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Been a while since I posted here, and I just wanted to post an update and say: Fuckin hell, I made the right decision. Buying this house is literally the best decision I have ever made in my life. Specifically buying [I]this[/] house. I can't believe I got a second chance, and by the gods am I glad I did. Not only has it been everything I ever dreamed up, it has been a bunch of things I hadn't even imagined I wanted. Of course I am also out of money now and just sort of hoping nothing else goes wrong for a bit because I can't afford to fix it for a bit - my $20k repairs and emergencies buffer didn't last long - but even if I have to starve myself to afford to stay here it's worth it.
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Nov 16, 2023 03:15
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Uthor posted:Between my offer being accepted and closing on the house, I got a raise at work and had to spend like three days getting paperwork back and forth why I was earning more money than I said I was. "Why did your insurance company spell your last name with an n instead of an m?" "Why is your job work from home?" We really struggled, but ultimately failed to come up with better answers than "... A typo?" and "... Because it is?"
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Nov 16, 2023 03:29
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Motronic posted:It's is 100% technically possible. You can FSBO your house and refuse to pay buyer agents. So none of them will show it. The last time that I sold a house we used an agent, but I learned that an attorney could also post stuff on MLS and that the going rate for that was $100. So YMMV when it comes to MLS access, I don't know how many areas have realtors completely gatekeeping the process vs not
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Nov 16, 2023 03:38
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I mean, like it or not, the way buyer’s agents get paid is usually out of those fees. If your buyers are working with an agent, they probably don’t really want to either stiff their agent or pay an extra 2-3%. I walked away from a house once because the seller’s agent refused to talk to our agent because they didn’t want to split the fee.
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Nov 16, 2023 04:00
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GlyphGryph. I'm happy to hear that! Congratulations!
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Nov 16, 2023 05:12
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Slugworth posted:We had to scramble to provide satisfactory answers to our underwriter on two different huge issues close to our closing: Mine asked me to clarify why an inquiry for the loan I was applying for with them showed up on my credit report.
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Nov 16, 2023 05:24
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Sirotan posted:Mine asked me to clarify why an inquiry for the loan I was applying for with them showed up on my credit report. 
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Nov 16, 2023 06:31
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Sirotan posted:Mine asked me to clarify why an inquiry for the loan I was applying for with them showed up on my credit report. Same. Literally had to write "This is the mortgage for which I am applying" right next to the name of their bank, for the amount that I was asking them to lend me.
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Nov 16, 2023 08:41
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Sirotan posted:Mine asked me to clarify why an inquiry for the loan I was applying for with them showed up on my credit report. Lol cool
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Nov 16, 2023 14:46
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I'm not in the market for a new house but I like to browse listings in my area. A house popped up nearby and I'm looking at the pictures thinking it's nicely updated and then I glanced at the address. It seemed familiar, so I looked at the exterior of the house again. Oh no. It's the house of a family of five that was murdered by the estranged father and then he killed himself. Now on sale for $900,000.
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Nov 16, 2023 15:11
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DTaeKim posted:I'm not in the market for a new house but I like to browse listings in my area. A house popped up nearby and I'm looking at the pictures thinking it's nicely updated and then I glanced at the address. It seemed familiar, so I looked at the exterior of the house again. Sale, eh? I love sales! What kind of discount off of MSRP is offered for something like that?
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Nov 16, 2023 15:43
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Sirotan posted:Mine asked me to clarify why an inquiry for the loan I was applying for with them showed up on my credit report. *taps thread title*
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Nov 16, 2023 16:05
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Has anyone received an offer on their house from an institutional investor that wants to assume the existing loan by forming a trust with the current owner? I got the most baffling unsolicited offer on my house (via the realtor I worked with in 2019). I am not even considering selling in the first place, so there's no risk of getting scammed here, but the whole thing just sounds so ridiculous that I am curious if anyone else has come across it. They want to 'buy' my house by forming a trust with me & them as members, so that they can step in to the existing 30-year (non-assumable!) loan and give me an upfront payment equal to my current equity in the house. They would use the house as a rental, and they would make the mortgage payments. If they ever stopped making the mortgage payments, I can step in, or I can let the house go into foreclosure. It was very elaborately spelled out. Probably intentionally complicated, so that I wouldn't notice they are buying 50% ownership of the house by paying me 35% of the value of the house. And getting themselves a nice bit of 30-year beneficial financing for free. A friend in Texas just received a nearly identical offer on his house, which IS for sale, so I need to make sure he doesn't go for it either...
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Nov 16, 2023 19:00
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If you can convince someone to give you their 10 year old mortgage interest rate, given what rates are today, it's free money
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Nov 16, 2023 19:07
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GoGoGadgetChris posted:.....so that I wouldn't notice they are buying 50% ownership of the house by paying me 35% of the value of the house... Ehh its not quite like this is it? They are getting the rights to the whole house (unless they stop paying) for your current equity, right? GoGoGadgetChris posted:... And getting themselves a nice bit of 30-year beneficial financing for free. This is worth a *lot* though. They aren't saying anything about giving premium for this? Scan the letter and post it up, this is interesting. I always kinda wondered if there was some way to get around a non-assumable mortgage.
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Nov 16, 2023 19:21
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It's called a "Subject to" purchase and is only worth entertaining if the property is a shitheap with minimal equity and you are in a dire financial situation. In that case, the buyer basically gets the benefit of the seller's rate while the seller gets the benefit of someone making the payments on time and keeping the house from falling down. If you read investors' guides to the such purchases they are all focused on the risk that the seller goes into bankruptcy or runs up liens against the house. Also the most part lenders will call the loan due immediately if they find out that the transfer happened.
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Nov 16, 2023 19:27
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We're planning on putting an offer on a house and debating the offer amount, do we go in low with expecting them to counter or do we go less low but have a lot less wiggle room for what we'd find acceptable as a counter.. The current price is pretty high and they have already reduced it in price twice. Even our lower offer is still way above the assessed value but that seems like more of a guideline. I guess my main concern is giving a low offer and they just say f off and don't listen to following offers.. But that wouldn't be too bad, status quo is fine.
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Nov 16, 2023 23:01
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I'd ignore an insulting offer but if they reduced it twice the baseline for a non insulting offer might be wide. If start low but maybe make sure to keep it at a place where you can make it with a straight face. Most people will still listen to subsequent offers as long as your not just wasting time. The one with the money usually gets an audience.
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Nov 16, 2023 23:04
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Yeah the big ace in the hole we have as well is we are planning on refinancing our existing place and keeping/renting so we won't be subject to sale which is pretty big going into december in a really slow market. It feels like the market will go bananas in the late spring once rates start going a bit lower so would be nice to get a new purchase done now.
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Nov 16, 2023 23:08
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"flexible on close" is a really good way to signal your not just loving around.
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Nov 16, 2023 23:12
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priznat posted:We're planning on putting an offer on a house and debating the offer amount, do we go in low with expecting them to counter or do we go less low but have a lot less wiggle room for what we'd find acceptable as a counter.. What do you mean by assessed value? Redfin/zillow value or something else? Because if the house has been appraised at way lower than your offer, you’ll need to cover that gap in cash.
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Nov 17, 2023 00:57
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Beef Of Ages posted:The financial implications of that approach aside (because I am not a financial expert), from a logistics standpoint as long as you do it before starting the mortgage process and can document the moves you make, underwriting will eventually be ok with that even though it is likely to take several rounds of submitting the same paperwork to get there. I know I am going backwards here but what are you guys even on about. Underwriting deals with this all the time. Personally I got zero questions both times I sold stock ~2 weeks before close to fund my down payment.
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Nov 17, 2023 01:02
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Pilfered Pallbearers posted:What do you mean by assessed value? Redfin/zillow value or something else? I assume he means tax assessment, which is usually (but not always) lower than appraisal or market.
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Nov 17, 2023 01:08
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Yeah sorry tax assessment, I don’t think we have Zillow here (Canada). I should check. My wife made the call to go with the low offer and I’m good with that, our realtor is going to feel it out a bit. I’m sure if they’re motivated they will counter or be open for us to revise the offer if they find it too low.
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Nov 17, 2023 01:11
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spwrozek posted:I know I am going backwards here but what are you guys even on about. Underwriting deals with this all the time. Personally I got zero questions both times I sold stock ~2 weeks before close to fund my down payment. SlapActionJackson posted:After I told them monthly statements didn't exist and that the 2 quarterly statements they already had == 6 months, they actually asked me to submit a document, from Vanguard, stating that no monthly statements are generated in idle months.
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Nov 17, 2023 01:18
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I have a fuzzy recollection of Better freaking out when my Vanguard balance went down and my Wells Fargo balance went up. They really wanted to know what happened to my $80k in stocks and also where I got this $80k in cash from (sus!)
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Nov 17, 2023 01:21
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Yeah, I closed an old savings account that had like $2k gathering dust in it while closing on a loan, and I had to provide proof that yes, the $2k that appeared in checking in July was the same $2k that had been in savings in June but was no longer there in July. That's when I found out that my bank didn't let you download statements from an account after they closed it, even if you're still a customer!
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Nov 17, 2023 01:27
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spwrozek posted:I know I am going backwards here but what are you guys even on about. Underwriting deals with this all the time. Personally I got zero questions both times I sold stock ~2 weeks before close to fund my down payment. Great for you, but not the general experience of the thread or me personally. That's why it's being called out. Also include them freaking out about things like vanguard old school mutual fund accounts only cutting statements quarterly. Which has been a thing since the 1970s.
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Nov 17, 2023 01:36
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Motronic posted:Also include them freaking out about things like vanguard old school mutual fund accounts only cutting statements quarterly. Which has been a thing since the 1970s. Vanguard has at least figured out how to ease their minds and will let you request a custom "on demand" statement for any date or time range you'd like, within the last two years. It does take up to 24 hours to process for some reason.
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Nov 17, 2023 02:02
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Cassius Belli posted:Vanguard has at least figured out how to ease their minds and will let you request a custom "on demand" statement for any date or time range you'd like, within the last two years. It does take up to 24 hours to process for some reason. Oh lol I have never bothered asking. I just wrote a "response letter" telling the underwriters they were idiots. And then also explaining it was quarterly. Hasn't failed yet. But i only do this every few years so I understand there should be a more reliable method.
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Nov 17, 2023 02:07
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Bah it seems that the owners of that house are very sticky on their current price which we could do but would be a bit of a push. I don’t think it’s at that level so we’re going to hit pause. If it’s around in the new year maybe they’ll be more amenable.
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Nov 17, 2023 02:51
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Speaking of Better, I have never received so many phone calls/texts/emails as I did when I shopped refinancing around between Better, my current local bank, and a couple national lenders (my local bank won). Literally emails and phone calls daily from the same person who apparently spends their entire day chasing leads from the website. They were very sad that I went with my local bank. The national lenders couldn't have cared less. But this was during the absolute bottom of rates a couple years ago.
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Nov 17, 2023 02:52
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spwrozek posted:I know I am going backwards here but what are you guys even on about. Underwriting deals with this all the time. Personally I got zero questions both times I sold stock ~2 weeks before close to fund my down payment. I'm glad you didn't deal with a lot of horseshit, but *taps thread title* people do.
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Nov 17, 2023 03:21
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GoGoGadgetChris posted:Has anyone received an offer on their house from an institutional investor that wants to assume the existing loan by forming a trust with the current owner? Google "rent to own"
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Nov 17, 2023 03:27
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priznat posted:Bah it seems that the owners of that house are very sticky on their current price which we could do but would be a bit of a push. I don’t think it’s at that level so we’re going to hit pause. If it’s around in the new year maybe they’ll be more amenable. When we bought we went in at asking and ended up getting 10k in credit for repairs after inspection. It’s not a guarantee but there may be more incentive to try and close the deal and give a credit than to flat out deny a lower offer.
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Nov 17, 2023 03:41
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What's the difference between offering a credit and just reducing the sales price? I guess it means the agents get more and there's a bigger transfer tax?
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Nov 17, 2023 03:46
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TooMuchAbstraction posted:What's the difference between offering a credit and just reducing the sales price? I guess it means the agents get more and there's a bigger transfer tax? And the credit back at closing is cash the buyer has in hand today, instead of just having a slightly lower mortgage.
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Nov 17, 2023 04:58
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priznat posted:Yeah sorry tax assessment, I don’t think we have Zillow here (Canada). I should check. Sounds nice not having to bid blind against five other buyers the day after the house goes on the market.
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Nov 17, 2023 05:38
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PerniciousKnid posted:Sounds nice not having to bid blind against five other buyers the day after the house goes on the market. Yeah I think it is a good time to buy now with rates probably going down by the summer it will heat back up and get crazy. That said the market is still pretty nuts with the house we're interested in asking almost $3mil CAD (and it sounds like they're sticky on that, ah well). West coast problems.
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Nov 17, 2023 05:47
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TooMuchAbstraction posted:What's the difference between offering a credit and just reducing the sales price? I guess it means the agents get more and there's a bigger transfer tax? It can make it easier for a buyer that is low on cash to purchase your house when you offer a credit.
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Nov 17, 2023 11:58
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