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Fallom posted:Doesn't really seem like a no to me, just that you're not going to get a $10k payday How does that not seem like a "no" in reality? After court fees you might be able to recover $200 after spending at least several days of your own time dealing with small claims court, filing, representing yourself, etc. And that's only in the minority of state that require this type of nonsense. mattfl posted:What happens if that auto pay doesn't auto pay that month because the system is down, or you change accounts, or for some reason you don't have that amount in your account because maybe someone stole your account info and drained your bank account and now you've missed a mortgage payment. Autopay is a backup. You still need to be paying attention to your finances and making sure payments go out when they are supposed to.
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Oct 30, 2020 19:52
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Motronic posted:How does that not seem like a "no" in reality? After court fees you might be able to recover $200 after spending at least several days of your own time dealing with small claims court, filing, representing yourself, etc. And that's only in the minority of state that require this type of nonsense. Because it's literally not? You're agreeing that some inspectors will have an amount they're liable for but you're saying that it's not really practical to go after it. That's probably the case. Maybe you could get more out of court if they think you're serious and want to keep the referral. mattfl posted:Is this something a lot of people do? I don't like anything automatically coming out of my account. I have a set day of the month where I pay all my bills and that way I know they are getting paid. I just have autopay take the money out of an account that has the mortgage + an extra 20%. That way I have a backup and I limit the damage somebody could do to the account. Tiny Timbs fucked around with this message at 20:44 on Oct 30, 2020 |
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Oct 30, 2020 20:29
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Fallom posted:Because it's literally not? You're agreeing that some inspectors will have an amount they're liable for but you're saying that it's not really practical to go after it. That's probably the case. Maybe you could get more out of court if they think you're serious. Oh, you're "WeLL AcKshULLy"'ing this. Got it. Yes, you're the best kind of right: technically right. Here in reality you have no meaningful recourse against an a inspector in any state at any time for any reason in the course of inspecting a home you may purchase or after such a purchase. And that's all that someone buying a home or talking smack about suing inspectors needs to know.
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Oct 30, 2020 20:45
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mattfl posted:Is this something a lot of people do? I don't like anything automatically coming out of my account. I have a set day of the month where I pay all my bills and that way I know they are getting paid. I literally have everything I can possibly do on autopay. The fact that you change accounts and don't fix your autopay is it a problem with autopay. Now the horsefuckers at frontier incorrectly billing me for now 3 months running is a valid concern but they also have me by the short and curlies so I deal with it retrospectively.
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Oct 30, 2020 20:52
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skipdogg posted:Do always hire a 3rd party inspector when building new construction. Literally no one gives a poo poo about you in the entire process except on how they're going to make money off of you. I was so far up my construction managers rear end on my last house it wasn't funny. Thanks for this! I'll start looking for some third party inspectors in case we go this route. I might be able to join into the 'nextdoor' community and get some info that way, too.
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Oct 31, 2020 07:00
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Given the poo poo show I've found myself in with my house's electrical, I will never not hire an electrician again to do an inspection beyond the general inspection. This guy looked at and took a photo of a breaker panel jammed up against the wall inside a closet (due to the unpermitted basement finish) that just had breakers straight up missing and was like "yep box is good!" It would be obvious to anyone who knew anything about residential electrical that it was NOT good, but I was wholly ignorant at the time.
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Oct 31, 2020 18:08
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PageMaster posted:Thanks for this! I'll start looking for some third party inspectors in case we go this route. I might be able to join into the 'nextdoor' community and get some info that way, too. Nextdoor will let you know when teens are playing music too loud or someone not white was driving a car.
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Oct 31, 2020 19:45
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Elephanthead posted:Nextdoor will let you know when teens are playing music too loud or someone not white was driving a car. According to nextdoor, I live in a bad area where gunshots are heard regularly, and every snake is a copperhead. Oh yeah, and coyotes. Everywhere. We're within 10 miles of a nuclear plant, so it's hilarious when they do the quarterly siren test. "That sounded different this time, is something happening???"
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Oct 31, 2020 19:56
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Rates are low as poo poo, so I looked into refinancing, and I got as far as getting my disclosures from the refi and looked at the closing costs before I slammed the brakes So I dropped all my stuff into a good refinance calculator, and assuming I keep paying down my mortgage like I have been, it's actually more expensive for me to refinance right now, as best as I can tell.  Obviously, if I lost my job or the stock market tank, my ability to pay extra would go away, and the refinance would make a lot more sense. But right now, looking at the numbers, I should just walk away from this, right?
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Oct 31, 2020 21:31
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Correct, refinancing a 117k loan your paying almost triple on does not make sense.
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Nov 1, 2020 00:10
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mattfl posted:Is this something a lot of people do? I don't like anything automatically coming out of my account. I have a set day of the month where I pay all my bills and that way I know they are getting paid. The only time I’ve had an auto pay fail is when it’s linked to a credit card I deactivated and I was immediately sent a mail. Companies are going to do everything possible to get your money. Also i would just never not have the money needed in the account.
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Nov 1, 2020 00:21
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Sockser posted:Rates are low as poo poo, so I looked into refinancing, and I got as far as getting my disclosures from the refi and looked at the closing costs before I slammed the brakes Generally speaking, you should NOT be paying triple on a sub-4% mortgage. Unless you're maxing out the entirety of your 401(k) + IRA space and don't have kids (or are already fully funding their college savings). But anyhow, given those numbers, I would not refinance. You're barely saving anything. Sockser posted:Obviously, if I lost my job or the stock market tank, my ability to pay extra would go away, and the refinance would make a lot more sense. Er, the difference in minimum payment is $15. The refi makes zero sense if you're just looking at minimum payment. It barely makes sense as-is, but especially looking at minimum payment. And hold up, if I'm reading that right, you're paying $6,500 in closing costs? I'd run like hell from that, and in my market that'll easily get you sub-2.5% right now (edit: on a 30-year, 15/20 are lower still). DaveSauce fucked around with this message at 00:38 on Nov 1, 2020 |
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Nov 1, 2020 00:31
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PageMaster posted:Is there a general building company 'tier list' or way to find reviews? Wife is interested in looking at new construction here, but I don't see much in the way of reviews; either great generic articles that read like they're from the company, or only 5 or 6 reviews of the builder on Yelp which isn't necessarily enough to go on. I figure it may be region dependent, but was hoping at least to find out if there were any major ones that should be avoided nationally for sure. For what it's worth, the ones he she's looking at is Quadrant homes. Its normal to get 2-3 inspections including one before drywall goes up. So you can identify issues early. But there are very few reasons you can use to back out without losing your earnest money, and there are usually daily penalties if you refuse to close, but the same is jot true if they delay it, the big builders use one sided contracts. You get a warranty too, but you lose a lot of leverage after you close to get things fixed. Also you need to have a realtor before talking to the builder if you plan on using one
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Nov 1, 2020 01:23
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DaveSauce posted:Generally speaking, you should NOT be paying triple on a sub-4% mortgage. Unless you're maxing out the entirety of your 401(k) + IRA space and don't have kids (or are already fully funding their college savings). My company's stock ballooned like 400% in the last year and a half so I suddenly have way too much loving money and it's just made sense to throw $10-20k at my mortgage quarterly quote:Er, the difference in minimum payment is $15. The refi makes zero sense if you're just looking at minimum payment. It barely makes sense as-is, but especially looking at minimum payment. True yeah, I suppose the difference in monthly payments is actually negligible. Going my amortization schedule, I'm 10 years into my 30 year mortgage after 11 months, so I'm on track for a 20 at this point, just that with the closing costs it shakes out to nil The closing costs wouldn't be 6500 on that loan, it's 4500 + a point + it's overestimated by 1000 that'd get paid out to me when it closes but yeah thanks everyone for the sanity checks on this.
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Nov 1, 2020 05:21
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Sockser posted:401k maxed, IRA maxed, hell of mid-term investments banked Refis cap out at 2500 including points. Also do you work with me.
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Nov 1, 2020 07:06
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For all the rush of the few weeks of house-searching and the first week of having our offer accepted, it's weird not hearing from anyone related to the house for the past few days. Is it a few weeks of little communication, and then a sudden rush in the days before/of closing?
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Nov 2, 2020 15:36
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Nybble posted:For all the rush of the few weeks of house-searching and the first week of having our offer accepted, it's weird not hearing from anyone related to the house for the past few days. Is it a few weeks of little communication, and then a sudden rush in the days before/of closing? Yes, but instead of "days before closing" it will be "hours before closing".
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Nov 2, 2020 15:58
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Nybble posted:For all the rush of the few weeks of house-searching and the first week of having our offer accepted, it's weird not hearing from anyone related to the house for the past few days. Is it a few weeks of little communication, and then a sudden rush in the days before/of closing? Yeah. My experience was a few questions from the underwriter in the very early stage of approval, then nothing, then "OMG we need to confirm that you are still employed RIGHT NOW" the day before.
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Nov 2, 2020 17:38
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joepinetree posted:Yeah. My experience was a few questions from the underwriter in the very early stage of approval, then nothing, then "OMG we need to confirm that you are still employed RIGHT NOW" the day before. That's pretty light. You didn't get asked for a poo poo ton of <bank records/tax returns/etc> records also? All of which you already had sent them weeks or months ago? For my last mortgage I kept a folder of all the docs I scanned and submitted, with the date INITALLY submitted in the filename. I kept appending to the filename for each submission. Some of them went out three times. Most went out at least twice.
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Nov 2, 2020 17:51
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Motronic posted:That's pretty light. You didn't get asked for a poo poo ton of <bank records/tax returns/etc> records also? All of which you already had sent them weeks or months ago? Had to resend everything we had submitted from pre-approval again once the process started, but they just essentially asked for everything again, so we just sent everything. We did have to answer questions about $50 deposits and that sort of stuff, but that was all within the first week of the approval process. Then nothing until the last minute rush to confirm employment.
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Nov 2, 2020 18:04
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joepinetree posted:Had to resend everything we had submitted from pre-approval Of course, that's a completely different transaction. All in all, it seems you got off pretty light. Most brokers and underwriters are disorganized idiots that act like every mortgage they write is their very first.
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Nov 2, 2020 18:08
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Part of it is that my wife and I's financial situation is probably the simplest possible for underwriters. We work in education, haven't changed employers in years, no student debt, no credit card debt, no other major assets, 20% could fit comfortably in our savings, 1 HYSA, 1 investment account in a low cost index fund, 2 checking accounts... I think the underwriter only asked about the $50 to look like he did something. Because otherwise it is pretty much the simplest situation possible.
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Nov 2, 2020 18:22
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I got a panicked call asking if I had set up homeowner's insurance. I had, my agent grew up not far from where I bought a house, and his Dad's agency was still in town, he sent over all the docs right after I spoke with him. Those were the first docs in the file, and thus on the dreaded "page two" of files. I had them go look at page two, and sure enough, there it was. So weird. My parents' vacation home purchase included the underwriter going on surprise early maternity leave and not informing anyone of anything at any part of the process. The broker in charge apparently called the bank doing the loan and threw a fit, and magically everything was done on time. Broker good, bank meh.
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Nov 2, 2020 18:55
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gwrtheyrn posted:You didn't know if the septic system in your own house was working?
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Nov 2, 2020 20:12
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Dik Hz posted:Well, it wasn't backing up into the house, so I honestly never went looking. I knew I was selling soon, so why go opening cans of worms if I don't have to? We lived there 10 years and never touched the thing once. That has not been my previous experience with septic systems, so I'm kinda dubious about the set-up. Shitter's full.
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Nov 2, 2020 20:36
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No one calling out the guy selling a dumpster fire of a house?
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Nov 3, 2020 08:53
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That’s every house. We’re all victim blamers in this thread. If you buy it, you deserve everything you bargained for.
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Nov 3, 2020 14:08
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Welcome to GBS posted:No one calling out the guy selling a dumpster fire of a house? As for the termite damage, I know it to be a non-issue. But a perspective buyer would definitely want their own professional opinion. The point I was making was that inspectors are terrible and miss very important things, despite how many unimportant things they catch.
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Nov 3, 2020 14:51
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It appears we are going to lose on house numero dos. It's a nice place, but was listed for what comps recently pulled in AFTER bidding wars. We YOLO'd anyway and put in an offer $20k over ask waiving inspection and with a modified appraisal contingency saying we would pay the difference if it appraises up to $20k under selling price. It appears that we're losing to another offer with a FULL appraisal contingency that is just higher on its face. Seller just wants NUMBER, but if it underappraises (which there's a good chance it will given how crazy prices are getting) number doesn't mean poo poo. Our agent definitely assumes people are going to be rational but it's like... if people will just take the offer with the higher number that the bank is going to knock back to reality ANYWAY, why not play the crazy peoples' game?
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Nov 3, 2020 14:56
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House buying sucks so much. I'm not buying a house another house for a long rear end time even if I need to bulldoze my current one and build on its corpse.
tater_salad fucked around with this message at 15:08 on Nov 3, 2020 |
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Nov 3, 2020 15:05
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Chad Sexington posted:It appears we are going to lose on house numero dos. In Massachusetts from what Ive seen this is generally in the 5-10% over ask range though and not crazy west coast yolo bidding quarter mil over just because.
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Nov 3, 2020 15:13
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all anecdotal and market based. My house apraised for somewhere around 20k less (15%) than it was listed for.. even after multiple attempts to get the appraisal redone with both sides listing comps that "proved it" they still came back low. Since we were in the middle of the pandemic they chopped the price and we got a discount on the house.
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Nov 3, 2020 15:53
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Diva Cupcake posted:I was generally concerned about bank appraisal when we were placing bids but ultimately both the agents and the lender indicated that it was fairly rare to have a competitive bidding situation and not have the house appraise close to the winning bid, even it it's only 2 offers. The market is being established after all. We won with $21k over and it appraised at the winning bid. Yeah my understanding before this was that the appraisals were an incestuous game designed to make the transaction happen, but our lender explicitly told us that lately they have been coming in low if the property price was bid up. Hence all the games with the appraisal contingencies. Chad Sexington fucked around with this message at 16:05 on Nov 3, 2020 |
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Nov 3, 2020 15:56
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Chad Sexington posted:Yeah my understanding before this was that the appraisals were an incestuous game designed to make the transaction happen, but our lender explicitly told us that lately they have been coming in low if the property price was bid up. Hence all the games with the appraisal contingencies. Same. It happened in 2015 when I bought my old house, and it happened in 2020 when I sold it. Multiple bids, concern about appraisals, waiving the contingency. In 2015 the appraisal did come in like 8K low but we were prepared. The buyer didn't tell us anything about the appraisal this time so who knows, but we had 5 offers at the price.
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Nov 3, 2020 16:59
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Chad Sexington posted:Seller just wants NUMBER, but if it underappraises (which there's a good chance it will given how crazy prices are getting) number doesn't mean poo poo. Why do you think that? Cash offers exist and appraisals don't have to matter - or even occur - in the scenario. Also some buyers will make up the difference anyway.
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Nov 3, 2020 17:00
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Motronic posted:Why do you think that? Cash offers exist and appraisals don't have to matter - or even occur - in the scenario. Also some buyers will make up the difference anyway. Based on what the seller's agent has told ours. She said the seller likes the other offer but conceded that ours has better financing and is more of a guarantee. It's possible the other buyer can also make up the difference with an appraisal, but if they're putting less down it does suggest they have less cash. The agent could be full of poo poo, but I don't think it's an unreasonable inference given they're still trying to get us to improve our offer on the margins. If it was a cash buyer there wouldn't even be a conversation and it would be done already.
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Nov 3, 2020 19:41
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Chad Sexington posted:Seller just wants NUMBER, but if it underappraises (which there's a good chance it will given how crazy prices are getting) number doesn't mean poo poo. This is only true if you are right on the edge of affordability or going with an FHA or low down payment loan. If you are putting 20% down and it underappraisses by ~10%, you can go with a 10% down loan and pay PMI and be out of pocket the same amount, or come up with 10% more. In a hot market the sellers will find someone who will agree to pay over appraisal and won't come down on the price, so even if you back out of this sale you will deal with the same thing on the next house.
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Nov 4, 2020 01:59
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I was closer to correct than not, as it turns out. Only one other offer and and it started at $30k over ask with escalation to $60k over ask. We were accepted with our offer of $5k over ask with escalation to $20k. The difference? They wouldn't waive the full appraisal contingency and we had our modified appraisal contingency saying we would pay the difference if it appraises up to $20k under selling price. Why the other buyer wouldn't just do the same I don't know, but I'm not about to ask questions while we ratify the contract.
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Nov 5, 2020 00:24
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Anyone have any experience with receivership sales that can tell me why they're a bad idea? A home we were looking at turned out to be a receivership home, and I'm told there could be an opportunity for a good deal, but I don't trust that it's not going to be a giant headache or going to throw us under a bus in some way. House is in good shape and realtor says we're probably looking at a lot of red tape and potentially very long closing time, but if which wouldn't hurt us at all.
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Nov 5, 2020 04:22
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PageMaster posted:Anyone have any experience with receivership sales that can tell me why they're a bad idea? A home we were looking at turned out to be a receivership home, and I'm told there could be an opportunity for a good deal, but I don't trust that it's not going to be a giant headache or going to throw us under a bus in some way. House is in good shape and realtor says we're probably looking at a lot of red tape and potentially very long closing time, but if which wouldn't hurt us at all. I'm just gonna mention the very first thing: they are sold as in where is and you can't even get title insurance. So you may end up "buying" something in foreclosure and then find out later that a bunch of people have valid claims on the title that hadn't been filed yet.
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Nov 5, 2020 04:40
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