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biracial bear for uncut posted:How it started:
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Jul 1, 2021 15:04
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Dik Hz posted:Yeah, I'd be surprised if the banks shared appraisals with each other. You may have to eat that cost. The new lender basically said "They don't have to be happy about it, but in every legal sense you own that appraisal and can do what you like with it. The form in question is just confirmation that you aren't trying to commit fraud by double-mortgaging the property and them refusing to sign off on it is just lovely behavior."
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Jul 1, 2021 15:20
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biracial bear for uncut posted:The new lender basically said "They don't have to be happy about it, but in every legal sense you own that appraisal and can do what you like with it. The form in question is just confirmation that you aren't trying to commit fraud by double-mortgaging the property and them refusing to sign off on it is just lovely behavior." Well, color me surprised. Can any of the appraisers in here confirm that that's universal?
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Jul 1, 2021 15:26
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If I could remember how to properly cite it, it's written out who can share it and when in the appraisal itself and it's a lot of different ways of saying "whenever the buyer that paid for the appraisal requests it".
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Jul 1, 2021 15:38
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I feel like even if you technically own your own appraisal, a bank will want to do it with "their" appraiser and may not accept any others. That's how I can see them framing it so you'd have to do it again. Hopefully I'm wrong, though!
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Jul 1, 2021 15:43
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Johnny Truant posted:I feel like even if you technically own your own appraisal, a bank will want to do it with "their" appraiser and may not accept any others. That's how I can see them framing it so you'd have to do it again. Hopefully I'm wrong, though! The lender I'm talking to at the "new" bank is saying the actual appraisal company is one they've used in other loans (and one he's currently using on other deals he's currently working on), so it's pretty much down to the other lender being a dick about it. New lender said he's going to talk to the appraisal company directly and ask what they can do about getting it properly released to them so they can use it.
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Jul 1, 2021 15:51
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Typically the appraisal report is ordered by the bank, paid for by the bank, and addressed to the bank. Then they charge the borrower a reimbursement. It's an appraisal of the property you're buying, but it's very much the bank's appraisal An appraisal can't be used for lending purposes if it was ordered directly by the buyer, and an appraisal prepared for Bank A can't be used by Bank B (as a result of significant lobbying and legislation designed to protect appraiser's income) If you talked to a lender that referred to it as "your" appraisal to do with as you see fit, you've stumbled across someone in the home buying process who is deeply stupid
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Jul 1, 2021 16:04
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GoGoGadgetChris posted:Typically the appraisal report is ordered by the bank, paid for by the bank, and addressed to the bank. Then they charge the borrower a reimbursement. It's an appraisal of the property you're buying, but it's very much the bank's appraisal If that's how it ends up working, I'll gladly pay another $500 to save around $50k in interest over the life of said loan. Still seems petty.
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Jul 1, 2021 16:21
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GoGoGadgetChris posted:you've stumbled across someone in the home buying process who is deeply stupid House-buying thread - Why is everyone involved in this process so deeply stupid?
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Jul 1, 2021 16:24
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Happy 1000 pages, may there be another 1000 pages of discovering just how many ways people involved in the house-buying process are stupid
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Jul 1, 2021 16:30
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Honestly, I’d pay $500 not to deal with those stupid loving people more than I had to.
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Jul 1, 2021 16:44
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We're meeting with 2 buyers agents this weekend to discuss what we're looking for based on some friend recommendations to see who we gel with more. Anything in particular we should ask them? I think someone mentioned that "secret" listings aren't really a thing? Why should we choose you over saving cash with Redfin?
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Jul 1, 2021 16:48
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Residency Evil posted:We're meeting with 2 buyers agents this weekend to discuss what we're looking for based on some friend recommendations to see who we gel with more. Anything in particular we should ask them? I think someone mentioned that "secret" listings aren't really a thing? Literally the only plus in my very limited experience is they're supposed to look for listings you'll like based on the things you tell them you're looking for (and supposedly save you time in going to random showings of a bunch of things you won't like). This wasn't my actual experience, though. The buyer I signed with consistently sent me listings I either didn't like or which were far too expensive until I stumbled across the one I'm trying to get now on realtor.com I probably should've browsed redfin instead given how much people have mentioned it. EDIT: Old lender is supposedly putting together their "best offer" to keep me from leaving. Maybe they'll actually put something better together, but regardless I'll probably recommend the other lender to people because gently caress having to do this to get anything like a decent offer. Some Pinko Commie fucked around with this message at 17:00 on Jul 1, 2021 |
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Jul 1, 2021 16:57
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Residency Evil posted:I think someone mentioned that "secret" listings aren't really a thing?
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Jul 1, 2021 17:25
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GoGoGadgetChris posted:Typically the appraisal report is ordered by the bank, paid for by the bank, and addressed to the bank. Then they charge the borrower a reimbursement. It's an appraisal of the property you're buying, but it's very much the bank's appraisal Bank B can accept an assignment of an appraisal from Bank A if the appraiser is qualified. Whether or not the Banks want to do this is another question.
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Jul 1, 2021 17:44
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Just initiated the wire transfer for my closing coming up on Tuesday and was expecting everything to be super slow and take until the last minute like a lot of people in here have experienced. I am shocked and pleased to say that right now, an hour later, and the money has already been taken out of my account! Am I lucky or is there more nail-biting to be had waiting for it to get to the actual escrow account?
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Jul 1, 2021 18:48
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m0therfux0r posted:Just initiated the wire transfer for my closing coming up on Tuesday and was expecting everything to be super slow and take until the last minute like a lot of people in here have experienced. I am shocked and pleased to say that right now, an hour later, and the money has already been taken out of my account! Of course it has. m0therfux0r posted:Am I lucky or is there more nail-biting to be had waiting for it to get to the actual escrow account? Yes, the money making it to the proper destination on time is the part you bite your nails about. Sorry.
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Jul 1, 2021 18:54
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m0therfux0r posted:Just initiated the wire transfer for my closing coming up on Tuesday and was expecting everything to be super slow and take until the last minute like a lot of people in here have experienced. I am shocked and pleased to say that right now, an hour later, and the money has already been taken out of my account! The money leaving is the easy part. It's the 4 humans between that and it landing in the correct destination account which is the anxiety inducing part. Enjoy your freshly bitten nails.
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Jul 1, 2021 18:55
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El Mero Mero posted:House-buying thread - Why is everyone involved in this process so deeply stupid? See, this is the problem with changing the title for this thread; whatever new joke we change it to will be obliterated by this literally perfect title within a page or two.  This is the most accurate, built-to-last thread title of probably any thread in BFC.
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Jul 1, 2021 19:09
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Sundae posted:See, this is the problem with changing the title for this thread; whatever new joke we change it to will be obliterated by this literally perfect title within a page or two. It could go on a title holiday. Helps keep the jokes fresh while the universal truth is known to all.
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Jul 1, 2021 19:15
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Oh huh we made it to a thousand pages, too.
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Jul 1, 2021 19:15
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silvergoose posted:Oh huh we made it to a thousand pages, too. The thread, or me trying to read my HOA's manual? 
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Jul 1, 2021 19:19
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The ultimate irony about the current title is that it's you, dear buyer, who was deeply stupid the whole time. If any further evidence is needed: everyone else gets to walk away after closing.
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Jul 1, 2021 19:26
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DaveSauce posted:The ultimate irony about the current title is that it's you, dear buyer, who was deeply stupid the whole time. With your money too. Every single one of them.
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Jul 1, 2021 19:43
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Gotta say thank you to this thread for all of the education over the past few years. It's pretty great to take a call from a mortgage lender, give them the pertinent stats for the loan that we've been pre-approved for already, and then listen to them make excuses for why they can't match.
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Jul 1, 2021 19:52
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DaveSauce posted:The ultimate irony about the current title is that it's you, dear buyer, who was deeply stupid the whole time. The Purchase: a film by M. Night Shyamalan.
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Jul 1, 2021 19:55
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Sundae posted:The Purchase: a film by M. Night Shyamalan. Homeownership: A series by GRRM
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Jul 1, 2021 20:06
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IOwnCalculus posted:Homeownership: A series by GRRM All about the incestuous relationships between the various industries associated with home purchase transactions.
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Jul 1, 2021 20:11
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I love the current title because man is it accurate. I wanted to strangle my realtor
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Jul 1, 2021 20:22
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therobit posted:All about the incestuous relationships between the various industries associated with home purchase transactions.
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Jul 1, 2021 20:22
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m0therfux0r posted:Just initiated the wire transfer for my closing coming up on Tuesday and was expecting everything to be super slow and take until the last minute like a lot of people in here have experienced. I am shocked and pleased to say that right now, an hour later, and the money has already been taken out of my account! As people have said, yeah I still have some nail-biting to do until the money ends up where it's supposed to end up, but I'll tell you what- earlier this morning I felt like I was going to puke from anxiety and as soon as that money left my account, the puke part went away, so I'll call that a win for now.
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Jul 1, 2021 20:29
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m0therfux0r posted:Just initiated the wire transfer for my closing coming up on Tuesday and was expecting everything to be super slow and take until the last minute like a lot of people in here have experienced. I am shocked and pleased to say that right now, an hour later, and the money has already been taken out of my account! Last time the wire was such a giant pain in the rear end that I just put the money into a chase checking account and I am going to go get a cashiers check. Sundae posted:The thread, or me trying to read my HOA's manual? Our HOA does basically nothing (snow removal and flowers/yard along the street) and it took 5 hours to read the whole thing.
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Jul 1, 2021 20:41
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spwrozek posted:Last time the wire was such a giant pain in the rear end that I just put the money into a chase checking account and I am going to go get a cashiers check. I'd have gone this route too, but I have a credit union that only has a handful of physical branches and they're across the state, so wire transfer it is!
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Jul 1, 2021 20:52
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spwrozek posted:Our HOA does basically nothing (snow removal and flowers/yard along the street) and it took 5 hours to read the whole thing. Ours is supposed to do a whole bunch of exterior maintenance, but they're suspended all but emergency maintenance because we're caught up in a construction defect lawsuit against KBHomes. We're almost certainly to win it, but in the meantime it's a pain in the rear end. During the initial arbitration, KBHomes basically came out and said they're responsible for the defects, but their insurer refused to even participate in the arbitration and said they wouldn't pay poo poo unless the HOA took KBH to court. The HOA got a letter figuratively saying "Please sue us so we can get this over with. If the suit matches what we discussed in arbitration, we ain't contesting poo poo." Now just to let the legal process + pandemic delays slowly work their way through. But yeah, for right now about all our HOA seems to do is send me letters telling me to stop hanging decorations on tree branches.
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Jul 1, 2021 21:01
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My parents want to gift me and my partner the max amount (15k/year/person once a year in 2 years) to help with a house purchase. My mother mentioned something about how making gifts over 10k triggers suspicion from the feds, so she suggested 2 separate checks. I think if you are doing something legitimate, that shouldn't be a problem, and trying to get under some threshold is worse. Do folks here have opinions on this?
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Jul 1, 2021 22:01
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Thats not how the gift tax works. She can give it all to you in a lump sum and just has to tell the IRS. No tax is collected until the lifetime amount exceeds like 13 million or whatever the estate tax is now.
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Jul 1, 2021 22:07
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pokie posted:My parents want to gift me and my partner the max amount (15k/year/person once a year in 2 years) to help with a house purchase. My mother mentioned something about how making gifts over 10k triggers suspicion from the feds, so she suggested 2 separate checks. I think if you are doing something legitimate, that shouldn't be a problem, and trying to get under some threshold is worse. Do folks here have opinions on this? 1) Definitely do not structure the gifts, that's far worse than someone at the bank filling out a form. 2) The "max" gift isn't the max allowed; it's the max allowed before it eats into your lifetime exemption, which is like 11 million dollars, so if they want to just give you $60k, they can do that, and it might be easier. EDIT 3) Also, I believe your parents could set up the gift like: mom gives you 15k, mom gives your partner 15k, dad gives you 15k, dad gives your partner 15k, and all those count separately, so your parents could just give you $60k and it doesn't even go over the annual "limit". CellBlock fucked around with this message at 22:12 on Jul 1, 2021 |
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Jul 1, 2021 22:08
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pokie posted:My parents want to gift me and my partner the max amount (15k/year/person once a year in 2 years) to help with a house purchase. My mother mentioned something about how making gifts over 10k triggers suspicion from the feds, so she suggested 2 separate checks. I think if you are doing something legitimate, that shouldn't be a problem, and trying to get under some threshold is worse. Do folks here have opinions on this? Pretty much everything about this is a misconception. You can gift any amount to anyone. If it's over $15k/year per person (so $30k from your partents to you) they need to REPORT it on their income taxes. No tax is due by them unless they exceed a lifetime amount of $23.4 million dollars. If you make a currency transaction (withdrawal or deposit) of $10k or more a report is filled out by your bank called a CTR. This is common, happend multiple times a day at most bank branches, and is no big deal unless you are actually trying to launder money or stupidly "structure" your withdrawals/deposits to get around it.
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Jul 1, 2021 22:09
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Motronic posted:If you make a currency transaction (withdrawal or deposit) of $10k or more a report is filled out by your bank called a CTR. This is common, happend multiple times a day at most bank branches, and is no big deal unless you are actually trying to launder money or stupidly "structure" your withdrawals/deposits to get around it. I can confirm this as well. My wife is a bank manager, and they don't even blink twice at checks coming in for 10, 50, 80 thousand dollars. Happens all time time. Deposit a check for 9200 on Tuesday, and another for 5,000 on Wednesday from the same person and a SAR gets filed really fast. They take that stuff super serious. OP's mom is just misinformed.
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Jul 1, 2021 22:11
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PokeJoe posted:Thats not how the gift tax works. She can give it all to you in a lump sum and just has to tell the IRS. No tax is collected until the lifetime amount exceeds like 13 million or whatever the estate tax is now. You don't have to tell the irs unless it goes over said 15k/person/year limit for gift tax purposes. The parents are talking about the stuff for money laundering https://www.irs.gov/newsroom/cash-payment-report-helps-government-combat-money-laundering, but I'm pretty sure splitting it into a bunch of smaller checks will get just as much if not more negative attention and possibly be actually illegal
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Jul 1, 2021 22:12
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