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Sudden Loud Noise posted:Been 10 days since we handed over the money for appraisal. Loan officer isn't returning phone calls or emails from us or our agent. Selling agent says they haven't been contacted yet by the appraiser, meanwhile it's 22 days until our supposed closing date. This is very strange.
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Nov 9, 2017 03:19
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Do they have a local office? Can you show up in person and get some answers?
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Nov 9, 2017 03:24
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Sudden Loud Noise posted:Been 10 days since we handed over the money for appraisal. Loan officer isn't returning phone calls or emails from us or our agent. Selling agent says they haven't been contacted yet by the appraiser, meanwhile it's 22 days until our supposed closing date. Ask your real estate lawyer about this.
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Nov 9, 2017 03:47
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Finally got a response, appraisal was done last Friday. So apparently things are going okay? Agent says everything is on track. I guess just first time buyer jitters and paranoia? Lack of communication still frustrates me though.
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Nov 9, 2017 06:15
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Sudden Loud Noise posted:Finally got a response, appraisal was done last Friday. So apparently things are going okay? Agent says everything is on track. Yeah ask your loan officer for contact information for their supervisor so you'll have someone to call next time you attempt to contact them and get no response for several days. If they push back, make it clear that you expect your bank to be responsive and that you are prepared to go with another lender if this happens again. Then follow through and go with another lender if this happens again.
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Nov 9, 2017 08:00
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Retail banking customers expecting a bank to be responsive is kinda funny. Replace bank with whatever thing you are getting a mortgage from if applicable. Isn't everything done through a person that literally has to process 100 loans a day now?
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Nov 9, 2017 11:57
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Is it a big bank or an independent broker? I am using an independent that was recommended to me and they invited the wife and I to lunch to talk about for banking options and have been really good with communication. My agent nailed the offer price as well tbh since the house appraised 3k above the offer. Yeah there was all the horse trading about repairs and credits but things are going well and should all be done by the closing date. Just need to get in and have some of the external things taken care of before the snow hits.
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Nov 9, 2017 14:44
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Elephanthead posted:Retail banking customers expecting a bank to be responsive is kinda funny. Replace bank with whatever thing you are getting a mortgage from if applicable. Isn't everything done through a person that literally has to process 100 loans a day now? Every client of mine that has used a bank for their loan has been unhappy by the end - poor communication, too much bureaucracy. Small dedicated mortgage lenders are not automatically a good experience, but I've had 100% bad experiences with banks. Dukket fucked around with this message at 15:40 on Nov 9, 2017 |
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Nov 9, 2017 15:33
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Even an independent broker probably sends the loan through underwriting at a big bank.
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Nov 9, 2017 16:44
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Our broker was through our credit union and while the guy seemed pretty coked up (literally, I wondered whether he was high on cocaine while we were doing documents at closing) he was VERY responsive!
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Nov 9, 2017 17:29
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EAT FASTER!!!!!! posted:Our broker was through our credit union and while the guy seemed pretty coked up (literally, I wondered whether he was high on cocaine while we were doing documents at closing) he was VERY responsive! You say coked up like it's a bad thing.
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Nov 9, 2017 18:03
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My real estate agent was finding me house insurance while she was literally in the delivery room for her second kid. Hustle.
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Nov 9, 2017 18:05
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Very expensive recreational drug use by my fiduciary makes me nervous, but the guy did a hell of a good job.
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Nov 9, 2017 18:25
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Dukket posted:Every client of mine that has used a bank for their loan has been unhappy by the end - poor communication, too much bureaucracy. Small dedicated mortgage lenders are not automatically a good experience, but I've had 100% bad experiences with banks. I am using a big bank for my loan and I have been unhappy with the poor communication and too much bureaucracy. We were supposed to close 12 days ago.............................. But I'm happy to have 3.375% on a 30 year fixed
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Nov 10, 2017 06:12
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We went with AIM and overall it was a smooth experience. Only real issue with communication was because they're in California and we're on the East Coast, but once they were awake and in the office everyone was really responsive. Plus, 3.25% on a 20-year. A+ would put myself in longterm debt/servitude with AIM again.
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Nov 10, 2017 14:55
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z0331 posted:We went with AIM and overall it was a smooth experience. Only real issue with communication was because they're in California and we're on the East Coast, but once they were awake and in the office everyone was really responsive. Plus, 3.25% on a 20-year. I was also very happy with AIM, but as you are probably aware, you won't be in long term debt to them. Your loan was already committed to someone else before they offered it. I ended up with Wells Fargo.
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Nov 10, 2017 19:33
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How would I begin determining if a cashout refinance is a good plan or not? I purchased my home in 2012 with a 149,000 mortgage on a 159,000 purchase. Zillow estimates my home is worth 230,000 now, which is surely a pile of bullshit, comps range from 180k for a really aged home with less square feet, to 230k for a similar sized home, recently remodeled. So, estimating my home could sell for 200k today, that puts me near 70k in equity. I'd like to purchase a bigger, nicer house in the next couple years, as my wife and I have had 2 kids in the interim, but we're on one income while she finishes her LPN. I'd like to do some improvements on the house- new counters, updated bathroom and some exterior paint to make the place more comfortable while we're living here and improve our selling prospects a bit when we get there. From what preliminary research I've done, most sites would recommend against refinancing for a higher mortgage rate- I'm at 3.25 fixed 30 year FHA, bankrate/zillow estimates I've found 3.75 at best. Considering I'm looking to purchase a new home in a few years, is it a bad idea or neutral to refinance at this time? Cash reserves are lower than I'd like, and a refi could potentially help out in updating the house and pay a portion of my wife's student loans, while also padding savings. Other considerations are that I haven't had my house re-appraised since purchase, and am currently paying PMI. Also, my wife is not currently on the mortgage. While her credit score is excellent as well as my own, I don't know if her lack of income would be detrimental to the application. Depending on the appraisal, I'd like to refinance for 80% of the value to eliminate PMI, optimistically 160k mortgage on a 200k valuation and hopefully pocket 25k. Any less than that and it probably wouldn't be worth my effort, but would hopefully eliminate my PMI through an appraisal regardless, or am I understanding that process incorreclty.
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Nov 12, 2017 06:52
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So, house across the street from us hasn't listed on the market but we caught the folks moving their stuff out (we're renting and have a preapproval; both up reasonably soon). House is 100% what we want, the rental isn't. If we do this without an agent given the potential $$ savings, what are the caveats? I'd guess that inspection + appraisal should be done no matter what.
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Nov 12, 2017 14:39
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SuicidalSmurf posted:How would I begin determining if a cashout refinance is a good plan or not? I purchased my home in 2012 with a 149,000 mortgage on a 159,000 purchase. Zillow estimates my home is worth 230,000 now, which is surely a pile of bullshit, comps range from 180k for a really aged home with less square feet, to 230k for a similar sized home, recently remodeled. So, estimating my home could sell for 200k today, that puts me near 70k in equity. I'd like to purchase a bigger, nicer house in the next couple years, as my wife and I have had 2 kids in the interim, but we're on one income while she finishes her LPN. Is your current loan FHA cause the PMI is prepaid and after 3 years you don't get any back. Maybe you closed under a different system if you have a PMI line item. Personally if you are really going to see your income increase dramatically, (double or more) and feel very confident of this, I would get a LOC that pays off the mortgage and gives you funds you can draw and pay back. (The closing costs of this are extremely low since you have only a short term to recover the costs) This causes the payment to change each month so you can pay down and get a sweet $64 monthly payment like me. Yes I am making this post just to brag about my house payment but it is in Indiana so yeah not so good. Your interest rate will be variable so you can get mega FFFed quickly if you do not have strong income or ease of home sale and willingness to ditch that house and LOC at the first signs of trouble.
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Nov 12, 2017 14:51
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notwithoutmyanus posted:So, house across the street from us hasn't listed on the market but we caught the folks moving their stuff out (we're renting and have a preapproval; both up reasonably soon). House is 100% what we want, the rental isn't. If we do this without an agent given the potential $$ savings, what are the caveats? I'd guess that inspection + appraisal should be done no matter what. Absolutely, 100% get an inspection, that should go without saying. The appraisal will be done by your mortgage company, assuming you're not going all cash. You can probably get by without an agent, however in cases like you should have a real estate attorney help you out.
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Nov 12, 2017 16:17
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notwithoutmyanus posted:So, house across the street from us hasn't listed on the market but we caught the folks moving their stuff out (we're renting and have a preapproval; both up reasonably soon). House is 100% what we want, the rental isn't. If we do this without an agent given the potential $$ savings, what are the caveats? I'd guess that inspection + appraisal should be done no matter what. As mentioned, you need a real estate attorney (*your* real estate attorney, not the seller's real estate attorney) to review all the sale documents and make sure your ducks are in a row. Also keep in mind that you need to be getting the house at a discount on the appraised price to make this worth it for you. The 6% for agent commissions typically comes out of the sale price of the home, if you're doing it without agent commissions the cost should roughly be Appraisal - 6% + [seller's costs normally covered by agent]. You would pay for your costs separately out of the savings.
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Nov 12, 2017 17:43
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My understanding is that you will need to negotiate with the seller and the hostile sellers agent to get a piece of the commission that would normally go to the buyers agent.
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Nov 14, 2017 05:38
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baquerd posted:My understanding is that you will need to negotiate with the seller and the hostile sellers agent to get a piece of the commission that would normally go to the buyers agent. This is assuming the other folks have an agent already. If they do already have an agent, then it gets tricky trying to cut them out.
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Nov 14, 2017 10:02
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They don't have their own agent; they were clearly trying to sell before they list the house the market with an agent. Anyway, thank you all for the insight.
notwithoutmyanus fucked around with this message at 13:51 on Nov 14, 2017 |
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Nov 14, 2017 13:47
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We just had our offer accepting on another house (first went with a different buyer). It was listed at 600k and we came in at 530, seller accepted at 550k. Here's hoping no one comes in higher before we sign the contract next week 
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Nov 14, 2017 17:36
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Sepist posted:We just had our offer accepting on another house (first went with a different buyer). It was listed at 600k and we came in at 530, seller accepted at 550k. Here's hoping no one comes in higher before we sign the contract next week Why aren't you signing the contract asap?
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Nov 14, 2017 17:48
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Pending inspection Thursday. Because we lowballed so much they won't sign a contract with a back out clause. They will reimburse us for inspection fees if they back out between the inspection and the contract signing.
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Nov 14, 2017 17:51
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Sepist posted:Pending inspection Thursday. Because we lowballed so much they won't sign a contract with a back out clause. They will reimburse us for inspection fees if they back out between the inspection and the contract signing. What's the clause they don't like or do you mean any contingency at all? Dukket fucked around with this message at 18:00 on Nov 14, 2017 |
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Nov 14, 2017 17:57
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They want to be able to hear offers pending an inspection. We wanted them to give us exclusivity starting now. They said they would only do that if we accept not being able to back out. They just wanted to strong arm us into allowing them to keep receiving offers hoping to get a higher one
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Nov 14, 2017 18:03
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Sepist posted:They want to be able to hear offers pending an inspection. We wanted them to give us exclusivity starting now. They said they would only do that if we accept not being able to back out. They just wanted to strong arm us into allowing them to keep receiving offers hoping to get a higher one Your counter to this is to withdraw your offer. If they've been on the market long enough, you can really give them the claws.
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Nov 14, 2017 18:27
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Sepist posted:They want to be able to hear offers pending an inspection. We wanted them to give us exclusivity starting now. They said they would only do that if we accept not being able to back out. They just wanted to strong arm us into allowing them to keep receiving offers hoping to get a higher one Do you have that reimbursement in writing? Perhaps in a contract? Is it a literal no-contingency contract or is there financing? They've already had one fall through, what's the deal?
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Nov 14, 2017 19:17
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H110Hawk posted:Do you have that reimbursement in writing? Perhaps in a contract? Is it a literal no-contingency contract or is there financing? These are my questions as well.
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Nov 14, 2017 19:22
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H110Hawk posted:Do you have that reimbursement in writing? Perhaps in a contract? Is it a literal no-contingency contract or is there financing? They've already had one fall through, what's the deal? The reimbursement is in writing, they haven't had a deal fall through, were the first reasonable offer. I don't understand the middle question sorry. I'm having our agent push to get a contract signed today so we can get earnest money in.
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Nov 14, 2017 19:40
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There's usually two contingencies: inspection and financing. If either falls through, you can back out without losing your deposit. Your sellers don't want an inspection contingency, but is there still a financing contingency? In other words, if the house appraises for 500k, can you back out or do you have to pony up another 50k in cash?
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Nov 14, 2017 19:58
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Sepist posted:The reimbursement is in writing, they haven't had a deal fall through, were the first reasonable offer. I don't understand the middle question sorry. I'm having our agent push to get a contract signed today so we can get earnest money in. I mis-read your initial post re the deal falling through. If you are the first reasonable offer you are getting taken for a ride on this deal if they don't allow backing out. Your real estate purchase contract will have several checkboxes on it, one is 'no contingency' meaning you are unable to back out, as you said. It sounds less like you low balled them and more like their house is worth $550k. Contingencies exist for a reason. You should want a financing/appraisal contingency, unless you're comfortable coming up with shortfall should the house appraise for $500k. You say you're trying to sign a contract today, yet the inspection isn't until thursday. Have you read these contracts?
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Nov 14, 2017 20:01
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Yeah that's not normal and your agent isn't doing their job.
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Nov 14, 2017 20:03
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H110Hawk posted:I mis-read your initial post re the deal falling through. There's a misunderstanding here and it's totally my fault. The seller agreed this morning to our low ball offer. We told them we want to sign the contracts today in order for them to stop accepting new offers. Their agent told us they will not do that unless we agree to no contingencies for the inspection, which we won't do. Since we didn't agree to that, they refuse to go into contract until after the inspection is completed. They did that because the seller agent wants to give any more offers the opportunity to come forth and beat our lowball. Now my agent is trying to get them to sign today, with the contingency that we can back out if there are more than 5k in repairs required. Once we go into contract we will have the correct contingencies in place regarding financing/appraisal Sepist fucked around with this message at 20:12 on Nov 14, 2017 |
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Nov 14, 2017 20:10
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Sepist posted:There's a misunderstanding here and it's totally my fault. Awesome. Carry on. I can see that $5k number being contentious but at least you're not going into crazy town.
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Nov 14, 2017 20:18
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It sounds like from the sellers perspective, they just don't want to reject a better price if they are stuck dealing with someone who says "omg this pre-owned home isn't perfect i'm going to waaaaaaaaaaaaaaalk". The whole setup sounds pretty reasonable from both sides. $5k in repairs on a $550k house is a drop in the bucket, anything even remotely serious would be way over that. The inspection should be to find serious mechanical/structural issues, not stuff like "there is some paint missing from the corner of the door where it hits the woodwork, I want a $500 credit to repaint all the doors or this deal is off". When I sold my last house it was in really good shape but it was still built in 1977. I got a list of like 20 things from their inspector of which 1 was an actual issue. I told that guy I would fix the one actual problem and he could take a hike if that wasn't good enough and surprise surprise the deal went through just fine.
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Nov 14, 2017 21:05
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Inspection on the place I am closing on Nov 30th was like that. Tons of little things and one major issue that I got the seller to credit me for. Just have to get it done before the ground freezes.
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Nov 15, 2017 14:10
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