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No FHA, just a 5% down conventional with a first-time homebuyers program through a smaller state bank. BoA bought my loan after 6 months or so, which is typical for loans from my bank. Refinancing would get me out of PMI, and probably knock my rate down by half a percent or so, but id have to do a lump-sum repayment of the first time buyers grant ($7500, half forgiven at 6 years of ownership). It's a rather inexpensive property even with the appreciation, and we expect to sell and purchase a slightly larger home after 7-8 years. I'll check with BoA and see what they say. Worst case I can talk with my loan officer from my bank, and see if he has any suggestions.
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Jul 27, 2016 21:17
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If real estate prices are increasing in your area do not pay extra on your mortgage, if they are staying still or drifting down go ahead pay as much extra as you want.
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Jul 27, 2016 21:36
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I started remodel on my new purchase and god I'm so tired. It's been 3 straight weeks of working all weekend and every weeknight after my day job, plus texting/calling people throughout the work day arranging stuff. Granted, we are moving quick and are doing a sizable remodel, but jeez its hard for me to actually enjoy this stuff.
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Jul 28, 2016 06:41
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Real quick couple questions and time is somewhat of essence: I got a GFE from one lender, and the rate is low plus an offer to lock for 45 days at that rate. Orig fee is also very good. It's almost the perfect loan. No points are indicated or implied on this, and it's a fixed lock or whatever. Lender is personally vetted by several peers. I worry that it's so low and underwriting might have issues even if nothing changes for me financially. Second lender is charging full 1% in orig fees, as well as a much higher rate (roughly .5% higher). Couldn't provide me with a GFE as "it is done and mailed within 3 business days." Alreadt unhappy with this lender to an extent as he had assumed that since my pre-approval was through and I sent a copy of the contract, that it was a "go" when I had never signed to push forward and had clearly stated since before the pre-approval that when it came down to pick I would shop around. I'm thinking I'll need to get a third, because either one is stupid high or the other is stupid low. Also, can I request a rate lock with the estimate without committing in any way to a lender?
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Jul 28, 2016 22:46
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OhDearGodNo posted:Real quick couple questions and time is somewhat of essence: I'm not sure I understand...your complaint about the first lender is that it's too good to be true? Do you have any evidence to support that?
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Jul 29, 2016 02:14
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Is there any truth behind the notion that sellers will not choose an offer with a certain lender (a large local credit union) because that lender is considered "overwhelmed"? This is in a scorching hot market.
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Jul 29, 2016 05:37
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A seller will certainly consider whether or not an offer is likely to close on time. It will pretty much be up to what they are hearing from their agent. If their agent doesn't feel like the loan can close on time due to underwriting delays or whatever other reasons, they probably will let their client know.
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Jul 29, 2016 08:43
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HEY NONG MAN posted:I always though zEstimates were bullshit, but this house near me is listed on Redfin for $585k: The house hasn't sold but Zillow magically made their zEstimate match the list price:  Just wish I had screenshotted the zEstimate earlier.
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Jul 29, 2016 08:59
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Drunk Tomato posted:Is there any truth behind the notion that sellers will not choose an offer with a certain lender (a large local credit union) because that lender is considered "overwhelmed"? This is in a scorching hot market. gtkor posted:A seller will certainly consider whether or not an offer is likely to close on time. It will pretty much be up to what they are hearing from their agent. If their agent doesn't feel like the loan can close on time due to underwriting delays or whatever other reasons, they probably will let their client know. Yeah the seller isn't going to have any idea who will or won't be able to close on time. Their realtor probably won't have a clue either, but they might tell the seller they do.
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Jul 29, 2016 15:23
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Thufir posted:Yeah the seller isn't going to have any idea who will or won't be able to close on time. Their realtor probably won't have a clue either, but they might tell the seller they do. I got a ton of pressure from the sellers agent over my choice in lenders. Even more from my buyers agent, but he's just hunting for referral fees. Both were saying they don't know this guy, how do we know he can close on time, blah blah blah. But it's not like they had any other offers. In one home's private notes, they did have a thing for supposedly extra lender credits for using a certain preferred lender. Although, the lender works in the same office as the agent.
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Jul 29, 2016 16:10
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HEY NONG MAN posted:The house hasn't sold but Zillow magically made their zEstimate match the list price: That's a major source of their data. I brought the first resell in a new neighborhood that was on the market for a bit. Looking at the Zestimates for the whole subdivision it took a hockey puck when the house I brought was listed. Jokes on them the sale price was 75k less!
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Jul 29, 2016 16:32
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Drunk Tomato posted:Is there any truth behind the notion that sellers will not choose an offer with a certain lender (a large local credit union) because that lender is considered "overwhelmed"? This is in a scorching hot market. As a recent buyer and current seller my gut says probably not. I'm guessing most agents only have their own experiences and associates experiences to go off of which is pretty limited. You may have had a bad experience with xxx bank or xxx credit union before, but that may have just been particular to the person you were dealing with, specific issues with the buyer (self-employed, etc), or whatever. Here's my criteria for ranking offers: 1) Offer price. If you're more than $1000 or so over the next person I'm probably going to pick you unless one of the below looks very sketchy. 2) Loan type and downpayment. Conventional beats FHA, etc. 3) Likelyhood that you're going to be a picky bastard in inspection. Just had our first buyer drop because of issues that could more or less be summed up as, "It's a 60+ year old house." 4) Closing date. Obviously this depends on the sellers situation, but the difference between a 45 day close and a 20 day close for me are limited to the financial implications of closing sooner (interest, etc.). 5) Any sort of personal stuff. The buyers that just dropped their offer apparently had written a letter to go along. We didn't even read it. They were the highest offer and that was that. In fact, a quick googling revealed they both either worked, or had recently worked for an organization that we had protested. Could care less. 6) Lender. Unless I was able to find some evidence that there was a systemic problem with a specific lender being able to close I could care less.
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Jul 29, 2016 17:59
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balancedbias posted:I'm not sure I understand...your complaint about the first lender is that it's too good to be true? Do you have any evidence to support that? 3.125% 30/fixed vet no points $950 orig.
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Jul 29, 2016 22:06
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BeastOfExmoor posted:a quick googling revealed they both either worked, or had recently worked for an organization that we had protested That's creepy, just FYI.
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Jul 29, 2016 22:15
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Subjunctive posted:That's creepy, just FYI. I disagree. He didn't go trolling through facebook profiles or something, he just ran a google search
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Jul 29, 2016 22:23
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Subjunctive posted:That's creepy, just FYI. Edit: Actually agreeing with QuarkJets for a change. Kinda digging it.
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Jul 30, 2016 01:04
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I don't have a problem looking people up, or potential neighbors. What if you found out the owner now lives out of state or is a cat hoarder. Edit: or was posting on Facebook about how they found sucker to but their crappy house. Sperg Victorious fucked around with this message at 01:18 on Jul 30, 2016 |
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Jul 30, 2016 01:13
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Dik Hz posted:It's one of the biggest transactions of your life and and you're not going to find out what's publicly available about the other party? Why not? Stick with me, kid. Remember that feeling. That's what it feels like to be correct
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Jul 30, 2016 01:15
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OhDearGodNo posted:3.125% 30/fixed vet
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Jul 30, 2016 01:59
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QuarkJets posted:Stick with me, kid. Remember that feeling. That's what it feels like to be correct Why'd you have to make it weird?
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Jul 30, 2016 03:33
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Finally sold my mother's house. Turns out having an honest selling agent means you sell fast and for more money. Time to do something about the dishonest one...
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Jul 30, 2016 03:49
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Dik Hz posted:Why'd you have to make it weird? You made it weird first
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Jul 30, 2016 06:49
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Dik Hz posted:It's one of the biggest transactions of your life and and you're not going to find out what's publicly available about the other party? Why not? It's a financial transaction. When I sold my house I told the agent I didn't want to know the names on the offers, because I wanted to avoid implicit bias. Just the number and closing parameters and conditions. Nothing I could find out from a Google or other search should have any bearing on the transaction.
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Jul 30, 2016 12:54
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Subjunctive posted:It's a financial transaction. When I sold my house I told the agent I didn't want to know the names on the offers, because I wanted to avoid implicit bias. Just the number and closing parameters and conditions. Nothing I could find out from a Google or other search should have any bearing on the transaction. But what if it was one of those Hitler kids from the Boys from Brazil all grown up?
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Jul 30, 2016 15:06
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Subjunctive posted:It's a financial transaction. When I sold my house I told the agent I didn't want to know the names on the offers, because I wanted to avoid implicit bias. Just the number and closing parameters and conditions. Nothing I could find out from a Google or other search should have any bearing on the transaction. What about being on the otherside of that transaction? As a buyer, I feel like it's just part of doing due diligence. Especially if you can glean any kind of negotiating advantage. Or even find out reasons why you may not to buy that house.
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Jul 30, 2016 15:16
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Yeah we definitely creeped pretty deeply on the sellers for both of the houses that we made offers on. We actually ended up having mutual acquaintances with the people that ended up selling to us, but didn't realize it until after the offer was accepted.
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Jul 30, 2016 15:34
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I did a medium creep on the neighbors more than the buyer. County Tax record website in one browser tab, linked in in the other. "2nd hand contact with same name works in tech in Seattle area, must be the right one." Of course that was after an exchange with my wife during a walk of the neighborhood: "I love how diverse the neighborhood is!" "Yes, they work for both Amazon AND Microsoft!" (And T-Mobile, and Boeing, but those 4 companies are > 80% of the neighbor (Of the 20 I could well identify, 12 were from those 4.)
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Jul 30, 2016 16:06
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Subjunctive posted:It's a financial transaction. When I sold my house I told the agent I didn't want to know the names on the offers, because I wanted to avoid implicit bias. Just the number and closing parameters and conditions. Nothing I could find out from a Google or other search should have any bearing on the transaction. For the most part yes, but I can think of several that would be relevant to the transaction. Did the previous owners get arrested for running a meth lab, for instance? Were they known for having lots pets? Were the police regularly showing up at the house for one reason or another (could indicate that the house is easy to break into, could indicate a higher likelihood that the house has some damage that doesn't show up at first glance, etc). Were the previous owners ever arrested for fraud?
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Jul 30, 2016 20:56
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Subjunctive posted:Do it if you want, just admit that you're being creepy for financial gain. Subjunctive fucked around with this message at 18:39 on Aug 1, 2016 |
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Jul 30, 2016 21:21
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Subjunctive posted:Do it if you want, just admit that you're Fixed. Googling people who you are going into a deal worth hundreds of thousands of dollars is not in the least bit creepy. They are strangers who you're dealing with on a business level. Having it be "a financial transaction" makes this stuff LESS creepy. You're not doing it to get some sexual kicks or a stalker power trip, you want to know the nature of the person you're doing business with. Is requesting an interview, resume, and background check when making a new hire "creepy"?
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Jul 30, 2016 21:48
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LogisticEarth posted:Is an interview, resume, and background check when making a new hire "creepy"? No, because there are relevant qualifications for being hired, and they will be acting as an agent of the company. It does too often introduce implicit bias, but it's hard to blind that process well enough to avoid it. It's not the case with a house purchase or sale; it's very easy to protect yourself from bias given how little personal information is necessary for the transaction, and that there is an agent who can be a blinding intermediary. But if you want to make sure that you're not selling to an ex-felon, or someone with a past bankruptcy, or someone with unpopular political beliefs, that's your choice. I know I have biases and I don't think they should interfere with someone buying a home if they meet the financial requirements. I didn't let either of my agents send in a letter of introduction on my behalf either.
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Jul 30, 2016 21:55
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Subjunctive posted:I didn't even know the names of the people I bought two houses from before I signed the P&S, and I never took note of them. (After things went south for our buyers post-acceptance, we got to know them a bit and help them out, but that was their call.) Due diligence is creepy I guess. Another reason I thought of is if the owner is a business, I would be suspicious if they aren't just flipping the house with some cosmetic improvements. But even if the owner is a business, I suppose that is creepy too? All the ownership information is made public and very accessible on purpose. We're not making double blind financial transactions with Dogecoin.
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Jul 30, 2016 23:43
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Subjunctive posted:No, because there are relevant qualifications for being hired, and they will be acting as an agent of the company. It does too often introduce implicit bias, but it's hard to blind that process well enough to avoid it. It's not the case with a house purchase or sale; it's very easy to protect yourself from bias given how little personal information is necessary for the transaction, and that there is an agent who can be a blinding intermediary. So are you actually going to address the practical points of a Google and public records check (information relevant to the condition of a major financial purchase) or continue with your initial less related point? "Ooh, this guy is quoted in an article about Superstorm Sandy...but there's no record of flood repairs. Let me make sure the inspector checks the basement very carefully." Not a hypothetical; my friend was looking at buying in with a few other people at a shore house. Initial looks were fantastic, all new work...and zero permits to show for it. He passed, wisely.
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Jul 30, 2016 23:49
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As a seller or a buyer you have a right to evaluate the other party. As a seller deciding between different purchase bids, your evaluation can and should include factors that relate to the bidder's ability to close the transaction. As a buyer selecting a house to buy, your evaluation can and should include factors that could affect the value and quality of the property. "Quality" includes who your neighbors are and what they do that could affect your lifestyle in the home. Due diligence isn't "creepy" and people need to understand and recognize that the results of a google search on your name or address are matters of public record. You do not have a right or an expectation to privacy with regards to: poo poo you post on Facebook, poo poo you post on LinkedIn, poo poo you post on Twitter, and especially the public records for your property. Similarly, it is not "creepy" for strangers to photograph the exterior of your home, from the street. It's their right to do that, and your right to take photos of a property as long as you're not tresspassing. With or without a "legitimate reason" for doing it. Yes, the availability of your personal information online is a problem, and stalkers and harassers are a problem, but those problems don't inherently taint the use of public information for legitimate reasons. If you don't want your personal information up on Facebook for everyone and anyone to see, don't loving post your poo poo on facebook.
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Jul 30, 2016 23:58
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balancedbias posted:So are you actually going to address the practical points of a Google and public records check (information relevant to the condition of a major financial purchase) or continue with your initial less related point? My point is that personal information about the other party, such as their employer or ethnicity, will turn up in an indiscriminate search and doesn't belong in the transaction. What does Googling the person tell you about permits, anyway? If it's all new work, ask your agent to get copies of the permits. If you care if the seller is a business, tell your agent that it's part of your criteria. The original example was Googling the buyer of a house. How is that due diligence? What could you find out that way which should legitimately affect the terms of the sale?
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Jul 31, 2016 01:01
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Subjunctive posted:My point is that personal information about the other party, such as their employer or ethnicity, will turn up in an indiscriminate search and doesn't belong in the transaction. What does Googling the person tell you about permits, anyway? If it's all new work, ask your agent to get copies of the permits. If you care if the seller is a business, tell your agent that it's part of your criteria. The buyer's activities can reveal that they are more or less likely to:
Obviously you should not discriminate based on their ethnicity, age, sexual orientation, etc. But those aren't the things you're looking for anyway.
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Jul 31, 2016 01:18
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During a home sale transaction I don't care about anything besides whether the deal will meet the terms of the contract on the timeline agreed upon. A close date roughly 2.5 weeks after the day of offer as well as an addendum stating that the contract is only valid until 8 pm of the day that I even received the offer is weird, but I went ahead and things are fine now anyway legally. If you're in a housing market where everyone gets multiple offers basically, YMMV.
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Jul 31, 2016 01:40
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Yeah, just don't accept offers that are conditional on financing if that's what you're worried about (more than keeping the earnest money and relisting). Don't fool yourself into believing you can actually fairly compare prospective buyers' credit-worthiness based on what Google turns up. There's a reason banks don't use that method for qualifying borrowers.
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Jul 31, 2016 01:43
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Subjunctive posted:I didn't even know the names of the people I bought two houses from before I signed the P&S, and I never took note of them. (After things went south for our buyers post-acceptance, we got to know them a bit and help them out, but that was their call.) He's not, though. You're the only person who seems to think that it's creepy. Many very valid, not creepy justifications have been provided, you're just willfully ignoring them. Maybe you're the one who's creepy for taking no personal stake in one of the largest transactions in your life? That's practically sociopathic, arguably Subjunctive posted:My point is that personal information about the other party, such as their employer or ethnicity, will turn up in an indiscriminate search and doesn't belong in the transaction. What does Googling the person tell you about permits, anyway? If it's all new work, ask your agent to get copies of the permits. If you care if the seller is a business, tell your agent that it's part of your criteria. Subjunctive posted:Yeah, just don't accept offers that are conditional on financing if that's what you're worried about (more than keeping the earnest money and relisting). Don't fool yourself into believing you can actually fairly compare prospective buyers' credit-worthiness based on what Google turns up. There's a reason banks don't use that method for qualifying borrowers. First of all, a financing contingency is extremely common and you're really going to sink your prospective selling price if you limit yourself to cash-only offers. You're giving bad advice here. Second, in the case that you mentioned those buyers also dropped off a personal letter, which I would argue is an invitation to make the transaction more personal. But even if they didn't, there's nothing wrong with google searching your buyer or seller. Obviously there's a lot out there on Google that will have no relevance to the transaction, but there's also some stuff out there that can be relevant. If you don't think that you're able to make an unbiased decision when faced with details like a person's race or gender, then feel free to not use Google, that's fine, but don't accuse others of being creepy just because they're taking a personal interest in a life-altering financial transaction. QuarkJets fucked around with this message at 02:48 on Jul 31, 2016 |
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Jul 31, 2016 02:32
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Subjunctive posted:The original example was Googling the buyer of a house. How is that due diligence? What could you find out that way which should legitimately affect the terms of the sale? In my case I found out that the buyer was the daughter in law of my own selling agent, and that I was being screwed. Probably doesn't happen too often, but for gently caress's sake do a bit of work so you know you aren't the victim of fraud.
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Jul 31, 2016 02:42
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