|
I had a "this deal is available on this date only, take or leave" that corresponded with the absolute worst timing and most uncertainty and I'm stuck with a crappy rate, though the total amount isn't overwhelming. I suspect it'll be years before it'll be worthwhile to refinance.
|
#
?
Apr 21, 2024 19:31
|
|
|
|
| # ? May 4, 2024 02:41 |
|
|
Hadlock posted:I wonder if the lease you have is "too low" and so the appraisal they got was way lower than what they offered. Shortening your lease and re listing it with the higher rent would drag the average way up, probably close to what the person offered to buy it was Our landlord had not raised our rent in 7 years. So we are well below market. The proposal to us was to cancel the lease and then sign a 2 month 8 day lease with the same rate with the buyer to be. Which I guess means their plan was to create a legal fiction for the lender that the house had no lease so they could pretend our apartment would be market rate? Honestly, the plan makes no sense and we’ve given up on trying to make sense of things given how they escalated when we asked questions and started saying “no.”
|
|
#
?
Apr 21, 2024 23:47
|
|
|
That sounds less like "legal fiction" and more like "fraud".
|
|
#
?
Apr 21, 2024 23:59
|
|
|
They are probably trying to make it look like that's a short-term placeholder rate and not the rate thats been going on for 7 years straight. It's shady.
|
|
#
?
Apr 22, 2024 02:16
|
|
|
I’m curious, why would the bank even care about this? Wouldn’t they be able to see the end date on the existing lease, and know that the new owner could raise the rent to whatever market rate is at that time?
|
|
#
?
Apr 22, 2024 14:18
|
|
|
Man_of_Teflon posted:I’m curious, why would the bank even care about this? Wouldn’t they be able to see the end date on the existing lease, and know that the new owner could raise the rent to whatever market rate is at that time? Read the thread title.
|
|
#
?
Apr 22, 2024 14:22
|
|
|
Because they don't know if the low rent is just the landlord being lazy/cutting good tenants a deal/etc or if the rent is really that low in the area, which impacts the assessment. By playing games with the lease, they are trying to say "See, look at these comps, that's what the value really is. The current lease is just a short term thing to fill a gap, you can ignore it." It's a lot harder to do that on a lease from the Obama administration. I mean if the lease is identical it doesn't hurt OP, but I'd definitely ask for money back or a free month or something if I were to sign now.
|
|
#
?
Apr 22, 2024 14:24
|
|
|
I suspect that the crazy stupid idea is being pushed by an underwriter who is trying to make the loan easier to resell.
|
|
#
?
Apr 22, 2024 14:33
|
|
|
Maybe something to do with how you can calculate rental income as part of your income for getting the loan?
|
|
#
?
Apr 22, 2024 14:41
|
|
|
The buyer probably doesn’t qualify for the loan based on their own income and needs a market rate lease to qualify. The problem is that the current leases is below market rate and doesn’t bridge the gap fully. They can’t just unilaterally cancel the lease so that’s why the OP is getting all this pressure to sign a new one, or just leave cause suddenly everyone is being a dick. They should absolutely hold the line but they aren’t gonna out last the next renewal regardless of what happens.
|
|
#
?
Apr 22, 2024 16:15
|
|
|
tumblr hype man posted:The buyer probably doesn’t qualify for the loan based on their own income and needs a market rate lease to qualify. The problem is that the current leases is below market rate and doesn’t bridge the gap fully. They can’t just unilaterally cancel the lease so that’s why the OP is getting all this pressure to sign a new one, or just leave cause suddenly everyone is being a dick. They should absolutely hold the line but they aren’t gonna out last the next renewal regardless of what happens. OP is moving out in 3 months. Just bought their own place.
|
|
#
?
Apr 22, 2024 16:39
|
|
|
And (not a lawyer) but I imagine given their own real estate attorney saying "don't sign that loving thing" there's no net financial incentive for OP because it could result in them being party to fraud. Or simply just a "that sounds like a you problem"
|
|
#
?
Apr 22, 2024 16:51
|
|
|
I like how everyone showed the worst of their character. Realtor being a slimeball. Landlord being overbearing throw their weight around. Buyer being pathetic guilt tripper. No one just being forthright
|
|
#
?
Apr 22, 2024 18:04
|
|
|
Epitope posted:I like how everyone showed the worst of their character. Realtor being a slimeball. Landlord being overbearing throw their weight around. Buyer being pathetic guilt tripper. No one just being forthright You never get to find out what a person is really like at their core until a bunch of money is on the line.
|
|
#
?
Apr 22, 2024 18:10
|
|
|
Eric the Mauve posted:You never get to find out what a person is really like at their core until a bunch of money is on the line. Inheritance.txt Nybble posted:And (not a lawyer) but I imagine given their own real estate attorney saying "don't sign that loving thing" there's no net financial incentive for OP because it could result in them being party to fraud. Or simply just a "that sounds like a you problem" They wouldn't be party to fraud if the lease terms were correct and valid. But not getting mixed up in up unless there's some benefit is probably still a good idea.
|
|
#
?
Apr 22, 2024 20:15
|
|
|
I think as a general rule you should not sign contracts for which you receive zero consideration or benefit. The other parties have put lots of pressure on doingitwrong but none of them seem to have offered any actual thing of value in exchange.
|
|
#
?
Apr 22, 2024 23:52
|
|
|
Leperflesh posted:I think as a general rule you should not sign contracts for which you receive zero consideration or benefit. In fact, such contracts are not valid. I know this is well obfuscated in this situation, but it's black letter contract law.
|
|
#
?
Apr 23, 2024 01:41
|
|
|
Hey we have a situation with our loan, it would help us a lot if you would cancel the old lease and sign this new split version. We'll give you x bucks. Without any of the shenanigans. How much would x have to be?
|
|
#
?
Apr 23, 2024 02:26
|
|
|
According to contract law it would be $1, because that is the "default" mark of having been given "consideration". So yeah, this is why you don't sign things without having your own lawyer. This poo poo doesn't make a lot of sense in a plain language reading (even and especially when written in what looks to be plain language) and it's all arcane rituals.
|
|
#
?
Apr 23, 2024 02:30
|
|
|
Well. No one has said (or emailed) a single word of acknowledgement to our last notes definitively saying no and (to the landlord) giving our notice for the end of June. Good riddance. In happier news, I’m trying to get a clearer sense of what documents we’ll be asked to sign in RI at the closing. It would be nice to see as much as we can in advance since everyone involved seems to simultaneously say “there’s a lot to sign!” and “it’s all very standard” and “we don’t have examples to share!” This is probably just first time buyers nerves, but it’d be nice to have a chance to read what we’re signing before the big nervy day.
|
|
#
?
Apr 27, 2024 13:36
|
|
|
doingitwrong posted:Well. No one has said (or emailed) a single word of acknowledgement to our last notes definitively saying no and (to the landlord) giving our notice for the end of June. Good riddance. They absolutely should be able to supply the documents in advance, what the heck.
|
|
#
?
Apr 27, 2024 13:52
|
|
|
Boiler plate documents should be available, they may not have them filled out ahead of time with parties and lot IDs and whatever. I'm guessing they won't do that until D-Day. Typically they are pretty easy to go through and understand what you're signing though, even while you're sitting there. You have the right to take as much time as you want and to ask whatever questions you need.
|
|
#
?
Apr 27, 2024 14:51
|
|
|
Yeah read all that poo poo before signing and don’t be afraid to ask questions. This is what your realtor is paid for. God my seller’s realtor was PISSED at me lol. Go get a coffee my dude I can do this if I want.
|
|
#
?
Apr 27, 2024 15:11
|
|
|
The biggest and nastiest document to sign when buying is your mortgage paperwork. They shoud be able to supply you with this days in advance. The second nastiest is the homeowners insurance paperwork and again, they should be able to supply you with this. The third biggest but much smaller will be the title insurance binder. The rest are likely to be standard state forms that are only a few pages long at most that relate to escrow, power of attorney and actually transferring the title and assigning your mortgage company as "additional interest". So get on your chosen insurer and lender to handle 80%+ of this by number of pages ahed of time.
|
|
#
?
Apr 27, 2024 16:04
|
|
|
What’s the preferred way to shop for home insurance? My current insurer (lemonade) doesn’t do policies in California.
|
|
#
?
Apr 27, 2024 16:26
|
|
|
PRADA SLUT posted:What’s the preferred way to shop for home insurance? My current insurer (lemonade) doesn’t do policies in California. Find an independent broker. Nobody wants to write policies in CA right now because the state insurance regulator refuses to recognize that the cost of insurance must go up or companies operating there will become insolvent. They recognize this in the cost of their own insurance of last resort but won't let anyone else charge appropriately. Good luck.
|
|
#
?
Apr 27, 2024 16:33
|
|
|
TooMuchAbstraction posted:They absolutely should be able to supply the documents in advance, what the heck. Everyone on our side was upset when we requested a copy of the closing documents a month early. Maybe because of our jobs they thought we’d try to modify the contract because they kept replying with some form of “YOU CAN’T MODIFY IT! STOP ASKING. STOP.” We kept pushing until we received the docs three days before closing and our realtors hair further greyed. This was confusing to us since they kept saying it’s a standard document we can’t modify. Which sounds like they could just give us a hard or digital copy of this “standard document” everyone uses that we can’t modify. It became a real “no brown M&Ms” moment to see if everyone really had their poo poo together. Someone on the mortgage origination side had messed someone up and almost lose their job, or at least we were told that.
|
|
#
?
Apr 27, 2024 17:20
|
|
|
abravemoose posted:Someone on the mortgage origination side had messed someone up and almost lose their job, or at least we were told that. They did not, you were just told that and it was another day that ends in "y" for them and everyone else at and who prepared documents for the closing table. <taps thread title>
|
|
#
?
Apr 27, 2024 18:06
|
|
|
If you were moving into a new house, and you didn’t need to move in on the closing date, what stuff would you fix before moving in? Floors and painting seem like the obvious, am I missing anything?
|
|
#
?
Apr 27, 2024 21:05
|
|
|
smackfu posted:If you were moving into a new house, and you didn’t need to move in on the closing date, what stuff would you fix before moving in? Floors and painting seem like the obvious, am I missing anything? We're doing this now and the list is foundation, fence, flooring, kitchen, remove popcorn ceiling, paint, and some other renovations.
|
|
#
?
Apr 27, 2024 21:18
|
|
|
smackfu posted:If you were moving into a new house, and you didn’t need to move in on the closing date, what stuff would you fix before moving in? Floors and painting seem like the obvious, am I missing anything? Outlets (esp in bathroom) and Ethernet runs and pull the “internet in” cable somewhere useful for a router.
|
|
#
?
Apr 27, 2024 21:27
|
|
|
When I bought my house and they gave me all the mortgage documents I had questions about some of them and they just kept saying "they're standard documents" and I kept saying "they're not standard to me" and it caused a lot of friction in the closing process.
|
|
#
?
Apr 27, 2024 21:32
|
|
|
smackfu posted:If you were moving into a new house, and you didn’t need to move in on the closing date, what stuff would you fix before moving in? Floors and painting seem like the obvious, am I missing anything? Hire a professional cleaning company to come in and deep clean the day before you move in. Also check the sewer line and if it shows any issues now's the time to have them fixed.
|
|
#
?
Apr 27, 2024 23:31
|
|
|
If you want to move walls or anything it's way better to do that now. Especially if you have plaster, or else you're cleaning plaster out of everything for months.
|
|
#
?
Apr 28, 2024 00:01
|
|
|
Light fixtures, switches/outlets/trim plates Crown moulding Paint the garage, clean the garage and put down textured concrete epoxy paint Seal up all the holes near the roof line that squirrel or (in the case of forest fires) hot embers can enter New/additional insulation If you're not slab on grade, plastic ground cloth Drain the hot water heater
|
|
#
?
Apr 28, 2024 00:44
|
|
|
Hadlock posted:
What is the point of this?
|
|
#
?
Apr 28, 2024 00:49
|
|
|
Oh, painting the garage floor (or coating it) is a good one, we have never been able to do that in our current place.
|
|
#
?
Apr 28, 2024 00:55
|
|
|
Lol so much of this was on my list for the ~10 days we had before moving in. Turns out cleaning up after a disgusting divorced bachelor takes like 60 hours and none of it got done I did get around to replacing (most of) the switches today though 
|
|
#
?
Apr 28, 2024 00:57
|
|
|
Oh god putting in another offer after 5 years of looking and two backed out contracts. House already has 5 offers. Everything is loving stupid yay here we go
|
|
#
?
Apr 28, 2024 01:03
|
|
|
|
| # ? May 4, 2024 02:41 |
|
|
Hieronymous Alloy posted:What is the point of this? If you paint the walls + ceiling, it still looks like a garage. If you do the epoxy coat floor suddenly it's an extra living room when your friends come over with their kids. Most of the houses in our neighborhood the garage is a second living room with a TV, couch etc In our house the HVAC is in the garage so the garage is +/-10 degrees of the inside temp of the house Also if your car leaks oil you can just wipe it up, it doesn't soak in and leave a stain Also also, finishing the floor makes you a lot more likely to keep it tidy
|
|
#
?
Apr 28, 2024 01:10
|
|