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Our loan was approved yesterday, so I guess we're like a week or two from closing. In addition to the commitment letter, the bank also wanted to us to explain a large deposit (our wedding gifts) and if we can pay off our amex bill (outdated balance on credit report). Shouldn't they be asking these questions before approving us?
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Jan 6, 2018 14:56
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I just closed on Dec 18th and our loan company was asking questions about various things ( to both buyer and seller) up until 1 week before closing.
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Jan 6, 2018 16:20
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Sepist posted:Our loan was approved yesterday, so I guess we're like a week or two from closing. In addition to the commitment letter, the bank also wanted to us to explain a large deposit (our wedding gifts) and if we can pay off our amex bill (outdated balance on credit report). Shouldn't they be asking these questions before approving us? Until 3 days prior to closing literally nothing is approved. Even then it can all get undone. They pulled a report yesterday, and probably one more just before closing. Think of it like an airplane ticket. It can be reserved, confirmed, checked in, through security, and on the plane. United can still drag your rear end off. If the plane isn't in the air (signed, notarized) you are just playing games with the gate agent.
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Jan 6, 2018 17:18
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Okay that makes sense. One more question I would normally ask my lender but it's the weekend. Our latest loan estimate has a cash to close that is 20k higher than our GFE. Does the loan estimate cash to close differ than the GFE because it includes the combined sellers/buyers closing costs?
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Jan 7, 2018 20:37
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Sepist posted:Okay that makes sense. One more question I would normally ask my lender but it's the weekend. That is a huge difference, you need to carefully compare them line by line. Your agent or loan officer should be able to show you exact to the dollar math of that difference trivially. GFE's have to be within a specific % iirc for things you aren't in control of, things like price/appraisal changes, repairs, etc. Are the only things that should be changing it dramatically, and you should be well aware of those. Don't get hosed over by hand waving.
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Jan 7, 2018 21:34
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I called our processor this morning to provide the answers to their two account inquiries, while I was on the phone I asked her about this and she let me know that the number I know is correct and the LE needs to be corrected.
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Jan 8, 2018 16:26
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WHY DOES EVERYTHING HAVE TO COST MONEY
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Jan 11, 2018 04:49
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Inzombiac posted:WHY DOES EVERYTHING HAVE TO COST MONEY The best things in life are free like a mortgage preapproval letter.
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Jan 11, 2018 16:00
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Inzombiac posted:WHY DOES EVERYTHING HAVE TO COST MONEY We can lock in an answer for that for only $400.
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Jan 11, 2018 16:26
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Wound up closing on a house. Appraisal came in higher than the sale (included 10k seller's credit, appraisal was still higher). Somehow magically getting back more money than we've invested so far (VA loan/no money down). Seller's wife left a note in the home that they had to leave and were desperate to sell because of her medical emergency and if we could please keep a lookout for her cat. Sad situation for her but will try.
FAGGY CLAUSE fucked around with this message at 08:18 on Jan 13, 2018 |
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Jan 13, 2018 08:14
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There's an excellent chance that the missing cat is hiding under the house. Get down there and check within the first 24 hours, because you don't want a dead cat under your house. Failing that, put food out near every entrance, a little bit before dusk. If you see the cat, you can probably get a local rescue place to help trap it safely.
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Jan 13, 2018 08:52
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Anyone have experience with changing jobs while going through with buying a house? Is it just a hard DO NOT? We are barely at the preapproval stage and I’m not doing anything crazy like leaving a corporate job to become a self employed artisan hotdog cart vendor.
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Jan 16, 2018 17:44
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Captain Beans posted:Anyone have experience with changing jobs while going through with buying a house? Is it just a hard DO NOT? It is Ok as long as you don't have a gap in employment and you do not rely on bonuses, commissions, or OT as a significant part of your income. If you need the bonuses, comissioms, or OT to qualify it is a no-go. Be sure to tell your lender upfront.
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Jan 16, 2018 17:50
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Yeah I mean, a ton of people buy houses as part of moving to a new job. It's not a big deal.
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Jan 16, 2018 17:52
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We were buying when I was about to start a new job. I just tried to be very clear and open about the fact, and all they needed was the offer letter with my proposed salary and then I sent my first pay stub when I got it a couple weeks later. I think the offer letter was the big thing, though.
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Jan 16, 2018 18:26
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H110Hawk posted:Until 3 days prior to closing literally nothing is approved. Even then it can all get undone. This makes me worry a lot since I'm in the process of buying a home and we're supposed to close today. At the behest of my agent, we wrote into the purchase contract that the seller would need to provide a termite report before we can close. So my loan and closing is dependent on this termite report, they've known about this for the last month, and they still haven't done it or provided the report to my lender or to the escrow company.... Do I start to panic today? Or panic later this week?
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Jan 16, 2018 19:03
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kimcicle posted:This makes me worry a lot since I'm in the process of buying a home and we're supposed to close today. At the behest of my agent, we wrote into the purchase contract that the seller would need to provide a termite report before we can close. So my loan and closing is dependent on this termite report, they've known about this for the last month, and they still haven't done it or provided the report to my lender or to the escrow company.... Depends on if you are going to lose your loan. You can write out the contingency if your lender will allow it, but why haven't they provided it and how many times did you call them today?
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Jan 16, 2018 19:31
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H110Hawk posted:Depends on if you are going to lose your loan. You can write out the contingency if your lender will allow it, but why haven't they provided it and how many times did you call them today? Since I caught wind of the issue I've called enough that I'm pretty sure their agent has now blocked my number. So I've started calling on my work phone and gotten my wife to call on her cell phone too. I think there's a contingency baked into the contract, I'll have to double check, but the loan officer keeps stressing to me that I'm not in danger of losing the loan so I've got that going for me.
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Jan 16, 2018 20:35
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My lawyer is the worst. The seller had to make an upgrade to an electrical box in order to pass inspection. The inspector is going back out on Monday to verify it's complete and done by a certified electrician. Bank has approved our loan. Nothing outstanding on the title, or survey. Broker thinks we will close Wednesday or the following Wednesday. Call my attorney, he says "nah, maybe mid February if you're lucky" What the hell guy?!
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Jan 17, 2018 22:58
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I'm under contact on a house and currently booked to have electrical, sewer, roof and termite inspections in the next couple days. The house has a averaged 'build date' of 1967, but is composed of a house built in 48 with and addition in 95. Having gone through this process on another house before, is it still worth doing a full 'home inspection' if I'm ordering all of the others and don't see any obvious cracks/issues in the walls/ceilings/cement floor (no foundation/structural issues that non-invasively stand out)? My offer went through at 15k under asking, so any of the fixes would be mostly for my own edification as they won't be fixing much. I know the answer is yes, and that I'd regret not doing the inspection, just thinking out loud if a different inspector would be a better one in concert with the battery I already have going.
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Jan 18, 2018 00:18
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An averaged build date is one of the dumbest things I’ve heard
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Jan 18, 2018 00:20
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Haha what? Is that even a thing? The house I owned last year was built in like the 1940s with a significant addition recently (last 10-20 years) and I never heard any talk at all of an "averaged build date" or even of when the addition was made.
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Jan 18, 2018 00:25
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Selious posted:electrical, sewer, roof and termite inspections These are all (except for roof) things that a general inspector doesn't usually cover anyway. Get a drat inspection. You're already shelling out thousands of dollars for a house, spend the extra few hundred. If nothing else, it will tell you where your money will go in the next few years.
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Jan 18, 2018 00:32
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Solemn Sloth posted:An averaged build date is one of the dumbest things I’ve heard I'm imagining it could be some sort of tax thing? Some complicated formula about buildings grandfathered into some legal category that newer buildings don't qualify for, and then a compromise to find an average building age for buildings with substantial additions to prevent you from being able to just preserve one stick of wood from an old house with 99.9% updates/add-ons and still claim it's the old house... I'm just spitballing here.
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Jan 18, 2018 00:46
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Leperflesh posted:I'm imagining it could be some sort of tax thing? Some complicated formula about buildings grandfathered into some legal category that newer buildings don't qualify for, and then a compromise to find an average building age for buildings with substantial additions to prevent you from being able to just preserve one stick of wood from an old house with 99.9% updates/add-ons and still claim it's the old house... That's about the only thing that makes any modicum of sense. But then why don't they include the % of sq ft modified as well? (  )For the purposes of your inspection and hazards that is a 1940's house. (Think: Lead, wiring, asbestos, building materials.)
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Jan 18, 2018 00:53
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I got final approval on my loan and a closing scheduled for a condo, so I'm joining the rank of fools again. I'm taking like 3 days off after the closing to patch and paint 
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Jan 23, 2018 14:55
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kimcicle posted:Since I caught wind of the issue I've called enough that I'm pretty sure their agent has now blocked my number. So I've started calling on my work phone and gotten my wife to call on her cell phone too. Ended up closing with no issues. I now join the ranks of those dumb enough to buy a home.
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Jan 24, 2018 01:12
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30yr mortgages appear to be heading for 5% :o
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Feb 3, 2018 01:22
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Pryor on Fire posted:30yr mortgages appear to be heading for 5% :o Wondering what kind of effect this, plus the tax code change is going to have have on the 300K+ home market, especially here in Texas.
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Feb 3, 2018 02:06
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Is it a crazy Seattle only thing to wave inspection contingencies on an offer? Our agent said we pretty much have to pay for an inspection pre-offer and then offer with no inspection contingency to have a shot. This sounded like insanity to me and yet we lost an offer on a house a couple weeks ago because the other offer had waved absolutely all contingencies. That house had been on market less than a week and that was the competition. This makes my head spin.
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Feb 3, 2018 02:17
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I'm seeing 4.22% for yesterday's rate, and that is not 5%. But also, it's been 5% as recently as Feb 2011, which was well into the housing recovery period. Basically it's a high rate for the last 10 years, but it's still a very low rate for the last 30. The tax implications likely won't have a huge affect either: have you ever heard of anyone saying "we were considering buying a house, but we decided we couldn't because of taxes"? People will just price taxes into their budgets (if they have budgets) and then buy more than their budget anyway, as usual. FuzzySlippers posted:Is it a crazy Seattle only thing to wave inspection contingencies on an offer? Our agent said we pretty much have to pay for an inspection pre-offer and then offer with no inspection contingency to have a shot. This sounded like insanity to me and yet we lost an offer on a house a couple weeks ago because the other offer had waved absolutely all contingencies. That house had been on market less than a week and that was the competition. This makes my head spin. All-cash offers often waive contingencies, and in compensation, offer less than what the sellers would require from an offer with contingencies. It's risky, but if you're buying fifty houses over the next year with your clients' money and bidding $20k lower than the lowest mortgage-based offer, you can afford to just swallow whatever repairs come up that weren't caught by a pre-purchase inspection.
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Feb 3, 2018 02:20
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FuzzySlippers posted:Is it a crazy Seattle only thing to wave inspection contingencies on an offer? Our agent said we pretty much have to pay for an inspection pre-offer and then offer with no inspection contingency to have a shot. This sounded like insanity to me and yet we lost an offer on a house a couple weeks ago because the other offer had waved absolutely all contingencies. That house had been on market less than a week and that was the competition. This makes my head spin. It's not uncommon in our market, from what I understand (Bellevue goon here)
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Feb 3, 2018 02:39
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skipdogg posted:Wondering what kind of effect this, plus the tax code change is going to have have on the 300K+ home market, especially here in Texas. Hopefully it will depress prices...
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Feb 3, 2018 04:24
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enraged_camel posted:Hopefully it will depress prices... I think it will be the opposite. Less people willing to sell because they can't get a new mortgage with as low an interest rate. So with a smaller pool of homes on the market the prices will rise.
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Feb 3, 2018 05:37
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FuzzySlippers posted:Is it a crazy Seattle only thing to wave inspection contingencies on an offer? Our agent said we pretty much have to pay for an inspection pre-offer and then offer with no inspection contingency to have a shot. This sounded like insanity to me and yet we lost an offer on a house a couple weeks ago because the other offer had waved absolutely all contingencies. That house had been on market less than a week and that was the competition. This makes my head spin. This has been the norm in Vancouver (Canada) for at least a decade. Things might be a little less ridiculous in the detached market over $2M now.
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Feb 3, 2018 22:34
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I would wait until the housing market slows down if you have that flexibility. (And willingness to wait a few years if possible)
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Feb 3, 2018 22:56
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I'd be surprised if mortgage interest rates affect Seattle much since an astonishing number of purchases are made in cash. We're thinking of making an offer on a house (which literally hit market 2 days ago and we'd need to get in by Tuesday offer date because Seattle) and our agent checked on the houses nearby which are closing to give an idea of what kind of offer we should make. One list at 619k and was bid up to 689k and the other started at 650k and had multiple bidders with one willing to go to 800k but they ultimately went with a 750k cash offer. This isn't even Seattle proper. From poking around online in some neighborhoods up to 40% of the final closing offers were in cash. I can't imagine this is a bubble that bursts regardless of nationwide trends any time soon.
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Feb 3, 2018 23:23
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Probably not. It's all that sign-on bonus, relocation bonus, vesting RSU money going right into housing. My old co-worker moved there a few years ago and is sitting in 3/4 th a million from all that Amazon cash.
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Feb 3, 2018 23:51
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Whichever city gets picked to host Amazon's HQ2 is going to have so much fun...
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Feb 4, 2018 00:03
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I'm praying it's not DFW or I'm never going to own a home. 
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Feb 4, 2018 00:06
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