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re: mortgage disclosure forms At what point can you expect a potential lender to furnish the HUD form so you can compare mortgages? We're putting in a contingent offer and are shopping around the loan locally after getting a pre-approval through Quicken. Everyone wants to do this 'let's talk on the phone' bullshit but I really just want to see numbers first.
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Jun 26, 2020 21:09
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Bioshuffle posted:The soil where I'm buying is very similar if not exact same to yours. The home is on a slab. A qualified home inspector would have caught a catastrophic foundation failure and referred me out to a structural engineer, right? Yes, this is pretty normal. Foundation issues are pretty easy to spot even for a layman. You're looking for diagonal cracks in the walls especially near doors/windows along with doors that don't open and close/latch properly or recent repairs in those areas. I have a 1985 house with no foundation issues (knock on wood) and I'm hesitant to repair tape joint cracks in the ceiling as my house goes up for sale because I don't want to give the impression of underlying issues. Inspectors don't diagnose foundation issues but they can sure as hell identify them. Both home inspections I've gone through the Inspectors told me there wasn't anything that they personally would have wanted an expert to look at.
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Jun 26, 2020 21:18
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Tricky Ed posted:very B-Nasty posted:helpful gvibes posted:posts Motronic posted:itt Thanks guys. Did a viewing and we were really not feeling it. The yard was significantly smaller then I was expecting. I anticipated this, but to see it in person... Wow, a wide angle lens is a powerful thing. Soooo.... We put an offer in on this bad boy today. Deleted In contrast, everything about this place viewed much better in person then online. There isn't really an interior aspect we can identify that would need an expensive upgrade or change. The style really suits our taste and everything appears to be in excellent shape.That being said, they already had an above asking offer in hand so our agent advised us to come back offering an extra 15 with some appraisal gap coverage. I threw in 10k of appraisal gap coverage. Our market is extremely hot, most decent places we like go in a couple days. I don't think this is very unusual for Denver. Just wondering if you guys think Im getting carried away? Looking at previous sales in our specific neigboorhood, we would have the most expensive home on our block by approximately 5% or so. The other homes seem well cared for and maintained, with mostly tidy lawns, etc. It's pretty classic middle class suburbia. Surrounding neighborhoods are more expensive; there is a neighborhood a five minute walk away where the homes have more interior sq footage, but cost around 20% more. For the city, this is an average to below average priced home. Things are still within our budget, and I am excited and hopeful they except our offer. I felt like I was getting a steal at 420, and I feel good about 435. Just wondering if it's foolish to buy the "nicest" house on the block I guess? And of course I'm wondering..... you guys like the place? hobbez fucked around with this message at 08:05 on Aug 19, 2021 |
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Jun 26, 2020 21:54
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BonerGhost posted:re: mortgage disclosure forms "Jump!" "Let's talk on the phone." "I don't see you jumping!" Sadly you're likely to have to talk to people on the phone for 10 minutes/lender.
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Jun 26, 2020 22:53
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First reaction, not scrutinizing the pictures: that looks like a much nicer house to live in as far as layout/finishes. Looking a little deeper: - That bathroom is OLD. It looks like it's been spruced up, but it's gonna need replacing. The tile job on that tub surround was bad from the beginning, in the process of failing, or has been patched up somehow. I'd want to poke around at it. Remember....bathrooms and kitchens are the expensive rooms to reno. - Back yard is obviously much smaller. So is the deck, but it looks like a nice deck and relatively recent. Check to make sure it's all recent, and not just some new stuff slapped on top. - Fence in the back yard is garbage. It's been falling down for a while. - Shagbark Hickory? in the front yard is nice, but be aware they are dirty. They drop nuts everywhere that need to be cleaned up. - Hasn't been sold since 1999, so you're not looking at a flip, but carefully scrutinize and ask about any of the new stuff to see if this was a quick and dirty spruce-up before sale or if it was quality work.
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Jun 26, 2020 22:58
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Motronic posted:- That bathroom is OLD. It looks like it's been spruced up, but it's gonna need replacing. The tile job on that tub surround was bad from the beginning, in the process of failing, or has been patched up somehow. I'd want to poke around at it. Remember....bathrooms and kitchens are the expensive rooms to reno. This is the main one I see. The tiling work is sloppy, and I wonder if that is a sign of bad sealing work on the showers. Most of the other things that Motronic mentioned are easier to delay.
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Jun 26, 2020 23:01
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H110Hawk posted:"Jump!" "Let's talk on the phone." "I don't see you jumping!" Well I say this bc I'm wary of people trying to read me a worksheet over the phone instead of sending me the drat thing or a disclosure that I can read. I wouldn't let a car salesman describe loan terms to me verbally without something I can look at, either. But we did find a local lender who gave us a pretty great rate that we just locked in so it worked out I guess.
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Jun 26, 2020 23:30
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BonerGhost posted:Well I say this bc I'm wary of people trying to read me a worksheet over the phone instead of sending me the drat thing or a disclosure that I can read. They should be able to spit out "3.125% @ 0 points with around $5k in fees" with a credit pull. Don't be afraid of those pulls, if you're actively buying a house it doesn't matter. Once they spit that out say "Great, please email me a Loan Estimate HUD form! ... huh? I mean better.com issued me one just from signing up on their site why is this a problem? It doesn't need to be locked, yet." If they refuse, or refuse to offer you a timeline of "Well I need until Monday because it's around quittin time on Friday" sorta thing, tell them to add you to their do not call list.
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Jun 26, 2020 23:42
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ntan1 posted:Most of the other things that Motronic mentioned are easier to delay. Totally agreed. From a first look, it seems like a decent place. I don't know the market so I can't speak to pricing.
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Jun 26, 2020 23:50
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Anyone know about DACA recipients' eligibility for USDA or FHA loans, specifically in California? My fiancee's sister put an offer on a house in a rural area that was accepted. Neither my fiancee's sister nor her husband have legal status beyond DACA (the husband lost his DACA eligibility some time ago), and they both have poor credit. They are under the assumption they will qualify for a USDA loan, but based on my limited research I'm unsure if they can qualify for USDA or FHA. Everything I can find online is basically a letter from HUD to Congress that HUD must follow citizenship/lawful presence guidelines set forth by Congress, and that DACA recipients are thus ineligible for USDA or FHA loans. I doubt they would qualify for a conventional loan given their credit and how much they have saved for a down payment. Hoping I'm wrong somewhere.
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Jun 26, 2020 23:56
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Highbrow Slick posted:Anyone know about DACA recipients' eligibility for USDA or FHA loans, specifically in California? I think before they put in an offer they would have to be preapproved, and any offer they put in will be contingent on financing(which they may not get). Good luck to them.
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Jun 27, 2020 00:11
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DaveSauce posted:What's the current refi advice?
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Jun 27, 2020 01:03
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hobbez posted:Thanks guys. Did a viewing and we were really not feeling it. The yard was significantly smaller then I was expecting. I anticipated this, but to see it in person... Wow, a wide angle lens is a powerful thing. I've looked at a lot of appraisals from Broomfield, although I've never been closer than a layover in the Denver Airport. It looks like a good deal price wise compared to everything I've seen. Is this your first home? Focus on the structural stuff. The cosmetic poo poo can wait. I'm 7 years in and FINALLY going to renovate my kitchen and bath. But my house was a pile of poo poo to begin with and had a leaking roof and I had to reframe a wall and replace the soffits and fascia borders with no experience. My dad and I also ran ducts and added a furnace. Don't buy a pile of poo poo with no furnace. A warning though: Colorado has a higher than reasonable rate of home price inflation and some lenders are pulling back on how much they will finance because of that. Same is true for Oregon and Washington and some other states though. If you can afford it and want to live there long term, go for it and don't try to time the market.
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Jun 27, 2020 02:35
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therobit posted:I've looked at a lot of appraisals from Broomfield, although I've never been closer than a layover in the Denver Airport. It looks like a good deal price wise compared to everything I've seen. Thanks man! I’d agree, it’s kind of a runaway market. We’re planning on setting up for the medium term, 5 years at least. It’s possible we’re buying into a dip but hey, who knows. The market is unpredictable. It’s a home that we can really afford and we like it. We’re ready to live in a home. If we take a little bit of a hair cut on it at the end of the day, it wouldn’t be the end of the world... Appreciate the advise. We’ll see if our bid wins. Really looking forward to being at the inspection and really getting a look at the bones of the place
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Jun 27, 2020 17:22
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H110Hawk posted:They should be able to spit out "3.125% @ 0 points with around $5k in fees" with a credit pull. Don't be afraid of those pulls, if you're actively buying a house it doesn't matter. Once they spit that out say "Great, please email me a Loan Estimate HUD form! ... huh? I mean better.com issued me one just from signing up on their site why is this a problem? It doesn't need to be locked, yet." Thanks for your help here and before. We're now under contract on an offer for the house we really like, and a local bank offered what seems like a good rate and closing/escrow costs (2.25% on a 30yr fixed VA with $6500 closing/escrow), so we locked in our rate. On what documentation do I see how long it's locked and how much it cost me? Does that mean we're really guaranteed that rate, provided closing occurs within that window? We currently have a loan estimate worksheet from the local bank, but CFPB says they have to send the HUD form within 3 business days. Will they do that automatically, or will I have to ask for one? I generally have no difficulty being a hard-nosed bitch, but these seem like good enough terms that I'm trying to reign it in to allow for normal human behavior. We had originally applied for pre-approval through Quicken/Rocket and requested a LE a day or two ago. Instead of sending the form after my husband gave the info he asked for, the used car salesman covering the LO's desk decided to call us to ask about had we made an offer, etc until we cut him off to tell him we got a pretty good offer from a local bank and were prob going to use them. So instead of doing what he'd already been asked to do, the guy starts digging about the terms and costs of this other loan, which of course my husband is dutifully providing while I'm sitting there getting angrier and angrier. I certainly don't expect every lender to offer the best possible terms without a little dickering with competing offers, but maybe do the thing I asked for before trying to waste my time for your own benefit? I ended up dressing the guy down as soon as I could get a word in edgewise, which took a minute because he ignored two direct questions from me and talked over me the rest of the time. Is this a good list of 3rd party fees, and should I expect to see these on the HUD LE? I think all of these are on the worksheet, but I'm wary because it's not the HUD form. Anything else I should watch out for? https://www.forthrightfunding.com/m...0a%20part%20of. e: title search should reveal any HOA or similar bullshit, right? BonerGhost fucked around with this message at 19:27 on Jun 27, 2020 |
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Jun 27, 2020 19:13
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BonerGhost posted:Thanks for your help here and before. Sounds like you are off to a good start. That hud loan estimate form will detail almost all of the questions you have here. 3 days is standard. It's OK at the end of every call to ask "thanks! When should I expect the next update here and do you need anything further from me?" Then when they miss that deadline you can call in guilt free. 2.25% seems shockingly cheap.  Rocket mortgage can get hosed. Your husband should be saying "I can't help until I see that loan estimate form so I can compare apples to apples. Thanks!" Title search should yes. Read it carefully end to end. Have a real estate attorney review it if anything isn't perfectly clear to you.
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Jun 27, 2020 20:03
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Let's talk about mortgage points. I'm trying to figure out if it's worth it, and if my math is right, I should probably buy 1 on my loan: $360,000 financed @ 3.25%, i think my break even is 73 months for a single point? Doesn'ts eem to change significantly for more. I used this to calculate: https://www.nerdwallet.com/article/mortgages/should-i-buy-points-mortgage-calculator Additionally this broker with the best terms so far wants me to sign an intent to proceed before sending me a formal loan estimate and i have to explain monday that it does not work that way, so that's gonna be a fun conversation. Deviant fucked around with this message at 21:35 on Jun 27, 2020 |
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Jun 27, 2020 21:16
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H110Hawk posted:Sounds like you are off to a good start. That hud loan estimate form will detail almost all of the questions you have here. 3 days is standard. It's OK at the end of every call to ask "thanks! When should I expect the next update here and do you need anything further from me?" Then when they miss that deadline you can call in guilt free. 2.25% seems shockingly cheap. Thanks again man this is helpful
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Jun 27, 2020 21:35
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Dumb question about the home inspection. Can you bring specialists in with the home inspector? Like if I show up with a home inspector, GC, HVAC person, structural eng, electrician, and a plumber am I insane? (depending on the GC and what the home obviously needs or does not need I might leave one or two of those folks out, but still.)
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Jun 27, 2020 22:21
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Infinotize posted:Dumb question about the home inspection. Can you bring specialists in with the home inspector? Like if I show up with a home inspector, GC, HVAC person, structural eng, electrician, and a plumber am I insane? (depending on the GC and what the home obviously needs or does not need I might leave one or two of those folks out, but still.) That is actually the correct things to do. A good home inspector will tell you what other specialists to being in after their inspection, and you should have sufficient contingencies to do exactly that unless you are in a hot market. I had a septic guy, an oil heat/HVAC guy......
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Jun 27, 2020 23:06
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As I keep seeing more sewer scope videos, I’m becoming fascinated by them. I’ve yet to see the roots or collapsed pipe thing though. The worst was a small chunk of rock/cement in one.
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Jun 28, 2020 00:31
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Any idea how to price out work that needs to be done on a place? I'm sure it varies greatly by location and type of job, but who do I even try and talk to in my location about the cost of knocking down a wall or re-doing a kitchen? Or for the matter, the feasibility of doing something.
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Jun 28, 2020 05:41
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BonerGhost posted:Thanks for your help here and before. The HUD1 has been replaced by the CD. The LE should list everything, it's a regulated document and what's on there has to be within a certain threshold unless it is something that the borrower selects the vendor on. gently caress those assholes that won't answer your questions. That's a huge red flag. For me, I have learned that anyone who is dismissive of my or my wife's questions and concerns is usually setting up to screw us in the transaction. Especially if they seem to be dismissing her because she's a woman.
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Jun 28, 2020 05:56
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MayakovskyMarmite posted:Any idea how to price out work that needs to be done on a place? I'm sure it varies greatly by location and type of job, but who do I even try and talk to in my location about the cost of knocking down a wall or re-doing a kitchen? Or for the matter, the feasibility of doing something. Bring a general contractor.
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Jun 28, 2020 05:57
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I know appliance chat was a few pages back, but any thoughts on washers and dryers in terms of brands, features, anything to avoid, etc? Likely gonna need to make that purchase soon and it's new territory.
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Jun 28, 2020 22:01
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Traxus IV posted:I know appliance chat was a few pages back, but any thoughts on washers and dryers in terms of brands, features, anything to avoid, etc? Likely gonna need to make that purchase soon and it's new territory.
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Jun 28, 2020 22:28
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Mid-pandemic we had our washing machine go out. After two different repair men, three different appliance stores, and an electrician I ended up in this state: We have a shiny new washer and dryer! The GFCI trips ten minutes into every wash cycle meaning we're still stinky and hosed (old machine was plugged into the same outlet, worked fine). The electrician blames the appliance, 'every modern washer is GFCI compatible, you must have gotten a defective one'. The warranty guy blames the GFCI 'This happens all the time, your washer is fine, it's just a finnicky circuit.' I am unsubtly planning to force my three-year-old to handwash for us in the bathtub. I am erring on the side of ripping out the GFCI and breaking code for our house. The standards and QA of large appliances likely being better than the wiring in a hundred year old house. I am also tired of being smelly and the electrician is reasonably confident that even though it's the washer's fault, pulling out the GFCI will allow it to run.
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Jun 28, 2020 22:33
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Foolie posted:Mid-pandemic we had our washing machine go out. We're in a similar situation. Can you run an extension cord temporarily to at least be able to just do some laundry? Edit: I continue to be amazed at how incompetent the people involved in housing transactions are. I am now six weeks in trying to convince my mortgage company that I live in house for which they gave me an owner occupied mortgage rather than the apartment I said I was moving out from. Quit loving sending stuff to my old address you assholes. Cormack fucked around with this message at 22:52 on Jun 28, 2020 |
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Jun 28, 2020 22:49
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Gfci's do go bad as well. Try the extension cord. Replace the gfci. Go from there.
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Jun 28, 2020 23:01
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Traxus IV posted:I know appliance chat was a few pages back, but any thoughts on washers and dryers in terms of brands, features, anything to avoid, etc? Likely gonna need to make that purchase soon and it's new territory. I posted some brand stuff in the home ownership thread. As far as features, i just went from top loader to front loader and front loaders wash so much better and the clothes come out so much softer I'm never going back.
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Jun 28, 2020 23:47
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I had a front loader for a long time 2 different ones in fact and wasn't a fan.
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Jun 29, 2020 02:04
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joepinetree posted:I posted some brand stuff in the home ownership thread. As far as features, i just went from top loader to front loader and front loaders wash so much better and the clothes come out so much softer I'm never going back. Give it some time until the seal leaks and/or it gets moldy from not leaving the door open. Front load washers are the classic case of 'if it ain't broke, don't fix it'.
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Jun 29, 2020 02:14
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Traxus IV posted:I know appliance chat was a few pages back, but any thoughts on washers and dryers in terms of brands, features, anything to avoid, etc? Likely gonna need to make that purchase soon and it's new territory. Just buy used poo poo on Craigslist and make sure it runs before you cart it away. I just got a GE combo washer/dryer (the space saving topload wash type) for $60. New stuff is at least ten times as much and it's just as likely to break down as used poo poo.
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Jun 29, 2020 02:48
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B-Nasty posted:Give it some time until the seal leaks and/or it gets moldy from not leaving the door open. The ones i'm looking at have automatic stoppers to keep the door slightly ajar.  They're also highly expensive.
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Jun 29, 2020 03:29
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Walking the potential house with the inspector tomorrow Place your bets!
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Jun 29, 2020 04:48
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Deviant posted:Walking the potential house with the inspector tomorrow Good luck, mine's on Tuesday! Re washer chat: we have to leave the lid of our top loader open otherwise it gets moldy. So idk why everyone bitches about having to do it with a front loader.
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Jun 29, 2020 06:04
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BonerGhost posted:Good luck, mine's on Tuesday! Because it takes up space I don't have.
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Jun 29, 2020 06:10
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BonerGhost posted:Re washer chat: we have to leave the lid of our top loader open otherwise it gets moldy. So idk why everyone bitches about having to do it with a front loader. Our murder basement was already moldy so I guess it and the interior of the washing machine found an equilibrium or something because we always keep it closed and it’s never been a problem. Also, we can’t leave it open or else the bone dust and ghosts and poo poo will get inside (because murder basement) and we can’t be walking around the house in cursed clothes. But seriously, basement is filthy and you can’t leave anything down there without it getting covered by a film of dust that probably contains ancient coal soot and lead, so the lid stays closed.
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Jun 29, 2020 06:17
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With a front-loader you can stack it with a dryer. A top loader has to be sat next to the dryer. Also do top loaders still have agitators these days, because those are bad for your clothes. My front-loader washer is now uh... probably 15 years old or so, and still working fine with zero, and I do mean absolutely zero maintenance. My parents are still using a top-loader washer from the 1990s and a front-loading dryer from the 1970s. Simple machines with little in the way of electronics are easy to repair and keep running forever. Sadly I don't think such a thing even exists any more.
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Jun 29, 2020 06:21
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Queen Victorian posted:basement is filthy and you can’t leave anything down there without it getting covered by a film of dust that probably contains ancient coal soot and lead, so the lid stays closed. I'm probably vastly, vastly over-simplyfying this but I feel like the first two things I'd do with a basement like that is 1) pressure wash the ever living poo poo out of all surfaces in the basement, dry, then 2) use an airless paint sprayer to coat every surface with two part epoxy paint
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Jun 29, 2020 06:23
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