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I just got off the phone with the loan officer from Chase after telling him I was going with another guy. I got my preapproval with them and started shopping around after we got an offer accepted. This fuckin' guy, "So you just used our offers to negotiate a better rate elsewhere?" Uh, yeah, dude. That's business.
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Jan 24, 2020 00:46
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"Can you match the rate they're offering me?"
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Jan 24, 2020 00:48
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GoGoGadgetChris posted:"Can you match the rate they're offering me?"
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Jan 24, 2020 00:50
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So I’m making the poor decision to pursue buying a house! I’ve run through what I’ve saved for down payment and what I want to pay for monthly mortgage and incurred property tax. Got a prequalified mortgage sheet, but I’m struggling with how to go about finding a buyer’s agent that is going to work me over the least and how to find a solid independent real estate agent. What are some good things to inquire about with a buyers agent? I don’t even know good criteria to evaluate them based on. I can ask for recs from other people in the area but that’s assuming they also have good judgement. P.S. as a first time home buyer worth it to take the 10k allowed out of retirement (minus taxes paid) to further up the down payment?
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Jan 24, 2020 00:57
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Depends on the bank and loan type. We've had two mortgages with our current bank, the first was sold off a few months after closing, but our mortgage person said our current loan would likely be held to maturity with them. They keep regular mortgages in-house, but anything FHA or unusual (first time home buyers loans and whatnot from county/city/state programs) would get sold off asap.
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Jan 24, 2020 02:20
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Hadlock posted:There's way more profit in selling the loan these days than the origination fee, isn't there? My bank’s gain on sale is sub 2%, and that gets eaten away by operating costs of the mortgage group. Don’t get me wrong they still make money but selling the note is more about getting them office balance sheet so you can make more loans.
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Jan 24, 2020 14:38
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I fired our buyer's realtor yesterday because she hadn't communicated with us for two weeks and the last thing she said was that she wasn't going to help us find a home until our current lease was months closer to being up. She sent an email back asking why so I answered and asked her not to contact us again. She decided it was a great idea to call me back and condescendingly explain/yell at me for five minutes about how she totally wasn't condescending. So glad we started looking early enough to switch to what will hopefully be a more sane realtor. She also tried to push us into more expensive houses every time we talked so I think we're lucky to be switching anyways.
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Jan 24, 2020 21:00
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LLSix posted:I fired our buyer's realtor yesterday because she hadn't communicated with us for two weeks and the last thing she said was that she wasn't going to help us find a home until our current lease was months closer to being up. The call after you requested not to be contacted, and the general behavior on said call, might be worth letting the managing broker of their office know about your experience with her.
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Jan 24, 2020 21:25
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LLSix posted:I fired our buyer's realtor yesterday because she hadn't communicated with us for two weeks and the last thing she said was that she wasn't going to help us find a home until our current lease was months closer to being up. Thank god you dodged that bullet. The last thing I want to deal with is a pushy realtor or salesperson. You're gonna get like 10K in commission off me and I'm not asking to see a million properties. Chill.
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Jan 25, 2020 19:15
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We've been seeing properties all month and I think together we've become stupid enough to put in our first offer. We had seen the property two days ago, but went back during the open house to double-check our assumptions and the place was just crawling with people. So, we're almost certainly going to be in a bidding war, but the interesting thing is that the couple is moving to a retirement home and is asking to effectively pay rent after closing until April 9, when their space opens up. Obviously, no one would agree to this if they didn't have to. But, let's say we're considering the request, both because the risk for retirees seems low and the NoVA market is insane and we won't be able to win a bidding war for a similar home as prices start to go up towards summer. What are some things we should consider, contract or otherwise? Is this a common enough occurrence that we could borrow some language? I'm guessing that at the very least we want to be able to break the contract if they mess up the place.
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Jan 27, 2020 01:46
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zynga dot com posted:We've been seeing properties all month and I think together we've become stupid enough to put in our first offer. We had seen the property two days ago, but went back during the open house to double-check our assumptions and the place was just crawling with people. So, we're almost certainly going to be in a bidding war, but the interesting thing is that the couple is moving to a retirement home and is asking to effectively pay rent after closing until April 9, when their space opens up. The safe option for you would be to delay closing so that you can take possession when the home is vacant, and make sure nothing has changed. It doesn't really sound like they need the money before closing anyways. The next best thing would be to minimize the length of rentback, keep a substantial deposit in escrow so they have an incentive not to damage your home, and to charge market rate rent or higher so they have an incentive to leave on time.
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Jan 27, 2020 02:39
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This happens a lot so your realtor has some boilerplate forms. Get money in escrow for repairs etc and have them agree to cover all damages incurred after final walkthrough. But its nova so you probably cant be too demanding. The challenge with delayed closing is if the prices go way up they could decide to walk and put it back on the market after their old folks move out.
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Jan 27, 2020 02:50
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Thanks all. Turns out our realtor did have some boilerplate that addressed everything mentioned above, and we just finished making the offer!
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Jan 27, 2020 05:09
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zynga dot com posted:Thanks all. Turns out our realtor did have some boilerplate that addressed everything mentioned above, and we just finished making the offer!  how much escrow did you specify? Talk to a real estate attorney asap (prior to getting any further in this process if they accept your offer.) If you do "win" this and they don't move out on the exact date specified start eviction proceedings immediately.
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Jan 27, 2020 05:48
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H110Hawk posted:
Escrow is a month's mortgage payment, monthly rent is our full monthly mortgage payment, 30 days notice to leave if it's before the agreed upon date, and damages/penalties on breach including the ability to immediately start eviction proceedings. Seems fine for two months. I am a former attorney, so we're doing this with eyes open, but I'll be running it by someone else as well.
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Jan 27, 2020 20:46
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zynga dot com posted:Escrow is a month's mortgage payment, monthly rent is our full monthly mortgage payment, 30 days notice to leave if it's before the agreed upon date, and damages/penalties on breach including the ability to immediately start eviction proceedings. Seems fine for two months. I am a former attorney, so we're doing this with eyes open, but I'll be running it by someone else as well. Congratulations on your recovery. In theory you would escrow a part of the liquidated damages for failure to perform but that ship has likely sailed. Keep us posted!
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Jan 27, 2020 21:58
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zynga dot com posted:Escrow is a month's mortgage payment, monthly rent is our full monthly mortgage payment, 30 days notice to leave if it's before the agreed upon date, and damages/penalties on breach including the ability to immediately start eviction proceedings. Seems fine for two months. I am a former attorney, so we're doing this with eyes open, but I'll be running it by someone else as well. You should be using market rate rent, or ideally more than that. Not your presumably lower cost of just the mortgage. Otherwise the seller has a financial incentive to stay for longer because they actually save money the longer they overstay Most mortgages require you to actually occupy the property within 60 days of closing, and to intend to occupy the property as your primary home. A two month rentback agreement makes it virtually impossible to actually occupy the home within 60 days, and it also shows your intent at the time of closing is not to occupy the home within 60 days. That is mortgage occupancy fraud, but realistically unlikely that would be pursued criminally. More likely the lender would accelerate the mortgage and require you to refinance with an investment type mortgage, and a higher down payment. Or really the lender would not approve a long rentback agreement if they were aware of it before closing, and you should check with your lender now to see if they have any overlays on rentback more than what fannie mae and freddie mac require.
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Jan 27, 2020 22:57
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lampey posted:Most mortgages require you to actually occupy the property within 60 days of closing, and to intend to occupy the property as your primary home. A two month rentback agreement makes it virtually impossible to actually occupy the home within 60 days, and it also shows your intent at the time of closing is not to occupy the home within 60 days. That is mortgage occupancy fraud, but realistically unlikely that would be pursued criminally. More likely the lender would accelerate the mortgage and require you to refinance with an investment type mortgage, and a higher down payment. Or really the lender would not approve a long rentback agreement if they were aware of it before closing, and you should check with your lender now to see if they have any overlays on rentback more than what fannie mae and freddie mac require. I hadn't considered this part, actually - appreciate the heads up. For the future, anyway, because we didn't get it - the house got 37 loving offers. We don't know the final price yet but we have to assume $100k+ over list.
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Jan 28, 2020 02:30
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zynga dot com posted:I hadn't considered this part, actually - appreciate the heads up. For the future, anyway, because we didn't get it - the house got 37 loving offers. We don't know the final price yet but we have to assume $100k+ over list. All cash, no inspection contingency, too, I'm sure.
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Jan 28, 2020 05:45
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Motronic posted:And just wait until you find out how much gutters and roofing cost when you're forced to use close-to-original materials. Good luck finding that one guy who still knows how to braze copper gutters, for example (very common in the philly area in historic districts) Uhhhh uhhhh do I want to know more about the gutters now or later?
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Jan 28, 2020 14:05
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"Historic" house down the road from me in Philly burbs just did roof+gutters. I can only imagine what those historically-required copper gutters and cedar roof cost. Price-shopping bids for something so out-of-the-ordinary and custom is worthless; just open up your checkbook and start writing a bunch of numbers before the decimal. Also, the fact that a house from the late 1800s is considered historic probably makes Europeans shake their head.
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Jan 28, 2020 15:16
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Man, I'm so happy the sellers gifted us a suped up insurance deal where, for the first year, if anything breaks we can get it fixed for free. It even covered the rekey. The water heater is juuuuust old enough that I'm praying it breaks in the next few months.
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Jan 28, 2020 17:02
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Inzombiac posted:Man, I'm so happy the sellers gifted us a suped up insurance deal where, for the first year, if anything breaks we can get it fixed for free. Pretty sure 1 year insurance is standard in Texas. Could be different where you live.
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Jan 28, 2020 17:09
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Inzombiac posted:Man, I'm so happy the sellers gifted us a suped up insurance deal where, for the first year, if anything breaks we can get it fixed for free. Cursed post.
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Jan 28, 2020 17:11
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I wired my final closing amount yesterday and COE is tomorrow, pray for me in this time of pending financial ruin
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Jan 28, 2020 18:32
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BlackMK4 posted:I wired my final closing amount yesterday and COE is tomorrow, pray for me in this time of pending financial ruin (Congratulations) I look forward to being called a loving idiot when I post about my closing in the next 45 days.
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Jan 28, 2020 18:44
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B-Nasty posted:"Historic" house down the road from me in Philly burbs just did roof+gutters. I can only imagine what those historically-required copper gutters and cedar roof cost. Price-shopping bids for something so out-of-the-ordinary and custom is worthless; just open up your checkbook and start writing a bunch of numbers before the decimal. We're in the philly burbs and have a house with copper gutters. Every time I clean them I wonder how much they're going to cost when something breaks. Roof is "normal" thankfully.
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Jan 28, 2020 18:47
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BlackMK4 posted:I wired my final closing amount yesterday and COE is tomorrow, pray for me in this time of pending financial ruin 
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Jan 28, 2020 19:19
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BlackMK4 posted:I wired my final closing amount yesterday and COE is tomorrow, pray for me in this time of pending financial ruin Welcome to the club... of death!!!!!
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Jan 28, 2020 19:43
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B-Nasty posted:"Historic" house down the road from me in Philly burbs just did roof+gutters. I can only imagine what those historically-required copper gutters and cedar roof cost. Price-shopping bids for something so out-of-the-ordinary and custom is worthless; just open up your checkbook and start writing a bunch of numbers before the decimal. It makes me shake my head too. But the local Hysterical Architectural Review Boards of each municipality get to decide what decade they want to freeze time in. And sometimes they even change it. Up by me it's more like early 1800s, and that's largely because we have a lot of surviving homes from the 1700s and a lot more from the 1800s. You "protect" what you've got I suppose.
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Jan 28, 2020 21:10
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California home owner goons Properties taxes are "rent controlled" via prop.... 8? If we buy a condo, and say the property taxes get assessed at $1000, and then we go into a recession at the end of the year and the next unit in the building appraises for 10% less than our unit, can we petition a new property tax bill equal to the comparable unit... Like say $900? And then lock in on that lower property tax rate for life with the standard 2% max increase Those are round example numbers but curious how that boils down
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Jan 28, 2020 23:09
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You can always protest/ask for a reassessment. Reassessment happens every year ( I think)
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Jan 28, 2020 23:12
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Hadlock posted:California home owner goons Prop 13 fixes the state-level property tax at 1% of the original sale price, plus a maximum of (IIRC) 2% increase annually. Ad valorum taxes are extra, so the actual tax raid paid by property owners is more like 1.5 to 2.5% or so depending on county. If property values fall, your property assessment can go down. I bought my house in december 2009, and in 2010 the county decided my property had fallen in value a bit and my tax rate went down. However, this new lower assessment does not "replace" your sale value for the purposes of prop 13: so in the following year or two when property values recovered, my tax rate went right back up again.
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Jan 28, 2020 23:22
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Big thanks for everyone talking about Better for a refi. Never heard of them but they’ve been great and gonna save like 3k a year without paying a dime upfront
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Jan 29, 2020 05:54
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Leperflesh posted:Prop 13 fixes the state-level property tax at 1% of the original sale price, plus a maximum of (IIRC) 2% increase annually. Ad valorum taxes are extra, so the actual tax raid paid by property owners is more like 1.5 to 2.5% or so depending on county. Gotcha it's ultimately dictated by original assesment + cumulative max-2% annual increases Does moving a house into a.... uh, revocable/living trust(?) trigger a reassessment? Seems like all the fancy folks these days are doing the trust thing, probably for tax reasons. Sounds like short term paying over assement value screws you on the purchase in terms of cash out of pocket, but probably pays dividends down the road.
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Jan 29, 2020 09:01
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Hadlock posted:Does moving a house into a.... uh, revocable/living trust(?) trigger a reassessment? Seems like all the fancy folks these days are doing the trust thing, probably for tax reasons. No. Put your house in a trust because it prevents lawyers from having to probate it when you die and keeping a flat % of its value regardless of what you owe. Estate planning packages are a few grand.
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Jan 29, 2020 09:13
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You need to talk to a lawyer about the trust. Depending on the specifics of how the trust is setup it can both trigger a reassessment and have the mortgage accelerated. If you are married you can have the property titled as community property with right of survivorship and both avoid probate, and the surviving spouse inherits half at a stepped up cost basis
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Jan 29, 2020 17:39
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What kind of gotchas should I be aware of in taking out a mortgage with a large lender credit and 'high' rate as a bridge loan and paying it off immediately once I sell my existing house? The loan amount would be in the range of 100-150k and of course I'd be able to make the payments in addition to my current costs. This screenshot is from the same lender I used to close my current house 5 years ago and I selected the highest lender credit / rate option they had available. I'm asking because this seems like a free loan aside from the tiny amount of interest I'd pay and I'm wondering if there's a way for the lender to claw back that credit. 
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Jan 29, 2020 23:04
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Andy Dufresne posted:What kind of gotchas should I be aware of in taking out a mortgage with a large lender credit and 'high' rate as a bridge loan and paying it off immediately once I sell my existing house? The loan amount would be in the range of 100-150k and of course I'd be able to make the payments in addition to my current costs. This screenshot is from the same lender I used to close my current house 5 years ago and I selected the highest lender credit / rate option they had available. Seems correct, assuming their costs come out OK. You would have to see this on a Loan Estimate form to make sure they can't claw them back. You should still shop it around. Primary risk seems to be not selling your house for longer than you anticipated or not getting the price you wanted. (Economic downturn happens in the next few months basically.)
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Jan 29, 2020 23:10
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As of this afternoon, I have a mistake under contract. Everyone is being squirrely about the HUD loan estimate forms. Do I just demand they deliver the numbers on that form or I walk, or what? I'm dealing with my bank, Zillow Home Loans, and a guy that my realtor and the mortgage guy from my bank apparently know, or something? It seems a little shady.
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Jan 30, 2020 01:26
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