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Glumwheels posted:So still no earnest money at the end of the day. Apparently, the buyers were told to submit a cashiers check or wire transfer and instead uploaded a personal check into the title company’s app or whatever. So the title company and the buyer hosed up, I told my agent we expect to be compensated for this gently caress up by someone since we’re a day past the due date now. If the buyers are in breach of the purchase agreement, in most states you need to send them a notice to perform letter to let them know they are in breach and give an opportunity to correct it before you can terminate the sale, before they owe you any money. If the buyers didn't waive the inspection contingency they probably won't lose/owe the earnest money either If you don't think this buyer will close, talk to your agent about showing the home and taking backup offers. You can usually do this even if the buyers are not in breach
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Jul 13, 2021 20:08
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Glumwheels posted:The money is released to me, in my bank account, immediately. They’ve waved all contingencies so if the deal falls through it’s mine regardless. They can try to negotiate for it back but I don’t have to give them a dime. It’s not going into escrow until closing and I’m going to use it to pay off the balance for the earnest money I put down on our new house to avoid interest fees. So this seems to all come down to them waiving all contingencies. Also reading the law in Washington this is not the law (as you describe it) and best practice, according to the 5 Washington based law firm websites I looked at, is hold the EM with a third party to close to best prevent litigation in a dispute. Sellers can break contracts too! https://macomberlaw.com/contracts/7124-2/ If your contract says they have to wire it or use a cashiers check though you should have your agent alert them to fix it.
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Jul 13, 2021 20:24
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lampey posted:You can usually do this even if the buyers are not in breach That would explain why the for sale sign in front of the property I'm trying to get doesn't have "under contract" or anything on it like you would normally expect to see, I guess.
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Jul 13, 2021 20:27
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We’re working through it, they will close (the earnest money in question is $30k). The problem is they’re stupid, didn’t follow instructions and the title company hosed up because they didn’t review the EM check or push back and say “you need a cashiers check not a personal check”. So now the title company is trying to get a statement from the buyer’s bank showing the EM check has cleared else we have to wait 10 days (I guess some mandatory requirement in WA). Of course it’s a game of hot potato where no one wants to accept blame because now looks you said they are in breach. They waived every contingency including inspection. I told our agent I want money back from the title company or whoever but at this point we can’t walk or take a backup offer. We didn’t get many offers and it’s been over a week now. If we go back on the market it will be a hot mess and we’d probably get even less. I just want to be done and out of this house now but I want my drat money, Edit: Seattle market is a nightmare, nothing makes sense and they’re doing everything against common sense/law/judgement. Early release of earnest money is extremely common in Seattle area. It’s just how it’s done here since it’s a sellers market. Some people are even paying seller fees and taxes. Glumwheels fucked around with this message at 20:34 on Jul 13, 2021 |
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Jul 13, 2021 20:28
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So we live in one of those high CoL areas that newspapers were screaming about saying it's the end of urbanization etc, everyone will work from home in the suburbs forever, and our property value for our condo dropped, roughly 14% from April 2020 to November 2020 Just got our appraisal back for refinancing July 2021, it's 2% above the original April 2020 purchase price.
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Jul 13, 2021 20:43
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Hadlock posted:So we live in one of those high CoL areas that newspapers were screaming about saying it's the end of urbanization etc, everyone will work from home in the suburbs forever, and our property value for our condo dropped, roughly 14% from April 2020 to November 2020 To be fair, aren't you currently living in an area where the median home prices are so high that it prevents all but a slim minority of people from owning property? I know people have been saying "it's so high I don't think it can go higher" for years but that might be what we are seeing in some ultra HCOL and HNW communities. Demand may have largely met supply in these areas for those who can afford it. Uneducated guesses! Part of that played into the price bracket I looked at for my condo. I know I should block future appreciation out of my brain and not think of property as an investment, but it did creep in as one of the many factors to consider. Some areas in my city had gained $100k in the last 2 or 3 years, or 25% ish, and I didn't want to buy in at the top of those neighborhoods. Is it possible they will continue to rise? Sure, but in my mind it was less likely than if I bought a place more towards the median for my metro area. Plus, obviously, I would be making myself more house poor. Inner Light fucked around with this message at 21:04 on Jul 13, 2021 |
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Jul 13, 2021 21:00
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I'm not really following the point you're trying to make, there My point was, there was a lot of speculation in the market, that the extreme ends of the market might never recover, with max doom and gloom peaking right before the election. Halfway through the year after the pandemic started, our house formally appraised not 2% above the bottom of our local market, but 2% above it's peak, right before the pandemic. I've seen a lot of speculation as to whether or not it would actually recover, but this is an actual data point showing that, very roughly, the market is about back where it was at the beginning of the pandemic.
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Jul 13, 2021 21:28
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Glumwheels posted:I told our agent I want money back from the title company or whoever but at this point we can’t walk or take a backup offer. We didn’t get many offers and it’s been over a week now. If we go back on the market it will be a hot mess and we’d probably get even less. I just want to be done and out of this house now but I want my drat money, I understand this is stressful and all, but I think ultimately the bolded part is your bottom line. If you didn't get many offers even in your red-hot seller's market... it's not that hot for you. What's your interest rate on the earnest money you paid out? At (for example) 3% nominal mortgage rate, a whole month's interest on $30,000 is... $75. Even at 10% personal-loan interest levels, a week's delay isn't going to add up to much. Complain all you want and see if the title company will give you something to shut you up, but I think your damages are pretty small.
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Jul 13, 2021 21:28
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What's the house buying equivalent of bridezilla
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Jul 13, 2021 21:55
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Epitope posted:What's the house buying equivalent of bridezilla House Hunters International 
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Jul 13, 2021 22:04
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I was trying to make fun of Glumwheels, I forgot it's a TV show
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Jul 13, 2021 22:11
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I am a housezilla, very annoyed that I’m having to get involved and if I hadn’t followed up no one would have. I really should step back and let my agent handle it. I also planned to pay off the initial draw because we’re using the account again for the remaining down payment but it’s fine since the stock has skyrocketed since so we have no issues going to our full amount now if needed and we’ll pay it off a few days later once our old house closes (if they don’t gently caress that up too). Anyway, the buyer’s agent gave the escrow company the wrong phone number for his clients and they’ve been calling the wrong number for two days now trying to get a hold of the buyers.
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Jul 13, 2021 22:33
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Glumwheels posted:
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Jul 13, 2021 22:41
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Glumwheels when I bought my first place, the title company hosed up and set back closing by a week. They cut me a refund check for most if not all of their fee (I forget, since this was like 15 years ago, but it was over $1k), and gave it to me at closing.
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Jul 13, 2021 23:30
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poo poo, I guess I should be happy I'm at Conditional Approval as a buyer and no major fuckups on wire transfers have happened yet.
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Jul 14, 2021 00:17
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Glumwheels posted:I really should step back and let my agent handle it. Friend, have you seen the thread title? You absolutely should not expect them to handle it without riding their rear end to do so. And if that feels like a bummer, doing work that you shouldn't have to to make sure someone else does their job, i have some extremely bad news for you when you start hiring contractors.
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Jul 14, 2021 02:42
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Tyro posted:Glumwheels when I bought my first place, the title company hosed up and set back closing by a week. They cut me a refund check for most if not all of their fee (I forget, since this was like 15 years ago, but it was over $1k), and gave it to me at closing. I’m not holding my breath I’ll get anything out of this but glad to see you got taken care of and they did the right thing. My agent is working the title company so we’ll see. It’s not like everyone with their hand in the cookie jar is making bank or nothing, they’re seeing ridiculous numbers too. I hate the entire business of selling/buying homes. There should be way more transparency and regulations as well fee limits.
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Jul 14, 2021 03:05
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Once again, in true thread title fashion... We're due to close in <48 hours. My real estate agent, escrow officer, and myself have been haggling the lender (Better) for two days for loan documents. They swore up and down today that the loan docs were going out. They still haven't sent out the loan docs yet, and it's 7 PM. So now I get to wait with bated breath for loan documents to be sent to escrow the day before closing. This poo poo is gonna give me a heart attack. Just venting, because I have nowhere else to throw my frustration.
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Jul 14, 2021 03:16
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hattersmad posted:Once again, in true thread title fashion... Did you get a closing disclosure yet? If not, you’re not closing in 48 hours. You need three business days between closing disclosures and close That being said, I got mine at 830pm on the deadline day.
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Jul 14, 2021 04:29
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Pilfered Pallbearers posted:Did you get a closing disclosure yet? There's draft closing disclosure and final closing disclosure, no? I got final closing disclosure like the day before closing, I think.
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Jul 14, 2021 05:00
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Inner Light posted:There's draft closing disclosure and final closing disclosure, no? I got final closing disclosure like the day before closing, I think. It’s not supposed to be like that, but that’s pretty much the answer. They just said loan docs, so I’m warning incase they got nothing.
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Jul 14, 2021 05:02
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I got the closing disclosure yesterday, so I should be good there at least.
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Jul 14, 2021 05:25
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hattersmad posted:I got the closing disclosure yesterday, so I should be good there at least. Oh. What happened to us is 2 hours before close, our lawyer gave us an estimate of cash to bring to close, and the bank just cut us a refund for the difference as we didn’t get that number until 4 hours after schedule to close. As long as it’s not a wire, and your bank isn’t lovely about certified checks, you should be fine.
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Jul 14, 2021 06:01
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What's the general consensus on locking in an interest rate for a mortgage on a pending sale? Context: We've signed an agreement of sale for a new build condo in the Bay Area that is still under construction, albeit scheduled for an August or September move-in (these are approximate dates). We have a few irons in the old mortgage fire, and one of these lenders is offering us the opportunity to lock in a 2.75% interest rate for "90 days, or 150 days, I can do both it's really the same thing here blah blah..." The issue is that due to the nature of the purchase (new build still under construction) we do not have a locked in closing date. We really, really hope to wrap this up by sometime in September, but the builder essentially makes no guarantees. One related question--when dealing with lenders, is it wise to let them know about competitive rates that you already have in hand? E.g., should I tell Online Lenders B and C about the 2.75% interest rate Big Bank A is offering? This is a big, fat "jumbo" mortgage, if that matters.
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Jul 14, 2021 06:09
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Cyrano4747 posted:It also depends a lot on where you live. If you're right on a lake, or a bay, or a river etc. you can get away a lot easier. I have friends in the Puget Sound area who got off pretty easily during the heat dome because of their specific situation with regards to nearby bodies of water and their cooling effect. They also basically live in the woods, which helps a lot too. No AC, and they were fine. I was living basically on Lake Washington for the heat dome and it still felt like a summer day in Phoenix. It didn't matter that I was at the lake, that poo poo just sucked I sure am glad that we did nothing about global warming, really looking forward to more of that bullshit
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Jul 14, 2021 07:02
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QuarkJets posted:I was living basically on Lake Washington for the heat dome and it still felt like a summer day in Phoenix. It didn't matter that I was at the lake, that poo poo just sucked I feel you. I had 2 chickens die and had to bring the rest of them into my laundry room on the back porch where it was only 90 or 95 degrees to keep them alive. The smell was indescribably terrible. And last September I had to flee the smoke from forest fires that were only10 miles or less away because a previous fire has already damaged my lungs so that even a little smoke sends me into a full blown asthmatic coughing fit and the air quality last September was the worst I have ever experienced. If we get smoke like that every year I am going to have to leave the west for somewhere that doesn’t get fires every year.
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Jul 14, 2021 07:09
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Epitope posted:What's the house buying equivalent of bridezilla House buying
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Jul 14, 2021 07:50
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Motronic posted:If the bank sent a denial letter, fine. But people buy homes they don't intend to move into all the time, so it's a bullshit way of abusing a finance contingency. It's not the seller's fault, and they have real damages from something like this. Doesn't sound like it was necessarily the buyer's fault either, but that's neither here nor there because they're the ones who started the chain of events leading to them being under contract. It really just sounds like the buyer got screwed by a flakey employer, possibly the most normal and common thing in the world.
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Jul 14, 2021 08:03
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Vox Nihili posted:One related question--when dealing with lenders, is it wise to let them know about competitive rates that you already have in hand? E.g., should I tell Online Lenders B and C about the 2.75% interest rate Big Bank A is offering? Always let a lender know about better rates you get for the same loan type at another lender, but be prepared to share the loan estimate to prove it. That's if you prefer to work with a particular bank over another for some reason. They're all the same but if you can get a race to the bottom going that's all to the good. EDIT: What is the logic behind underwriting asking for a full 401k statement from the last month (this request coming after the Conditional Approval point, not way back when the initial requests for various things were made)? Some Pinko Commie fucked around with this message at 18:06 on Jul 14, 2021 |
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Jul 14, 2021 10:47
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QuarkJets posted:It really just sounds like the buyer got screwed by a flakey employer, possibly the most normal and common thing in the world. Yes, it does sound like that. And in that situation it shouldn't be on the seller to absorb the damages. Why would it? How does that make any sense? It's a badly written finance contingency clause, but those are abused all the time so whatever I guess.
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Jul 14, 2021 16:22
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Motronic posted:Yes, it does sound like that. And in that situation it shouldn't be on the seller to absorb the damages. Why would it? How does that make any sense? If the seller agrees to a financing contingency then the seller has agreed to absorb the damages in the event that the buyer can't obtain financing. It sounds like all parties acted in good faith, it's too bad but sometimes people get told the wrong information by employers or suffer other sudden changes to their employment or financial situation. The seller could try to go after the employer I guess but I doubt that would go anywhere
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Jul 14, 2021 23:53
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Vox Nihili posted:One related question--when dealing with lenders, is it wise to let them know about competitive rates that you already have in hand? E.g., should I tell Online Lenders B and C about the 2.75% interest rate Big Bank A is offering? Breathes heavily Yes of course let them know. edit: If they start spewing bullshit, feel free to cut them off and say things like "Hey thanks for your time, but are you able to beat ***% at par on a *** year mortgage with *** down?" Residency Evil fucked around with this message at 00:18 on Jul 15, 2021 |
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Jul 15, 2021 00:13
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The builder is saying they can do a 9/9/21 close. Hopefully our potential lenders can get things done in that timeframe. This would work out amazingly for us, since our lease is up at the start of October. Oh, and we also have our wedding in October, so it's going to be an insane couple months (we are already legally married, so we are set for purposes of buying property). Now let's throw in a new COVID wave for added drama.
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Jul 15, 2021 22:31
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Is there any consensus on preferred/in-house lenders when buying from a big builder? In our case, they are offering a $5,000 incentive to use their lender and sound confident they can match or beat the rates we're getting quoted elsewhere. I just want to make sure we wouldn't be loving ourselves by potentially going with this option. In this case, it's my understanding that they are majority owned by the builder, so it's essentially a true in-house financing option. The sum of my knowledge on this so far is basically the top five search results on Google.
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Jul 15, 2021 22:39
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Vox Nihili posted:Is there any consensus on preferred/in-house lenders when buying from a big builder? In our case, they are offering a $5,000 incentive to use their lender and sound confident they can match or beat the rates we're getting quoted elsewhere. I just want to make sure we wouldn't be loving ourselves by potentially going with this option. I am not an expert at all on this, but my understanding is that a lot of normal mortgage lenders won't give good terms for new-construction because it's difficult to actually get a reliable appraisal on something that doesn't yet exist and may or may not be the target of a construction-quality lawsuit five years from now. The in-house/preferred lenders get around this, as their biz model expects it. That's the full scope of what I can say; I don't know much of anything.
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Jul 15, 2021 22:47
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Thanks. Appreciate the advice from everyone so far.
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Jul 15, 2021 22:51
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Vox Nihili posted:Is there any consensus on preferred/in-house lenders when buying from a big builder? In our case, they are offering a $5,000 incentive to use their lender and sound confident they can match or beat the rates we're getting quoted elsewhere. I just want to make sure we wouldn't be loving ourselves by potentially going with this option. We bought our current house new. There wasn't any issues as far as appraisals, etc. Just shop for whomever will give you the best rate. Our builder had a "preferred" lender that would give an extra $3k towards closing, but they were like 1.5% higher than the other quotes we received. If they can match what you're seeing other places, I don't see why using them would be a bad option.
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Jul 16, 2021 01:44
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Sundae posted:I am not an expert at all on this, but my understanding is that a lot of normal mortgage lenders won't give good terms for new-construction because it's difficult to actually get a reliable appraisal on something that doesn't yet exist and may or may not be the target of a construction-quality lawsuit five years from now. The in-house/preferred lenders get around this, as their biz model expects it.
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Jul 16, 2021 13:09
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Dik Hz posted:I'm not an expert either, but I had this talk with builders and mortgage lenders recently. If it's a house in a subdivision next to other similar houses that sold recently, it's not as big of a deal. If you're building a custom house on several acres with no direct comps, you'll run into more issues. Thanks for this. It’s more than I knew. 
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Jul 16, 2021 17:13
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MrLogan posted:We bought our current house new. There wasn't any issues as far as appraisals, etc. Just shop for whomever will give you the best rate. Our builder had a "preferred" lender that would give an extra $3k towards closing, but they were like 1.5% higher than the other quotes we received. If they can match what you're seeing other places, I don't see why using them would be a bad option. Chances are real high that the loan will be sold very quickly anyway so if you can get the rate and terms to your liking, it seems like a fairly low risk proposition.
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Jul 17, 2021 01:48
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