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My agent is confusing me a little, maybe you guys can help. I went in to get approved for a mortgage last week and the broker asked what I want to pay, so I said 550k/14k taxes (long island lol) and that is what they approved me for after automatic underwriting (I have the pdf saying it is approved with specific loan amount, tax amount, and monthly payment amounts). My agent is telling me this pre-approval means nothing until it is banker backed and sellers wont take me seriously. Is that true?
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Oct 25, 2017 19:36
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| # ¿ May 13, 2024 23:17 |
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It turns out she was just confused. She forgot I had submitted financial verification to the broker already.
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Oct 25, 2017 20:44
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Put an offer in on our first home, 10th one we saw. Told my wife not to fall in love with it because our offer isn't going to be strong - 1% under ask but matches highest comp, we are using FHA and they have a competing offer at 20% but not sure if they lowballed. Hoping we get accepted, was an amazing home and it looks like they took great care of it.
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Nov 6, 2017 00:41
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We just had our offer accepting on another house (first went with a different buyer). It was listed at 600k and we came in at 530, seller accepted at 550k. Here's hoping no one comes in higher before we sign the contract next week 
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Nov 14, 2017 17:36
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Pending inspection Thursday. Because we lowballed so much they won't sign a contract with a back out clause. They will reimburse us for inspection fees if they back out between the inspection and the contract signing.
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Nov 14, 2017 17:51
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They want to be able to hear offers pending an inspection. We wanted them to give us exclusivity starting now. They said they would only do that if we accept not being able to back out. They just wanted to strong arm us into allowing them to keep receiving offers hoping to get a higher one
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Nov 14, 2017 18:03
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H110Hawk posted:Do you have that reimbursement in writing? Perhaps in a contract? Is it a literal no-contingency contract or is there financing? They've already had one fall through, what's the deal? The reimbursement is in writing, they haven't had a deal fall through, were the first reasonable offer. I don't understand the middle question sorry. I'm having our agent push to get a contract signed today so we can get earnest money in.
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Nov 14, 2017 19:40
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H110Hawk posted:I mis-read your initial post re the deal falling through. There's a misunderstanding here and it's totally my fault. The seller agreed this morning to our low ball offer. We told them we want to sign the contracts today in order for them to stop accepting new offers. Their agent told us they will not do that unless we agree to no contingencies for the inspection, which we won't do. Since we didn't agree to that, they refuse to go into contract until after the inspection is completed. They did that because the seller agent wants to give any more offers the opportunity to come forth and beat our lowball. Now my agent is trying to get them to sign today, with the contingency that we can back out if there are more than 5k in repairs required. Once we go into contract we will have the correct contingencies in place regarding financing/appraisal Sepist fucked around with this message at 20:12 on Nov 14, 2017 |
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Nov 14, 2017 20:10
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BigPaddy posted:Inspection on the place I am closing on Nov 30th was like that. Tons of little things and one major issue that I got the seller to credit me for. Just have to get it done before the ground freezes. Yea after researching this, it looks like this is how they typically do contracts on Long Island. I'm not too concerned though, they are ready to go into contract tomorrow right after the inspector gives the thumbs up. Also this house has been on the market since July with no offers because homes with a rental unit attached aren't as popular.
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Nov 15, 2017 15:59
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H110Hawk posted:Sounds like you aren't low balling them if it's taking 4-5 months to get an offer? We're back to the wierd issue of why they are being allowed to hear other offers right before winter when no one wants to move where it snows. I get what you're saying, but we offered 550 on a 5 bed/3 bath house with a full basement in an area where 550 is the comparable rate of a 3/2 on a slab. Sounded like a low ball to me.
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Nov 15, 2017 16:47
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Had our inspection done, plus a sewer scope. Spent 3 hours walking around the house with the inspector to only find minimum amount of things that are problematic. 2 shingles need to be replaced, a chimney topper installation, 3 windows require resealing, install downspout extensions and the tenant space sliding door to the 2nd floor deck needs resealing. Kind of scary in a good way how well maintained the house was. Two things that will probably fail the day I move in: The gas burner is 33 years old, and the roof is old but not deteriorated.
Sepist fucked around with this message at 23:14 on Nov 16, 2017 |
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Nov 16, 2017 23:10
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Yikes what a mess. Thought we would be going into contract today after yesterdays inspection, however by 2pm our attorney hadn't received the contract and the seller agent isn't picking up the phone. I called the law office myself - I was told the sellers attorney had a closing today and is off of work all next week for the holidays. So it seems we won't be going into contract for another week+ Besides rescinding the offer I don't think I have any recourse here, but even that I can't do because it waives our right to an inspection refund. Edit: turns out this is my attorneys fault, he has the contract sitting in his inbox. He was referred by a friend. Red flags should have been he uses an aol account and still has an answering machine. drat! Sepist fucked around with this message at 23:12 on Nov 17, 2017 |
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Nov 17, 2017 22:20
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So we're 7 days in from the seller accepting our offer and still do not have a signed contract. The seller needs to make 2 changes, a new electric panel due to condensation on the main line and a repair to a sill plate in the detached garage due to termites 20 years ago. Seller is refusing to do the sill repair because their agent doesn't believe a detached garage with inactive termite damage is considered a necessary repair under FHA. I agreed to have a quote for the work done and have it repaired if necessary (ex: After the FHA inspection), but my attorney won't add that to the contract because reasons. The Underwriter also said it needs to be repaired in case they read the report, whatever that means. Now I have to try and get my mortgage broker to speak with my attorney, which probably will do gently caress-all. House-buying sucks.
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Nov 21, 2017 00:23
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Now our mortgage broker is telling us to get mortgage approval prior to making the repair which would require being in contract, yet our attorney still refuses to let us sign. We're gonna get another attorney tomorrow. Preferably one that doesn't use an aol account.
Sepist fucked around with this message at 02:29 on Nov 21, 2017 |
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Nov 21, 2017 02:27
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Dukket posted:Why does the LO want you to get approval first? Because he doesn't want me spending money on repairs until the mortgage is approved. Makes sense. The attorney mentioned he would have to do some additional paperwork if I want to go into contract with a clause saying I will do the repair if FHA requires it. It sounds lazy to me that he won't do it.
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Nov 21, 2017 14:03
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Finally signing the contract today  My lawyer tells me that the seller opted to provide a Property Condition Disclosure which according to him is a bonehead move. His experience with this form is that it opens them up to lawsuits should there be an issue in the house and I can somehow provide proof they knew about it. For example, they disclosed the basement has never flooded. If it does and I can get an affidavit from a neighbor saying this has happened before, then I can take them to small claims and win.
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Nov 29, 2017 19:12
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DJCobol posted:Unless there is a specific clause stating that the seller has X amount of time to move out or is leasing back for a month, then at the time were signing the papers you better be out. I'm not trusting you to not trash the place or cause damage (accidental or otherwise) on your way out. I've bought and sold twice now, and each time I had to be 99% out at final walk through when selling, and I demanded the same for the houses I was buying. We have a clause that says if the seller is not fully out by closing they need to deposit 2k in escrow and get charged 300 per day their stuff remains in the house.
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Nov 30, 2017 20:52
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3 weeks later but we're finally in contract Now to get denied on the mortgage or find the house has no c/o's! Edit: question, with rates the way they are now do FHA streamlines still make sense? We were thinking of streamlining from 30yr to 5/1. We can afford the 30 yr rate I just think that rates will stay low so I'd like to go lower now. Sepist fucked around with this message at 20:17 on Dec 5, 2017 |
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Dec 5, 2017 20:09
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So we have received our appraisal, inspection, and title search - all came back without issues. We're just waiting for the survey which we're not expecting issues on. Assuming that is clean, should we expect to close in ~3 weeks or longer? Our original estimate was Feb 1st. Our financials are also very sound, as we don't have any large withdraws or deposits out of our accounts and most of ledger just contains paycheck deposits and credit card payments (I pay everything on my amex, nothing from checking/savings) Reason I ask is I need to provide an estimated start date to a new job, I will be switching right after we close.
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Dec 16, 2017 16:04
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This is such a non-issue I can't believe you have to deal with that. Nothing in the contract, and a verbal conversation to boot. What shitheads Our appraisal and inspection was supposed to be submitted yesterday after having been completed last week, however nothing has been uploaded. drat holidays 
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Dec 21, 2017 16:11
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Lmao I just got a text from my agent. The seller agent told the sellers she's expecting us to close before the end of the new year. The lender hasn't even received the official appraisal yet. We have February 1st close date on our contract.
Sepist fucked around with this message at 03:37 on Dec 27, 2017 |
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Dec 27, 2017 03:35
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Oh crap, it looks like people are actually working this week. We're going to have our commitment letter done by Wednesday, so I guess we'll be closing a bit early. I was hoping to save until the end of January to have some extra cash on hand
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Dec 28, 2017 16:45
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Maybe. I think realistically were looking at the 3rd or 4th Wednesday in January because they still need to make 2 repairs after we have a commitment letter so that's not actually as bad as I thought.
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Dec 30, 2017 14:52
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The seller has accepted a closing date of January 38th
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Dec 30, 2017 19:49
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Our loan was approved yesterday, so I guess we're like a week or two from closing. In addition to the commitment letter, the bank also wanted to us to explain a large deposit (our wedding gifts) and if we can pay off our amex bill (outdated balance on credit report). Shouldn't they be asking these questions before approving us?
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Jan 6, 2018 14:56
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Okay that makes sense. One more question I would normally ask my lender but it's the weekend. Our latest loan estimate has a cash to close that is 20k higher than our GFE. Does the loan estimate cash to close differ than the GFE because it includes the combined sellers/buyers closing costs?
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Jan 7, 2018 20:37
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I called our processor this morning to provide the answers to their two account inquiries, while I was on the phone I asked her about this and she let me know that the number I know is correct and the LE needs to be corrected.
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Jan 8, 2018 16:26
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My lawyer is the worst. The seller had to make an upgrade to an electrical box in order to pass inspection. The inspector is going back out on Monday to verify it's complete and done by a certified electrician. Bank has approved our loan. Nothing outstanding on the title, or survey. Broker thinks we will close Wednesday or the following Wednesday. Call my attorney, he says "nah, maybe mid February if you're lucky" What the hell guy?!
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Jan 17, 2018 22:58
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Probably not. It's all that sign-on bonus, relocation bonus, vesting RSU money going right into housing. My old co-worker moved there a few years ago and is sitting in 3/4 th a million from all that Amazon cash.
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Feb 3, 2018 23:51
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Man what a frustrating experience with the banks underwriter. Last tuesday we were submitted for CTC and they kicked back that the electrician was not certified for the county he did the work in, so I had to have my own guy come in and certify the pane, turnaround time was 1 day. That was supposedly the last piece before CTC. Then after resubmitting they ask why our AMEX has 5k on it and if we can afford to pay it off. Then I remind them we provided proof that it was paid back in September but then they ask us to provide proof we don't have 2 AMEXs and are hiding the debt! Finally I submitted enough proof and we got CTC, so we should be closing soon.
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Feb 6, 2018 17:44
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The funny thing is I provided a ton of proof months ago. I even got on a conference call with them and AMEX to provide my current balance, they just handled it poorly or are dicks.
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Feb 6, 2018 18:30
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I remember his post in /r/homeimprovement about his asbestos plaster, he's absolutely crazy about asbestos. Even the 9x9s which are nothing he is worrying about. He needs to see a therapist about this anxiety and get through it.
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Feb 12, 2018 18:15
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Usually you starting looking for homeowners insurance after your mortgage has been approved (not pre-approval)
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Feb 14, 2018 00:23
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Our plumber gave us a written result of the sewer scope on the spot. If I hadn't been there my realtor is one of those people that wouldn't have gotten a detrailed report from them. Sounds like you have a mediocre plumber and realtor. Also you probably won't know how to determine your sewer is made of detreriotating Orangeburg. You need the report
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Mar 13, 2018 03:48
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My wife and I did not have much in terms of down payment, with the interention of buying a house with an accessory apartment to offset the mortgage. Due to this we knew we could carry a larger mortgage with PMI (plus our house was only 2x our gross income) and that allowed us to only need a down payment of 3.5% With that said, we were able to use NY SONYMA program to get a 15k grant from the state that goes away in 10 years. We also had the seller give us 16k in concessions. Our total closing costs were 45k so we ended up 14k out of pocket not including inspection fees. Sepist fucked around with this message at 17:19 on Apr 10, 2018 |
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Apr 10, 2018 17:16
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You're options are 20% down conventional mortgage or finding a bank that does less than 20% without PMI (unlikely after the crash) or FHA loan which is 3.5% down but the loan carries PMI for its life which makes them generally undesirable. You can refinance a FHA loan into conventional once your LOan to Value is under 80% and remove PMI but you will be paying that for years
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Apr 10, 2018 17:20
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SpartanIvy posted:Has anyone had to take a "Framework Online Homebuyer Course". My lender is asking for a certificate for its completion but it costs $75 to take and it smells of a loving scam to me. My wife and I had to take a homebuyer course, but it was free
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May 18, 2018 03:48
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Grew up in a philly row home with a drunk father, always felt bad for our neighbors. They'd constantly would bang on the party wall, they could hear everything.
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May 29, 2018 21:21
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Also forced air is very dry
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Jun 17, 2018 01:29
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Our offer was 50k below list and the appraisal came in 15k over our offer. One part of me feels appraisals are rigged but at the same time I feel like my realtor did a good job adequately checking comps to come up with that offer.
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Jul 31, 2018 19:15
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