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Not all possession is at closing you loons. If you are swindling an old person they like to have extra time to move at closing in case you are a flaky buyer like all buyers are.
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Nov 30, 2017 18:27
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Question for recent buyers... How closely did your Loan Estimate from your lender match your closing disclosure? I just got an updated LE from my lender as I locked in a rate of 3.7% for 0.5 point vs the other option which was 4.0 at 0 points. Anyway, the updated loan estimate shows all of the same info as the original, but since my closing is mid-month this updated one has a lower prepaids and slightly higher initial escrow (home owners insurance rate difference basically) but the kick in the nuts was the calculating costs section where I see my seller credits dropped from 6500 (where it was contracted) to 5900 and they added some $72 "other" adjustment that isn't noted. So my math has the loan estimate off by at least 600 dollars assuming I can't do anything about the other fee there. I spoke with the loan originator dude and he tried to tell me the difference on that line is the Origination charge, but he's dumb because that section is already calculated into the total closing cost estimate. BTW the difference in closing on each is literally the .5 point paid and the insurance premium difference. So i know for a fact they just didn't put the correct closing cost in there this time around. They he tells me if 6500 was in the contract then it will show on the closing disclosure. OK, I can wait to verify it's correct... but then he tells me until the disclosure drops some things can change which I also get, but that the other adjustments could increase even more for no reason. Wtf is that?
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Nov 30, 2017 18:38
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Elephanthead posted:Not all possession is at closing you loons. If you are swindling an old person they like to have extra time to move at closing in case you are a flaky buyer like all buyers are. Unless there is a specific clause stating that the seller has X amount of time to move out or is leasing back for a month, then at the time were signing the papers you better be out. I'm not trusting you to not trash the place or cause damage (accidental or otherwise) on your way out. I've bought and sold twice now, and each time I had to be 99% out at final walk through when selling, and I demanded the same for the houses I was buying.
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Nov 30, 2017 18:38
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DJCobol posted:Unless there is a specific clause stating that the seller has X amount of time to move out or is leasing back for a month, then at the time were signing the papers you better be out. I'm not trusting you to not trash the place or cause damage (accidental or otherwise) on your way out. I've bought and sold twice now, and each time I had to be 99% out at final walk through when selling, and I demanded the same for the houses I was buying. We have a clause that says if the seller is not fully out by closing they need to deposit 2k in escrow and get charged 300 per day their stuff remains in the house.
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Nov 30, 2017 20:52
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thebushcommander posted:Question for recent buyers... How closely did your Loan Estimate from your lender match your closing disclosure? It should be exactly, especially for things which are contracted. Stuff like the fees to fedex stuff around can move around a little but box A and most of B should be exactly to the number. Boxes E, F, and G should be trivially calculated and easily explained based on your exact closing date. Email them and tell them you need to see the $6500 fixed, an itemized explanation of the $72 (which is probably not nefarious), and anything else that changed in boxes A, B, and C. You aren't comfortable waiting until 3 days before closing to fix these things because if there are any errors on the closing disclosure it re-starts the 3-day timer.
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Nov 30, 2017 21:07
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Our escrow cost went up from our LE to CD inexplicably (Section C). I think we got hosed by Escrow. Selling agent insisted on being the escrow agent as well, which sucked. We ended up coughing up over $2000 extra. Our agent told us the fee was normal. RIP
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Nov 30, 2017 23:29
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Mandalay posted:Our escrow cost went up from our LE to CD inexplicably (Section C). I think we got hosed by Escrow. Selling agent insisted on being the escrow agent as well, which sucked. Isn't that like... The exact opposite of what an escrow agent is by definition?
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Dec 1, 2017 03:26
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The discussion from last month about Easton, PA is sort of ironic, considering I checked this thread because I was looking at houses in Easton specifically. I currently live and work in NYC, and I'm staring unhappily at the nightmarish hellscape of a commute I'd have if I lived there, but I'm also staring at the comparatively amazing homes you can get for extremely low prices on Zillow. I'm debating on the merits of actually going into home ownership since I'm still young and relatively mobile, but I've been hating the real estate market in the city(And just living in the city in general)for a long time. I can get a 0 down VA loan and I have about a year on my current lease to figure things out long term if I decided to start looking into getting a place. Most real estate any closer to the NYC metro is pretty ridiculous, so buying that isn't much of an option; I realize that this is the sign of "You cannot afford a home that will be conducive to where you work currently, you just gotta keep shoving cash into the furnace of renting in NYC" so I'm willing to hear that if it's what most people think.
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Dec 1, 2017 05:25
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Sudden Loud Noise posted:Isn't that like... The exact opposite of what an escrow agent is by definition? Yep. Not recommended. Our agent said it was fine so we went with it. I would insist on a neutral third party next time. Preferably with transparent costs.
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Dec 1, 2017 07:24
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Blade Runner posted:The discussion from last month about Easton, PA is sort of ironic, considering I checked this thread because I was looking at houses in Easton specifically. I currently live and work in NYC, and I'm staring unhappily at the nightmarish hellscape of a commute I'd have if I lived there, but I'm also staring at the comparatively amazing homes you can get for extremely low prices on Zillow. I'm debating on the merits of actually going into home ownership since I'm still young and relatively mobile, but I've been hating the real estate market in the city(And just living in the city in general)for a long time. I can get a 0 down VA loan and I have about a year on my current lease to figure things out long term if I decided to start looking into getting a place. Most real estate any closer to the NYC metro is pretty ridiculous, so buying that isn't much of an option; I realize that this is the sign of "You cannot afford a home that will be conducive to where you work currently, you just gotta keep shoving cash into the furnace of renting in NYC" so I'm willing to hear that if it's what most people think. Rent a hotel room in Easton, PA and attempt the commute for a week, ideally during winter when it's at the most miserable. This will help you decide if it's really a tolerable commute, and you'll only be out a few hundred bucks instead of a few hundred thousand bucks.
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Dec 1, 2017 07:48
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Blade Runner posted:The discussion from last month about Easton, PA is sort of ironic, considering I checked this thread because I was looking at houses in Easton specifically. I currently live and work in NYC, and I'm staring unhappily at the nightmarish hellscape of a commute I'd have if I lived there, but I'm also staring at the comparatively amazing homes you can get for extremely low prices on Zillow. I'm debating on the merits of actually going into home ownership since I'm still young and relatively mobile, but I've been hating the real estate market in the city(And just living in the city in general)for a long time. I can get a 0 down VA loan and I have about a year on my current lease to figure things out long term if I decided to start looking into getting a place. Most real estate any closer to the NYC metro is pretty ridiculous, so buying that isn't much of an option; I realize that this is the sign of "You cannot afford a home that will be conducive to where you work currently, you just gotta keep shoving cash into the furnace of renting in NYC" so I'm willing to hear that if it's what most people think. You could live along 78 somewhere in Jersey for nearly as affordably.
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Dec 1, 2017 12:37
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As someone from the Lehigh Valley/Easton Area and who has watched the area get creamed by NYC commuters: Please, for the love of God if you move here do not just become another NYC commuter zombie. If you do move, look for employment in the area, and get locally engaged in volunteering or something. We referred to one of neighbors growing up as "The Munsters" not because they were inherently creepy or anything, but because both the husband and wife would leave for work at 5AM, and not get back until like 7-8 or something. You never saw them, and their house always looked empty. There are loads of people like that that live around here. They move out to get a "cheap" McMansion or glorified tract home, and then spend their whole life in a car. It's incredibly depressing, but hey the NYC money keeps the restaurants open! That said, it is a great area to live, at least until Amazon and Tuskes/Toll Brothers pave everything over with warehouses and McMansions. The idea of renting a hotel in Easton and seeing how it goes is a great idea. Try The Grand Eastonian downtown. Check it out, but if you do decide to move here, have an exit plan from New York. EDIT: Out of curiosity, what kind of homes are you looking at in Zillow? LogisticEarth fucked around with this message at 14:27 on Dec 1, 2017 |
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Dec 1, 2017 14:24
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EAT FASTER!!!!!! posted:You could live along 78 somewhere in Jersey for nearly as affordably. NYC/NYS income tax, NJ property tax, and commuting.. *shiver*
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Dec 1, 2017 14:35
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H110Hawk posted:It should be exactly, especially for things which are contracted. Stuff like the fees to fedex stuff around can move around a little but box A and most of B should be exactly to the number. Boxes E, F, and G should be trivially calculated and easily explained based on your exact closing date. See, that's what I thought and what I thought I was explaining to the loan officer correctly. Basically this is what I said when comparing the original vs the updated one.. A-B-C sections list off proper amounts, added up are correct for the total at section D. Sections E, F, G, and H are slightly changed (lower or higher totals) because the prepaid period went from 31 to 20 days due to closing date schedule and because actual homeowners insurance rate is ~20 dollars higher than the original estimate (which was a ridiculously low estimate to begin with) Combining section I with section D we arrive at closing total which is correctly calculated, then the cash to close section, again correct where the only number changed is the seller credits amount is $600 lower. He proceeded to tell me that if I took the origination fee from section A and added that back into the credit I would be back to what it should be, only that makes no sense as that is ALREADY calculated into the closing costs on the drat sheet. I even went line by line with him and he said he understood, but then then tells me "well this is just an estimate when the initial closing disclosure is released next week your credit will reflect the proper amount from contract....That may be the case, but peace of mind helps also, even for an estimate. I told him I wanted it fixed and a new estimate sent back, but he told me it wouldn't matter either way since the CD would be right. Either way, I also informed the loan processor about the issue on the estimate and even he told me it was odd they would be different since according to him the 6500 is embedded in my case file.. I should know Tuesday next week if everything is up-to-snuff with closing as I need to sign the initial disclosure agreeing to whats written on it etc. Mandalay posted:Our escrow cost went up from our LE to CD inexplicably (Section C). I think we got hosed by Escrow. Selling agent insisted on being the escrow agent as well, which sucked. See, everything I've seen around the interweb is that section C CAN change, but only up to 10% from the original good faith/ loan estimate. I get things like initial escrow changing as they don't have the correct costs for everything yet or prepaids sections slightly changing based on closing date and days left in the month etc. A $2000 jump from where I am right now I would would be extremely pissed off. thebushcommander fucked around with this message at 15:31 on Dec 1, 2017 |
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Dec 1, 2017 15:17
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I actually looked into Jersey first, and I really couldn't find anything near as affordable that wasn't so far West as to basically be Easton, anyway. I feel like you sort of hit a wall of "gently caress it" when your commute gets to about two hours to NYC where housing prices drop dramatically. The hotel idea is a legitimately good one, though, and I appreciate it. For houses, https://www.zillow.com/homedetails/470-W-Berwick-St-Easton-PA-18042/10126771_zpid/ would be a decent example of what I'd be looking for on the cheaper end.
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Dec 1, 2017 16:46
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Leperflesh posted:Rent a hotel room in Easton, PA and attempt the commute for a week, ideally during winter when it's at the most miserable. This will help you decide if it's really a tolerable commute, and you'll only be out a few hundred bucks instead of a few hundred thousand bucks. Hint: it's not. 1.5 hours minimum, plus you need to make it through a tunnel. There are no public transit options other than taking a bus to Philadelphia and a train to the city (4+ hours). You would literally be better off getting a row house in Philadelphia so you were closer to a train line, or rural central NJ so you're closer to Trenton/Princeton to catch the train.
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Dec 1, 2017 17:04
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This is just me but personally, for the exact same cost I would rather live in a dingy efficiency near my workplace than a beautiful 4 bedroom 2 bath 20 acre estate and spend 20 hours a week in my car.
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Dec 1, 2017 17:22
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Motronic posted:Hint: it's not. 1.5 hours minimum, plus you need to make it through a tunnel. There are no public transit options other than taking a bus to Philadelphia and a train to the city (4+ hours). Hey, you can get a bus to NYC from Easton too!  The closest commuter train that I'm aware of in northern NJ is in Hackettstown, which is actually not that bad of a place. quote:You would literally be better off getting a row house in Philadelphia so you were closer to a train line, or rural central NJ so you're closer to Trenton/Princeton to catch the train. This, especially if you're getting into Manhattan. Blade Runner posted:For houses, https://www.zillow.com/homedetails/470-W-Berwick-St-Easton-PA-18042/10126771_zpid/ would be a decent example of what I'd be looking for on the cheaper end. Southside gets a bad rap, but it certainly is a sketchier part of town and has some crime issues. It's not really walkable to downtown. Also, avoid the West Ward like the plauge. That said, the city will probably be gentrifying so maybe it's not a bad place to buy if you want some risk. Either way, like I said, if you do end up moving here, get an exit plan from your NYC job.
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Dec 1, 2017 17:27
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Motronic posted:Hint: it's not. 1.5 hours minimum, plus you need to make it through a tunnel. There are no public transit options other than taking a bus to Philadelphia and a train to the city (4+ hours). Even rural/central Jersey still has pretty crazy house prices, honestly. Like I said, I can accept the "Your current job and the NYC housing market are not conducive to you owning a home" thing, which is basically what it's sounding like, sadly.
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Dec 1, 2017 17:41
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I'd appreciate some advice from anyone with insight on 'Letters of Explanation' for a mortgage loan application, in regards to late payments on my credit history. I'm married, and my wife and I have joint bank accounts. In 2014, she assumed the role of managing our finances and paying bills. Over a 24 month period, she paid the car loan late six times (each listed as '30-59 days late'). From January through April 2016, she paid less than the minimum amount towards a credit card, which was ultimately recorded as 90-119 days late. I was unaware of the late payments until I received a call from the credit card issuer (Note: This is absolutely my fault - I never bothered to verify bills were being paid on time until the bank called). I took over the role of managing our finances at that point (April 2016), and we've been current on all of our payments since May 2016. I am in the process of (hopefully) obtaining a home loan, and my lender requested a letter of explanation for the late payments. I've done some research on the subject, and I understand my letter should have the following qualities:
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Dec 1, 2017 18:40
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Perhaps something along the lines of problem: family accounting system was inadequate (i.e. not lack of funds for payment), solution: identified problem and implemented stricter home accounting measures including oversight from both adults to ensure all bills are paid on time, started using mint/put due dates on a calendar/whatever you do to organize your stuff.
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Dec 1, 2017 19:02
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Motronic posted:Perhaps something along the lines of problem: family accounting system was inadequate (i.e. not lack of funds for payment), solution: identified problem and implemented stricter home accounting measures including oversight from both adults to ensure all bills are paid on time, started using mint/put due dates on a calendar/whatever you do to organize your stuff. As someone who has done underwriting, I would not find that satisfying. Then gain, his explanation is basically that there was no reason or hardship, they just aren't good at paying on time. That's one thing for credit cards, but another matter entirely for secured installment debt like a car loan. I am not sure there is a good way to spin it. You can say "we were not as on top of our payments for a while as we were balancing family responsibilities, and got a little sloppy, but that is resolved now" and see if they buy it.
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Dec 1, 2017 19:13
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therobit posted:As someone who has done underwriting, I would not find that satisfying. Then gain, his explanation is basically that there was no reason or hardship, they just aren't good at paying on time. That's one thing for credit cards, but another matter entirely for secured installment debt like a car loan. I am not sure there is a good way to spin it. You can say "we were not as on top of our payments for a while as we were balancing family responsibilities, and got a little sloppy, but that is resolved now" and see if they buy it. I agree it's not satisfying - I'm not sure there's a way to make it satisfying but the way you phrased it sounds better. Credit reporting is a thing for a reason. You don't get to just say "oopsie" when it's still on your report.
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Dec 1, 2017 19:23
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Motronic posted:I agree it's not satisfying - I'm not sure there's a way to make it satisfying but the way you phrased it sounds better. Yeah, especially in the first 24 months after the last late payment. One of the things they are concerned about is "early payment default" which is a 90 day late payment in the first year. I can cause them to have to buy the loan back from investors in some cases and it will come back on the underwriter if their file has an EPD and there were any evident risk factors. therobit fucked around with this message at 19:58 on Dec 1, 2017 |
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Dec 1, 2017 19:56
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How dare you allow a single old lady an extra 6 hours to get out! She signed something at closing saying she was liable to all damages caused by her moving out and she had to be out by 5pm day of closing else an amount that was held in escrow would start paying out to me.
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Dec 1, 2017 23:55
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How to ask a landlord to get out of a lease early? Lease is up in June. Made an offer on a house which was accepted. Things are moving fast and it might be done super fast. This is in California. Thanks.
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Dec 2, 2017 16:18
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Just ask? Do you have a person as a landlord or is it a property management company? If it's just a single person who owns the property, talk to them like a human being. I did this once and he told me if I could find a tenant to take over the lease he wouldn't penalize me or hold onto my deposit.
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Dec 2, 2017 16:35
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Yeah, it's a person. She's nice so it probably won't be too bad.
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Dec 2, 2017 16:39
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YMMV. My landlord said tough poo poo until he finds a new tenant. While nice it is greatly overpriced.
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Dec 2, 2017 18:32
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My landlady tried to do that and i reminded her that she forgot to renew my lease over a year prior and the contract falls through to month to month. 
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Dec 2, 2017 19:27
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Waltzing Along posted:How to ask a landlord to get out of a lease early? In California they are technically required to let you out if you find a qualified replacement tenant. This is basically the same test that you went through to rent the place. In practice they can be a real dick about it. Offer to pay for an ad if they balk, say $100, but I would do it over email after talking to them on the phone.
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Dec 2, 2017 20:19
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Another question. Is this new tax bill going to gently caress things up really bad for new homeowners? I see a lot of doom and gloom but is this likely to crash the Bay Area market?
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Dec 3, 2017 02:31
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It's definitely going to decrease prices but whether or not it crashes any markets I think is up in the air
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Dec 3, 2017 04:15
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Waltzing Along posted:Another question. Is this new tax bill going to gently caress things up really bad for new homeowners? I see a lot of doom and gloom but is this likely to crash the Bay Area market? If you were relying on your high taxes (state, local, property) + mortgage interest deduction to balance your books you are screwed. Otherwise no.
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Dec 3, 2017 04:59
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QuarkJets posted:It's definitely going to decrease prices but whether or not it crashes any markets I think is up in the air Do you think the 10% price drop is accurate?
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Dec 3, 2017 06:11
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everyone is ignoring the increased standard deduction. for many home buyers nationwide it barely makes sense to itemize: raising the standard deduction will mean more people would be better off not itemizing anyway. However, people buying very expensive houses, like folks in the bay area, definitely lose out. it should have a modest affect on home prices above some price that I am too lazy to look up. Also keep in mind cash buyers are unaffected and they are a big component of the market now. The wealthy people getting huge tax breaks can spend more money buying houses as investments, to exploit the renter classes who bear the burden of the "tax reform"! Wheeee
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Dec 3, 2017 06:29
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Families earning more then a million a year are likely to pay less tax not more. I assume anyone buying a house in the bay area falls under this. That said what is the thing people say about timing a market? I think it is always buy or never buy but it seem to change every 5 years or so. Elephanthead fucked around with this message at 13:27 on Dec 3, 2017 |
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Dec 3, 2017 13:23
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There's a housing valley where prices are likely to feel some very slight downward pressure. I think 10% is farcical, especially given how the markets are likely to move. If we do see a correction later this year, that would seem to be a vastly better time to buy than in the immediate aftermath of the passage of this tax bill. The houses affected initially will be priced between 600K and 1M. The reasoning is that interest on mortgages up to 500K remains tax deductible as a line item deduction. An 80% mortgage on a 600K house is 500K, hence the "floor" of homes affected. Houses over 1M are unlikely to be affected because the mortgage interest deduction pales in comparison to other benefits very high earners have achieved with this tax bill. Some very hot markets might see downward pressure for homes up to 1.5M, for instance, but other markets will not. In my home state, most families earning 250K-500K who do line item deductions are actually predicted to get a day one tax increase, because state taxes will no longer be line-item deductible. This decreases more and more as you earn upwards toward > 500K and especially > 1M. The families earning 250-500 tend to buy homes in the 750 range, which extrapolates to downward pressure on these home prices. People earning 500+ and 1M+ annually tend to spring for homes priced 750-2M, hence the less significant downward pressure in those markets. 
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Dec 3, 2017 15:02
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Leperflesh posted:However, people buying very expensive houses, like folks in the bay area, definitely lose out. I was specifically commenting on the bay area portion. A non-zero number of people there are buying at the absolute top of their budget and relying on tax refunds to help make it through the year. I hesitate to put any kind of quantity number on it, but talking to friends and internet friends it is certainly a thing that everyone seems to know someone in that situation. You do not need to be anywhere close to a million a year to originate a loan on a 750k condemned shack in the bay area. I don't mean with comical down payments either, think 10% down. Whether that is a good idea or not is a different question.
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Dec 3, 2017 18:08
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H110Hawk posted:I was specifically commenting on the bay area portion. A non-zero number of people there are buying at the absolute top of their budget and relying on tax refunds to help make it through the year. I hesitate to put any kind of quantity number on it, but talking to friends and internet friends it is certainly a thing that everyone seems to know someone in that situation. Yeah exactly. There are markets where you can buy a house appropriate to your earnings, and then there are hot markets. I don't think this will crater homes in "hot market valley" though, just keep them from accelerating.
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Dec 3, 2017 18:12
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