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Jewce posted:Alright, got my appraisal back for 1k over what the purchase price was which means we should have pretty smooth sailing from here I think. The last thing they are asking for is home owner's insurance. Any tips on people to go with? We use Amica for auto insurance, but their quotes seem a wee-bit high. The loan officer sent over a list of people, but I'm not sure about going with an insurer I haven't ever heard of. All insurance agencies can be cocksuckers, just find the one that gives you the coverage you want at the lowest price.
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May 28, 2015 18:31
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I used an independent agent for insurance. The insurance co. pays them, so it's no cost to you. They tend to know which companies are quoting good prices for a given neighborhood/income bracket/risk profile. Amica is my auto insurer and I've three times now made extremely painless claims, including one in which my Golf was totaled. In every case their first offer was above what I expected. I don't know jack about their home insurance policy, since my agent got me a cheap policy from Safeco. Amica apparently doesn't work with agents, so that's why I don't use them for homeowners' policy, but as of five years ago, their quote even with the multiple-policy discount was still higher than Safeco's. It's been long enough I should probably get another quote. One thing I will add is that you should make sure you're comfortable with the terms of your policy, it's not all about the lowest possible rate. If there is any chance of flood, you should get flood insurance, even if your lender isn't requiring it. Oh yeah, also, you can often get a discount on your policy for doing some fairly inexpensive upgrades. Stuff like a central fire alarm system, security system, fire-resistant roof material, etc. The discount can help to pay for those things.
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May 28, 2015 18:36
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Also make sure you actually call the company/agents. I found that my rates for home+auto were 10-20% cheaper on the phone than getting quotes on the websites.
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May 28, 2015 19:21
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Jewce posted:Alright, got my appraisal back for 1k over what the purchase price was which means we should have pretty smooth sailing from here I think. The last thing they are asking for is home owner's insurance. Any tips on people to go with? We use Amica for auto insurance, but their quotes seem a wee-bit high. The loan officer sent over a list of people, but I'm not sure about going with an insurer I haven't ever heard of. Some counties/states offer online resources comparing rough rate estimates for a house of such-and-such size, which you can use to give you an idea of the available insurance companies in your area and their annual rates. From there it's a matter of making phone calls and getting some quotes. Look around, see if your county/city/state offers such a resource
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May 28, 2015 19:43
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Closed this morning. The entire house buying process, from start to finish, was incredibly painless, but I suppose I was lucky. Now to begin the fun part of painting and renovating my new money pit.
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May 28, 2015 20:40
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Leperflesh posted:I used an independent agent for insurance. The insurance co. pays them, so it's no cost to you. They tend to know which companies are quoting good prices for a given neighborhood/income bracket/risk profile. Sweet, I have never of an independent agents so I will check that out. We do have central fire and security and maybe a few other things that helped, but even with that + the bundle discount, we don't feel good about it. Thanks for the tips. QuarkJets posted:Some counties/states offer online resources comparing rough rate estimates for a house of such-and-such size, which you can use to give you an idea of the available insurance companies in your area and their annual rates. From there it's a matter of making phone calls and getting some quotes. Awesome, I'll check out my county website now. Thanks. I am dreading going through the policies to find out what is good/bad because it seems tough to know these things when it comes to insurance. I'll have to do some research.
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May 28, 2015 21:00
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psydude posted:Closed this morning. The entire house buying process, from start to finish, was incredibly painless, but I suppose I was lucky. I'm already on step two (I did this on purpose...) 
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May 28, 2015 21:40
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Panthrax posted:Also make sure you actually call the company/agents. I found that my rates for home+auto were 10-20% cheaper on the phone than getting quotes on the websites. Yep, good advice. For Renters, State Farm and Allstate were the same price online as in person. For auto, it was almost double via web vs in person! I would surely call an agent after getting an online quote.
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May 28, 2015 23:25
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I'm living in the UK and moving home (edit: to the US) in late October where I will look to buy a house. My bank will give me a 120 day committment with pre-approval. Does it make sense to get a pre-approval now given that this 120 days will run out by the time I even start looking? I'd like to know how much my bank would be willing to give me so I can browse beforehand. Is there any downside from having to renew a pre-approval? Should I expect anything to change from their side between now and October? punissuer fucked around with this message at 09:34 on May 29, 2015 |
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May 29, 2015 08:37
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punissuer posted:I'm living in the UK and moving home in late October where I will look to buy a house. My bank will give me a 120 day committment with pre-approval. Does it make sense to get a pre-approval now given that this 120 days will run out by the time I even start looking? I'd like to know how much my bank would be willing to give me so I can browse beforehand. In the US, there's no downside for getting an updated pre-approval. I can't imagine that the UK is any different in this regard. Definitely get one if you're serious about buying, then you'll know for sure how much the bank is willing to lend to you (ideally, this should be more than what you're actually comfortable borrowing). Our real estate agent also suggests submitting a preapproval letter with any offer, we just had our banker regenerate the preapproval letter with the same amount as was put in the offer
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May 29, 2015 09:25
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What an amazing headline: Not Buying a Home Could Cost You $65,000 a Year I am shocked that a study by realtor.com says that you should buy a house.
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May 30, 2015 19:20
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Just had my first solicitation from some shifty looking guy working for "Exceed Smart Homeowners LLC" claiming that he was handing out gift cards to homeowners in the area and would I just please listen to what he had to say? I said no, I don't want to hear it and I shut the door then promptly googled them and found:quote:Section 9, Homeowner Termination Option, states that if the homeowner sells their home and does not use a realtor on the list, the homeowner must pay Exceed a 1.2% penalty! I could not believe this. That is $1200 per $100k in home value! Super glad I shut the door without listening.
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May 30, 2015 21:57
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Canadian here. There are a lot of resources out there explaining why dual agency with a single agent is a bad thing, and it's pretty obvious, but what about dual agency where the buyer agent and the seller agent are different agents with the same agency? Other than a "you scratch my back I'll scratch yours" possibility (which, let's face it, could happen between any two agents regardless of whether or not they're with the same agency), is there some other incentive for them to stay within the agency? My agent (I'm buying) is not-so-subtly suggesting listings with other agents from the same agency, and it's got me wondering.
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Jun 1, 2015 02:05
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runupon cracker posted:is there some other incentive for them to stay within the agency? Their bosses get a big cut of their commission.
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Jun 1, 2015 17:00
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Yes, the agency usually keeps over half of each agents commision. It works much like the sales guy trying to get you to sign up to scam giftcard scheme, he gets $20 for everyone that signs up!
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Jun 1, 2015 20:14
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Elephanthead posted:Yes, the agency usually keeps over half of each agents commision. It works much like the sales guy trying to get you to sign up to scam giftcard scheme, he gets $20 for everyone that signs up! And, the same principle works across agencies too! You don't want to be the hard-hitting agent that fights for your client because you need to fit in with the existing good old boys network/cartel. Agents on every side of the transaction want one thing to happen: closing. Everything else is just keeping up appearances.
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Jun 2, 2015 02:41
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If I got multiple offers on my last house and I live >100 miles from San Francisco that means my house was priced too low right?  I talked the listing price up 5% too.  Never again.
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Jun 2, 2015 04:40
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submit multiple counter offers and let them know that they're all bidding against each other.
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Jun 2, 2015 13:41
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As a buyer I was in a few multiple offer situations where the seller was going to accept the best offer submitted by 9:00 or whatever, my 5k above list was flat denied I'm one case and my 9k above list was accepted in another. You aren't bound to list price in any way.
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Jun 2, 2015 15:06
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Andy Dufresne posted:As a buyer I was in a few multiple offer situations where the seller was going to accept the best offer submitted by 9:00 or whatever, my 5k above list was flat denied I'm one case and my 9k above list was accepted in another. You aren't bound to list price in any way. I saw an article in the WSJ a few weeks back about a company called Broadtree that uses software in the Atlanta market to assess properties by comparables, age, area, etc to make offers on properties within 5-6 minutes of them showing up on electronic realty listings. They disappear before home buyers would ever see them, expressly to be put on the rental market. The market is only going to get shittier for homebuyers everywhere as software-controlled purchasing or arbitrage becomes the norm.
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Jun 2, 2015 15:15
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No Butt Stuff posted:submit multiple counter offers and let them know that they're all bidding against each other. That occurred last summer I was just confirming the "never trust real-tors" mantra that should be repeated every page. I was actually okay with the sale price even though I probably could have squeezed out some more cash. Most of the similarly priced houses did not have the tile and trim work I had done in my place so it was nice to see it was at least appreciated.
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Jun 2, 2015 16:28
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Citizen Tayne posted:I saw an article in the WSJ a few weeks back about a company called Broadtree that uses software in the Atlanta market to assess properties by comparables, age, area, etc to make offers on properties within 5-6 minutes of them showing up on electronic realty listings. They disappear before home buyers would ever see them, expressly to be put on the rental market. The market is only going to get shittier for homebuyers everywhere as software-controlled purchasing or arbitrage becomes the norm. This sounds like it would be easy as hell to game as a seller.
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Jun 2, 2015 17:40
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Once they are on the MLS everyone can see them, I can't imagine a seller accepting a software bid just because it was first. I will say that the house I bought was under contract 24 hours after it hit the mls. Suckd for anyone who couldn't get out of work for a showing.
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Jun 2, 2015 18:07
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Higgy posted:Just had my first solicitation from some shifty looking guy working for "Exceed Smart Homeowners LLC" claiming that he was handing out gift cards to homeowners in the area and would I just please listen to what he had to say? I said no, I don't want to hear it and I shut the door then promptly googled them and found: It's not a scam, it's a like an indefinite brokerage retainer. They're giving you money upfront for the contractual option on generating a referral to one of their partners.
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Jun 2, 2015 18:34
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If the contract term was defined I would be fine and not call it the scam it is.
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Jun 2, 2015 20:05
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Elephanthead posted:If the contract term was defined I would be fine and not call it the scam it is. The contract term is until you sell the subject property; they pay you money up front and you agree to use one of their referral brokers if and when you decide to sell your house or pay a penalty if you sell using a different broker. It's a pretty simple arrangement, whether it's a deal you're willing to accept for the price offered or not is entirely up you but it isn't fraud or theft as the word scam would imply.
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Jun 2, 2015 22:48
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The word "scam" implies deception, not necessarily illegality. And, of course, most scams are technically legal (the worst kind of legal).
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Jun 3, 2015 00:00
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When I was looking to buy a house I used a firm that only had buyer's agents, so unless they knew people outside (of course they do) there's not much to go wrong. The trick is to search for houses yourself as well.
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Jun 3, 2015 19:37
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I shudder to bring up the topic of cracked concrete again, but I must. Home inspection revealed a vertical crack, 3/8" max width, approximately in the center of the foundation. Oddly, the concrete is stucco'd on one half of the crack but not the other side. The wall is not displaced/jagged on the two sides. The lower level is drywalled so i can't see the concrete from the interior. Home is 25 yr old in the Northeast, so it could be frost heave related. I plan to talk to an engineer to be sure, bit any tips on what to look for and what to ask? Am I going to have to rip up the drywall? antiga fucked around with this message at 18:27 on Jun 5, 2015 |
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Jun 5, 2015 14:28
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Lender pulled out less than 24 hours before closing, wanted an additional condition which we have no clue when we will be able to meet it. Told them fine, issue denial letter. My realtor texted me late last night saying they hadn't issued one and had told her were are approved, pending condition X being satisfied. Can the lender screw me like this and keep me in limbo - refuse to close but at the same time refuse to issue denial letter by saying they will close at some future indeterminate date???
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Jun 5, 2015 14:47
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antiga posted:I shudder to bring up the topic of cracked concrete again, but I must. Home inspection revealed a vertical crack, 3/8" max width, approximately in the center of the foundation. Oddly, the concrete is stucco'd on one half of the crack but not the other side. The wall is not displaced/jagged on the two sides. The lower level is drywalled so i can't see the concrete from the interior. Home is 25 yr old in the Northeast, so it could be frost heave related. I've seen a lot of ones where if the foundation work can improve the issue you do not have any drywall replacing to do. To be fair though any decent foundation person is going to be able to tell you what you are getting in return for the improvement you would be making. I'd just make sure you are happy with whoever the engineer is and let them talk you through it.
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Jun 5, 2015 17:16
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Chris Christie posted:Lender pulled out less than 24 hours before closing, wanted an additional condition which we have no clue when we will be able to meet it. Without more information it is kind of hard to know to be sure. They do not have to immediately issue one per ECOA. Basically if they haven't denied you yet, you aren't getting a letter until they do so. Once they do, they have a 30 day window to get you the letter. gtkor fucked around with this message at 17:32 on Jun 5, 2015 |
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Jun 5, 2015 17:21
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antiga posted:Home is 25 yr old in the Northeast, so it could be frost heave related. It's almost certainly not. Buildings that are heated in winter, or built to reasonably modern standards (adequate insulation, decent under slab drainage), are practically immune to frost heaving. If it did occur, it would more likely be observed as damage to the basement slab, or horizontal cracks in the foundation walls, rather than vertical.
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Jun 5, 2015 17:40
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gtkor posted:Without more information it is kind of hard to know to be sure. They do not have to immediately issue one per ECOA. Basically if they haven't denied you yet, you aren't getting a letter until they do so. Once they do, they have a 30 day window to get you the letter. Thanks. I got on the phone with them today and told them to poo poo or get off the pot. Should have denial letter by mon. morning. Renters we shall remain. Oh well, at least we are going to be able to start building up savings. We can try again next year with a traditional mortgage.
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Jun 5, 2015 18:23
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Chris Christie posted:Thanks. The lending agent is probably just confused. And so am I. You've already gone through all of the pain and suffering of the homebuying process, and now a condition from the lender is causing you to invoke your financing contingency and pull out? Did you want to pull out anyway, or something?
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Jun 5, 2015 18:26
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Yeah, what is this contingency? Ones this late are generally "we need another year of tax documents" or "another paystub." Did you really not want to buy?
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Jun 5, 2015 18:33
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Sounds like you want to get your earnest money back even though you're backing out.
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Jun 5, 2015 18:42
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My guess is either a letter explaining the source of some funds that they don't want to/can't get or paying off an existing debt.
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Jun 5, 2015 18:43
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And what about going with a different lender? Tell us what the issue is, maybe it's not an issue for other lenders.
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Jun 5, 2015 18:46
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More importantly, do you actually still want this house, assuming financing was fine?
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Jun 5, 2015 19:00
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