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Maggie Fletcher posted:Awesome, congrats! A hard won victory! Thank you! We’re so happy to not have to look at listings, drive to showings, plan open houses etc anymore. I’m not even stressed about selling our house now because I know it will sell in a few days and we can just move to the new house and enjoy the summer. We’re at 6 offers total. Deleting Zillow and stopping all listing notifications lmfao.
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Jun 15, 2021 03:42
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Motronic posted:Best of luck. This doesn't sound like someone who's going to be convinced by things like facts or logic. You are at least half correct, my friend. Thank you for your well wishes as I journey this frustrating path.
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Jun 15, 2021 03:45
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Seller agreed to more concessions than I expected and we decided to move the closing date up by a week on the Williamsburg replica golf course house. Despite the issues, we are glad that we took our time, got inspections, evaluations, quotes, and know about as much as possible for what we are getting into. Really happy to be moving into a bigger home in a nice neighborhood.
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Jun 15, 2021 04:00
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I'm really glad to hear this is the outcome (at this point lol) for your house buying. You are going in with as much information as you can, knowing it's not perfect information but this is what you want and you are aware as you can be of the risks. Do never buy and all, but I think you did this transaction as right as can be done. It's gonna be a ride, but this looks like a relative easy one to tackle and get into "nothing but routine maintenance for 10 years" mode.
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Jun 15, 2021 04:05
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Glumwheels posted:Deleting Zillow and stopping all listing notifications lmfao. I'm looking forward to this day if it ever comes. Congrats on finally finding something though!
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Jun 15, 2021 04:11
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Glumwheels posted:It finally happened, mutual agreement. Glumwheels posted:Everyone seems to maintain their property front and back. With the houses prices I’d be surprised if they didn’t. It's good to see when people take care of their yards but I've seen that money/wealth/income doesn't always correlate with cleanliness or upkeep.
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Jun 15, 2021 04:18
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gwrtheyrn posted:I'm looking forward to this day if it ever comes. Congrats on finally finding something though! It’s just a matter of time and patience, we started out competing against 20 offers then down to 10 and now we got an awesome house without competing before list date because the sellers weren’t greedy. You find the right house when it’s time. Verman posted:Congrats! I couldn't believe how much stress I was carrying during the process and the relief when the hunt was over was surprising. You still have the final stress month to get through but barring anything major, fingers crossed everything goes smoothly for you. Thanks! I’m actually not stressed about the closing process especially since we’re extending it, I’m not anticipating any issues. I’m more concerned with decluttering our current house, possibly renting a storage unit for a month, so we can prepare to stage/sell it. Glumwheels fucked around with this message at 04:38 on Jun 15, 2021 |
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Jun 15, 2021 04:21
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So when rates go up to a normal 7% or say 15% due to inflation people won’t be able to pay double the monthly cost to buy my house? I’m not convinced. Good news all the investors have already cashed out and the banks that loaned them money to drive up housing prices are too big to fail! Again!
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Jun 15, 2021 13:19
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Elephanthead posted:So when rates go up to a normal 7% or say 15% due to inflation people won’t be able to pay double the monthly cost to buy my house? I’m not convinced. Good news all the investors have already cashed out and the banks that loaned them money to drive up housing prices are too big to fail! Again! LOL this is comical and something I haven't really looked into as a millennial that is new to RE. 3% Interest: $3,204 PITI for 750k home (assuming 1% prop tax and 50/month insurance with 20% down payments) 7% Interest $4,666 PITI for 750k home (assuming 1% prop tax and 50/month insurance with 20% down payments) 15% Interest $8,261 PITI for 750k home (assuming 1% prop tax and 50/month insurance with 20% down payments) If rising rates actually depress home prices then this will be good for us since we push most of our savings into tax advantaged accounts so our cash reserve is relatively modest for the area where we would like to buy. In any case we're going to start looking at homes at the beginning of 2022 - with the hope of buying summer 2022.
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Jun 15, 2021 13:44
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Something to note there is that 15% interest is a pretty worst case scenario. Here's the inflation rate chart for the modern era of the US economy:  I wish that went out a bit further, but it's basically semi-flat hovering around 2-ish percent from 2012 through the beginning of Covid. Covid's impact is the giant question mark on current inflation arguments. Interest rates for 30Y mortgages basically track that, plus a few percentage points.  Which isn't to say that you're wrong about the current rates being incredibly low and barely keeping pace with inflation, but to get up to 15% poo poo would have to get really bad in some other areas first. That's not to say it can't happen. IIRC my dad's first house, bought right at the peak of that spike that you see in the early 80s mortgage rate, had an interest rate of something like 17.5%, and he was a young professional with excellent credit. So it can happen, but it's not something I'd count on either. Something like 7%? Yeah, that would be much closer to a return to historical norms rather than the extremely cheap money we're seeing right now. Cyrano4747 fucked around with this message at 14:02 on Jun 15, 2021 |
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Jun 15, 2021 13:59
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stellers bae posted:nah. if i bought in denver in 2006 i'd still be way, way up by now. are you really paying a lot more for everything now or do you perceive that you are paying a lot more because a bunch of goods hit headlines for ramp up but not ramp down? my guess is that in terms of your actual seasonally adjusted expenses (eg gas always gets more expensive in the summer) you're probably paying 2-5% more for core goods. you've tagged your money to a down payment, which means that its buying power is shrinking quickly because house prices are insane right now. but compared to your actual economic expenses that money isn't losing that much buying power.
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Jun 15, 2021 14:27
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Day before closing, the title company decides they want a printed copy of our old mortgage satisfaction letter, before we refinanced. I’m currently standing in line at the bank to get it. And then I’m going to drive it to the title company a mile away. Because it’s just easier that way. 5% folks. And that’s with a discount.
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Jun 15, 2021 15:30
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Residency Evil posted:Day before closing, the title company decides they want a printed copy of our old mortgage satisfaction letter, before we refinanced. I’m currently standing in line at the bank to get it. And then I’m going to drive it to the title company a mile away. Because it’s just easier that way. LOL the entire mortgage industry does not seem to give a crap about customer service. It sucks.
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Jun 15, 2021 15:58
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 nice day to mark as read several hundred posts. It's got everything, good concessions / closing, someone going under contract (  ), and residency evil stuck in line at a bank for a letter they may or may not produce.
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Jun 15, 2021 16:15
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They produced, although at first the bank teller said “I have no idea how to do that. The phone people sometimes just make things up.” All set for selling My First House tomorrow.
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Jun 15, 2021 17:56
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House-buying thread - people sometimes just make things up
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Jun 15, 2021 17:57
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Residency Evil posted:They produced, although at first the bank teller said “I have no idea how to do that. The phone people sometimes just make things up.” Closing on the sale of my bought-in-loving-2007 house in just over a week. Just hoping nothing loving blows up.
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Jun 15, 2021 18:04
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laxbro posted:LOL this is comical and something I haven't really looked into as a millennial that is new to RE. You have to counterweight this analysis with the fact that inflation is caused by too much money chasing too few goods. Meaning if inflation (and, correspondingly, interest rates) hits this level people likely will have the money to pay these rates, which will conversely cause a housing price increase. Deflation causes housing prices to decrease, not inflation
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Jun 15, 2021 18:07
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Posted reposted earlier about mortgage company issue when I received a bill from a new servicer. Talked with 4 different agents at my current(?) company and first two said loan was not being sold, one yesterday said it was sold 8 June, and one this morning said it's scheduled for 24 June. I still have not received a 'goodbye' letter, but second company welcome letter says effective June 1st so I'm two weeks late on that payment. How can the servicer literally not so the one main function of their job?
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Jun 15, 2021 18:10
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PageMaster posted:second company welcome letter says effective June 1st so I'm two weeks late on that payment. Keep paying your "current" servicer until it's sorted out. Under federal law any payment you make to them for 60 days after the effective transfer date cannot be considered late. PageMaster posted:I still have not received a 'goodbye' letter, Federal law requires notice at least 15 days prior to the effective date. PageMaster posted:How can the servicer literally not so the one main function of their job? Literally the thread title. Here's the CFPB page with all the rules for loan servicing transfers: https://www.consumerfinance.gov/rules-policy/regulations/1024/33/ They might be interested in the fuckery going on. CFPB complaints should at least get someone's attention to look deeper in to it rather than bounce you around clueless call centers. edit: so can you get in to the online statements for the current servicer? All mine have been really quick to zero everything out once the loan has been transferred. DaveSauce fucked around with this message at 18:34 on Jun 15, 2021 |
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Jun 15, 2021 18:22
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H110Hawk posted:
Some good storylines right now, but I'm personally looking forward to the update on the "Wait, I'm in an HOA??" situation
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Jun 15, 2021 18:31
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IOwnCalculus posted:
Bought in when? I... what? 
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Jun 15, 2021 18:34
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Johnny Truant posted:Bought in when? I... what? I assume they're selling the house they bought in 2007.
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Jun 15, 2021 18:36
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Johnny Truant posted:Bought in when? I... what? I presume they're selling a house that they bought back then, not closing on a deal that's been active for 14 years.
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Jun 15, 2021 18:38
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Hmmm that makes more sense. 14 year rentback would be... uh, something.
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Jun 15, 2021 18:41
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Nybble posted:Some good storylines right now, but I'm personally looking forward to the update on the "Wait, I'm in an HOA??" situation The two lawyers we've spoken to have told us the liability for the disclosure of the HOA falls on the previous owner, which is very easy to prove we have a claim. However, we've also been told it would be incredibly difficult to make a claim of damages to a judge beyond the HOA dues themselves, which are ultimately negligible ($50/yr). So... 
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Jun 15, 2021 18:49
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I visited a friend I hadn't seen since the pandemic began and he told me about his home buying experience in April 2020. Standard, smooth buying process until just before closing. He and his wife dropped in on closing day for the walkthrough and they found the sellers still there with all of their stuff and no visible signs they had begun to pack. This is a big three story country house in the middle of nowhere, so we're talking several days of adequately outsourced packing. The buyers had plans to move in one day after closing. Apparently the seller's response was that they thought it was customary to allow several weeks to move after closing and assumed this wouldn't be a problem, then complained that they didn't have the money to buy/rent their next house and that "this isn't how you treat people." The home sold for $1.5M. Rather than have the sellers forcibly removed without their possessions, the buyers ultimately relented on a leaseback for a month. Everyone, at least on the seller side, was so deeply stupid that it's hard to wrap my head around it. So many questions.
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Jun 15, 2021 18:51
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Isn't "your lie got me to purchase a major asset that I would not have purchased otherwise?" itself not a damage? In your position I'd full out be trying to unwind the sale, or at least getting damages equal to the loss I'd probably take turning around and selling right now.
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Jun 15, 2021 18:51
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Cyrano4747 posted:Isn't "your lie got me to purchase a major asset that I would not have purchased otherwise?" itself not a damage? Not a lawyer, but those sound like real damages to me. Falsely representing a major asset with what is essentially a clouded title is not okay. If there is no penalty here what's to stop anyone from doing this routinely?
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Jun 15, 2021 18:54
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Magicaljesus posted:I visited a friend I hadn't seen since the pandemic began.... Your friend is nicer than I would be. I would have acted like everything was cool until we signed all the paperwork and then promptly told them to get the gently caress out of my property by the next day or I'd report them as trespassers.
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Jun 15, 2021 18:57
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DaveSauce posted:Keep paying your "current" servicer until it's sorted out. Under federal law any payment you make to them for 60 days after the effective transfer date cannot be considered late. Thanks. I paid current lender for June already. My account with them shows next payment due 1 Jul, but I also found that the make payment button no longer works and escrow balance now shows 0 (I have been emailing them saying I need everything in writing before I decide what to do). I've downloaded my statements from them showing June payment (statements are still in my account). My problem is I can't find out what the effective date of transfer is, but I think a complaint to the link you sent is next. I told them I need a transfer letter today. PageMaster fucked around with this message at 19:11 on Jun 15, 2021 |
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Jun 15, 2021 18:59
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Magicaljesus posted:I visited a friend I hadn't seen since the pandemic began and he told me about his home buying experience in April 2020. Standard, smooth buying process until just before closing. He and his wife dropped in on closing day for the walkthrough and they found the sellers still there with all of their stuff and no visible signs they had begun to pack. This is a big three story country house in the middle of nowhere, so we're talking several days of adequately outsourced packing. The buyers had plans to move in one day after closing. Apparently the seller's response was that they thought it was customary to allow several weeks to move after closing and assumed this wouldn't be a problem, then complained that they didn't have the money to buy/rent their next house and that "this isn't how you treat people." I’d kick them out especially at that price because they probably made a nice profit on the house. If they didn’t plan, it’s their problem not your friend’s unless they wanted to pay your friends mortgage/rent too until they found a place. Unbelievable.
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Jun 15, 2021 18:59
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Motronic posted:Not a lawyer, but those sound like real damages to me. Falsely representing a major asset with what is essentially a clouded title is not okay. If there is no penalty here what's to stop anyone from doing this routinely? When I was a kid I had a family member who bought a house that ended up being on an undisclosed slow-moving landslide. The remediation was pretty insane and involved driving some gently caress-off huge piers into the bedrock under it, shoring up the hill in a bunch of places, major engineering poo poo. The lawsuit was pretty intense and the damages ended up basically being the cost of the remediation, which wasn't that much less than the cost of the property. The selling agent was involved too, as they had provable prior knowledge of the situation. The reason why I mention it is that the damage caused by having to declare a (edit: known to the sellers) defect that wasn't part of the deal when they bought was a huge part of the lawsuit and a big part of why it wasn't just limited to whatever the cost of the repairs might have been. The repairs were actually really contentious because the seller's lawyers were trying to argue that a much cheaper fix would have been to essentially dump dirt at the top of the slope (which the sellers had done to cover up the obvious signs of the moving earth), and that they shouldn't have to pay for more than that minimum "repair" (which the buyer's geoengineers argued actually made it worse). A big part of the case was the fact that the house had been put under contract as being structurally stable, but if they ever decided to sell it they had to disclose it, which essentially made the property either worthless or much, much less valuable. poo poo dragged out for a while, but eventually the buyers won.
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Jun 15, 2021 19:16
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Glumwheels posted:I’d kick them out especially at that price because they probably made a nice profit on the house. If they didn’t plan, it’s their problem not your friend’s unless they wanted to pay your friends mortgage/rent too until they found a place. Unbelievable. I'm not a lawyer or even remotely skilled in this area, but could you not make an argument that anything left in the house after the closing contract was executed now belongs to the buyers? I'm guessing probably not but it ought to be for the sellers doing something that lovely.
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Jun 15, 2021 20:25
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spwrozek posted:A guy who works for me just bought a place for $500K with $50K down, $630/mo HOA. He makes $84K. Apparently his GF is moving in. Hope it goes well. Update: Today he told me the deal is very close to falling through. He will find out by Thursday. I guess the seller lost her job and her dad was a cosigner on the place. she stopped paying the mortgage and HOA. Puts the place up for sale. They owe $50K to the bank to pay off the unpaid HOA and monthly payments. She knew all of this but I guess pops found out yesterday afternoon. So now he decides to pay it off and complete the sale or the deal falls through and the bank forecloses on them. He is pretty bummed since he lost a few weeks of looking if it falls through and he is month to month on his lease at $3K/mo (vs $1750/mo in a 12 month lease). Having it fall through and hopefully getting a cheaper place is probably the best outcome though.
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Jun 15, 2021 20:25
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m0therfux0r posted:Your friend is nicer than I would be. I would have acted like everything was cool until we signed all the paperwork and then promptly told them to get the gently caress out of my property by the next day or I'd report them as trespassers. And then you'd realize that you'd made a huge mistake by signing the paperwork because the police will tell you its a civil matter and now you have to spend months tied up on court while the seller you sits on your money AND your house.
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Jun 15, 2021 20:29
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Beef Of Ages posted:I'm not a lawyer or even remotely skilled in this area, but could you not make an argument that anything left in the house after the closing contract was executed now belongs to the buyers? I'm guessing probably not but it ought to be for the sellers doing something that lovely. This will totally depends on the state/forms used/etc, but my guess if this were to happen in PA on the standard forms and during a pretty normal transaction there would be multiple methods for the buyer to walk away from the deal. In addition, you couldn't just "kick them out" because they are tenants by law. The contract both you and they signed is a separate matter to be dealt with separately. This is why there is always something in that contract requiring vacancy, otherwise you legally have tenants that need to be evicted using the (very lengthy and expensive) process in your state/county.
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Jun 15, 2021 20:31
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Motronic posted:This will totally depends on the state/forms used/etc, but my guess if this were to happen in PA on the standard forms and during a pretty normal transaction there would be multiple methods for the buyer to walk away from the deal. In addition, you couldn't just "kick them out" because they are tenants by law. The contract both you and they signed is a separate matter to be dealt with separately. This is why there is always something in that contract requiring vacancy, otherwise you legally have tenants that need to be evicted using the (very lengthy and expensive) process in your state/county. All of our offers have a vacancy date with $250/day damages if they don't leave. Hope it never would come to that, would I get comped... who knows. I like putting offers on empty places though.
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Jun 15, 2021 20:35
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Beef Of Ages posted:I'm not a lawyer or even remotely skilled in this area, but could you not make an argument that anything left in the house after the closing contract was executed now belongs to the buyers? I'm guessing probably not but it ought to be for the sellers doing something that lovely. I think the buyer becomes the owner of any possessions left behind unless something is written into the agreement to address this. While tempting to simply kick the sellers out for being idiots, the logistics of removing all their poo poo from atop a mountain 20 winding-dirt-road-minutes from the nearest pavement was less appealing than a one month leaseback. I suppose they could have just heaped everything into a pile and lit a match. Make no mistake, the buyers were livid.
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Jun 15, 2021 20:36
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Magicaljesus posted:I think the buyer becomes the owner of any possessions left behind unless something is written into the agreement to address this. That's how it works in PA on standard forms (clause right in there), but it's not that straightforward if the sellers have not vacated. Again, because they are legal tenants.
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Jun 15, 2021 20:49
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