buying adventure. Based on the uptick in speculation how close to list should we be offering to stay competitive on recent listings? Something listed 6 months ago has some wiggle room I am sure, but something in the last month seems like it has the possibility to be more competitive.
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May 16, 2013 17:45
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Well, our house appraised at or above whatever it needed to(the sale price), so now all that is left is the closing. T-19 days.
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May 16, 2013 17:58
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BossRighteous posted:My fiancee and I have just started our home buying adventure. Based on the uptick in speculation how close to list should we be offering to stay competitive on recent listings? Something listed 6 months ago has some wiggle room I am sure, but something in the last month seems like it has the possibility to be more competitive. Depends on your market. This is where an experienced realtor becomes useful. If homes in Austin are being snatched up in less than a week for cash offers over listing price you're in a hosed market and your offer will have to beat those. Your realtor should know what the market is like in your area, how much inventory there is, how long things are taking to sell, etc. Every city, hell different parts of the same city are different. As for the mortgage, find a broker. A broker is probably going to be able to beat any single institution as they'll have dozens of wholesale lenders to get the best rate from.
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May 16, 2013 19:04
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Thanks for the advice!
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May 16, 2013 19:26
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resident posted:My county assessor just raised my condo's property value from $95k to $133k So apparently Jackson County, MO completely screwed the pooch on assessments this year. They have 1560 appeals filed to date  http://fox4kc.com/2013/05/13/jackson-county-to-review-some-property-assessments/ "Koons said the department did an internal review and found some inconsistencies, so 18,000 property owners will be getting a letter saying their property value is being reviewed."
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May 16, 2013 21:18
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Is this something I should/can fight? There has been no appreciable change to the property or my individual condo since I bought (for $130k in 2010) so I'm not sure what they are basing the raise on now of all times. If it makes a difference I'm about to list it so I hopefully won't be paying taxes on it next year.
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Oh god... I feel sick. So first-time-home-buyer mistake #1 just smacked me right in the face. We've been scanning Zillow since January looking at homes. Really just trying to get a grasp on asking prices we could expect, ignoring the Zestimates. Well our real estate agent just sent us a list of available homes and all of our "Research" is total garbage. Our lower-end bargain type houses we were maybe considering are apparently 30%-40% more than Zillow has lead us to believe. I was super excited and now I am just loving devastated that we are going to barely afford some of these homes that were basically not on our radar of quality. All the wind just got knocked out of me and now I have to both start from scratch on expectations and lower them dramatically. Show of hands how many people have done this...  ---- Edit \/\/\/\/\/\/ Yeah, after 30 minutes to re-evaluate I am liking what I see. The prices are different, but the houses are still good and I can still afford them  I got my excitement back.This poo poo is a roller-coaster ride for an anxious control freak like myself. root of all eval fucked around with this message at 23:03 on May 16, 2013 |
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May 16, 2013 22:30
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Dude, don't get too carried away with what you research on the Internet. My wife and I spent probably 4-6 hours every day window shopping for over a month before we started visiting homes with our realtor. Your entire perspective will change after you've seen 20-30 houses in person. Your priorities and wish lists will change. You'll develop different opinions about which areas are/aren't acceptable for you. You'll start to weigh options you hadn't even thought about while window shopping. I totally understand you being disappointed but hold onto your hat. The next phase could be even more disappointing or you may find solace once you find there are great options you can actually afford. Hopefully you have or will find a realtor you can trust that will help guide you down the path. It makes all the difference in the world if you have someone you can trust working for you - someone who really wants what's best for you and isn't just in it for the commission.
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May 16, 2013 22:42
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