Your loan officer is "driving the bus" once the offer is accepted. Do what he/she says/asks of you. They are like an orchestra conductor and should handle all the bank/underwriting, appraisal and title work. You can get a private inspection if you wish, and your RE person (or LO) can help with suggestions here.
Def suggest getting an inspection done, whether or not you need one for loan satisfaction.
FSP_ZX2 said:Your loan officer is "driving the bus" once the offer is accepted. Do what he/she says/asks of you. They are like an orchestra conductor and should handle all the bank/underwriting, appraisal and title work. You can get a private inspection if you wish, and your RE person (or LO) can help with suggestions here.
This is a "yes but...." moment. They drive the bus, absolutely. But make sure they are communicating early and often about anything on which they are waiting. We ran into some very late hour scrambles for info because they asked for it (from someone else) and never got or lost the replies. Had I known early on they needed these items (from my employer) I would have been camped out in the P&O office making sure they got done. As it was my company did great but the documents were lost on the mortgage co end. But getting them resent took all of 5 minutes once I was made aware of the issue.
Lucky man! Congrats.
I am on a bidding war on a second house. Hopefully will know today.
FuzzWuzzy said:Def suggest getting an inspection done, whether or not you need one for loan satisfaction.
This x100 especially if it's "as-is" as part of a forclosure. Your bank will likely want documentation, but even if they don't, get it.
Congrats! Very cool shop!
I will ad that when you when you lock your rate, the further out you lock it the more expensive it is.
If you can get it done in 30 days, you will pay less than locking it for 45.
And the fun has begun.
"Now we need to run a real credit report instead of just a check, that'll be $25" which agency, I'll call and get my free yearly one and send you a copy? "No"
"Then we need to get an appraiser out there to see what it's worth in case you default" call any contractor in the country, ask them how much to build a 2400sqft brick house and 43x48 1.5 story shop "it doesn't work like that, but that will be $500 you gotta pay" you want an appraisal? You pay for it "it doesn't work like that"
"Have you gotten that contact to send me yet(third time he's asked in one phone call)" no, like I said, when I get it you get it. "Make your realtor drop everything and send it to me"
"You're going to need to esign some stuff, do you have access to a computer?" Yes. "NOT YOUR PHONE A REAL COMPUTER?" Yes, which computer would you prefer I use, Windows, Linux, or Apple? I'll have to go borrow an Apple. "You know how to use a real computer" yes dipE36 M3, I'm 32 years old and I smack people my age that don't know how to use one.
Meanwhile, any time a dollar value comes up he starts talking in half syllables at 100 words per second trying not to actually say anything.
Can I force the guy at wells to communicate exclusively through text and email?
In reply to RevRico :
Home buying is a very regulated process. You are not going to be able to shortcut things or do anything informally. There will be all sorts of $25 to $400 fees that are going to seem silly to you but you're gonna have to put up with them if you want the place. And giving the lender guff about them is going to achieve nothing but upsetting both of you and making him less likely to help out when things get hairy. And there will be at least one hairy moment in the deal there always is. My suggestion is if he asks for something say yes how do I get it to you most conveniently for you.
Yeah, what Mr. Culberson said. And you gotta use their guys and they gotta pull the credit report, because otherwise who's to say you didn't doctor it or pay someone off? Not to mention, it'd be a gigantic audit finding if the FDIC/HUD/FHA/whomever is regulating said originator.
Remember, all of this is in place because when we didn't do all of this, we ended up in the mortgage bubble crisis.
Now you get to do paperwork, then you get to pack everything you own and move.
You poor bastard.
Congrats on getting a good deal on that
In reply to dculberson :
I know I just don't like it. Everyone else has been pretty laid back and easy to talk to, this guy is like a machine gun with questions and non answers. It's the non answers that get me the most.
-----
I'm looking forward to moving, for a multitude of reasons. The biggest is honestly the chance to get rid of a lot of E36 M3. Broken E36 M3 I've kept for 15 years "in case I need parts", big awkward stuff I've never used but never had a reason to get rid of, clothes, broken tools. Then there is starting a new organization system from scratch with all the experiences of my failed attempts to back me up. I'm keeping an eye out for pallet racks and industrial shelving at the auctions I've been watching for a commercial gas stove.
I thought I did get with my moves across country, when I came back I only had 2 12x12x24 boxes of stuff, but, I left a TON of stuff here at home when I went to CA that needs to go away basically.
Tomorrow starts the insurance search, and getting the contract sent out since I never got a copy today.
Nothing you mentioned is out of the ordinary, buying a house is an annoying thing
DO NOT count on getting it refinanced, I tried as soon as interest rates fell and every financial outfit could see what I was doing and wanted to slurp up my savings for their profit.
I finally got it re-financed when the family trust bought my house from the bank. 15 years after buying it.
Positively DO NOT sign an adjustable rate mortgage.
Go to a Credit union move all of your accounts there and initiate the loan there, Wells Fargo is not your friend.
Your lender is probably going to have a problem with no heat and any other item that keeps it from being "livable", bad roof or electrics, well or septic problems are a deal breaker.
Revrico
i know not to celebrate early having lived through 4 loans/escrow last few years.
Well I won my bidding war. It was a good day. 3.37%. Close Feb 21. Hope things go smoothly but I know likely hurdles
In reply to mr2s2000elise :
Congratulations. And I'm a little jealous, we're at 4% with a 4.22% apr, however that is supposed to work
RevRico said:In reply to dculberson :
I'm looking forward to moving, for a multitude of reasons. The biggest is honestly the chance to get rid of a lot of E36 M3. Broken E36 M3 I've kept for 15 years "in case I need parts", big awkward stuff I've never used but never had a reason to get rid of, clothes, broken tools.
Definitely This! When we moved this summer I told everyone my primary moving plan involved a 40 cubic yard dumpster so if you come help you can take what you want. We filled that dumpster in about 2 hours and all the cars of my friends who came to help. I still ended up bringing too much stuff but the stuff I brought was at least functional and useful.
RevRico said:In reply to mr2s2000elise :
Congratulations. And I'm a little jealous, we're at 4% with a 4.22% apr, however that is supposed to work
Thank you sir. Congrats to you
May we both have a smooth close. Cheers
I didn't read the whole thread but how old is the house. The linoleum could have asbestos tiles under it. I I thought this was the case in my house when I tore up the kitchen floor. I got lucky I sent out a piece of the tile and it came back negative. From every description I saw online it really look like asbestos tile I just got lucky. This could become a major expense.
In reply to rustybugkiller :
There's peeled linoleum showing wood in the kitchen, so I think I'm safe there. So far anyway. Originally built in 1922, it has had 3 additions through the years that I can see evidence of, the second floor being one and the master bedroom/living room section as another. That's going by the color of the bricks and old aerial views I found on the tax assessors website.
What might bite me is the appraiser looking for "health issues". There's mold in the only part of the basement that is sort of finished. I'd been planning on gutting it, cleaning up the mold, and finishing it down the road. The guy is talking I may need to repair it before I get the loan, but they've not sent their person out yet. We might be able to agree on leaving it unfinished since the rest of the basement is block wall.
I will require an iron clad contract before I put that kind of time and money into a place, meaning zero chance of anyone else buying it before I pull down the first piece of drywall.
If you are really "in contract," they can not sell it out from under you no matter what other people offer. The only way it can go to someone else is if you can't close on time and the place goes out of contract, or either of you exercise one of the "outs" in the contract. So again if you are in contract, don't worry about other buyers, just worry about upholding your end of the contract's requirements and securing that loan.
In reply to RevRico :
1922 could mean some asbestos depending when the additions happened, knob and tube wiring most likely and definitely lead paint FYI
In reply to dculberson :
I think he's saying that he might have trouble securing the loan if certain issues with the building aren't taken care of first. Things like running water, functional electricity, even proper floor coverings instead of just bare subfloor can all be required from a lender before a property is deemed "liveable" and therfore financable.
I put an offer in on a foreclosure once that was obviously missing carpeting in the master bedroom, and had some open electrical boxes and my realtor mentioned that those might need to be taken care of (by me) before it would pass whatever appraisal for the lender. It was going to require some work and a little $ out of pocket from me to fix issues on a house I didn't own, just to get financing to buy the place.
That's likely what'll happen. The inspection will happen, they'll send their report to the bank after a couple days or so. If you're lucky, they'll go through their findings w/ you on the inspection day and you'll then have x amount of time to fix x things to continue with the process.
IIRC, if you don't do said fixes in said time, loan doesn't go through and you're out any money you've spent.
My CU is offering a flat rate loan origination fee of $700 and 3.0% rate with a 3.374% APR.
But the house will have to pass inspection before they will loan.
The reasoning is they want the house to be livable and ready to go if you default.
My favorite fee is the Title Insurance. So you pay a 3-4 digit title fee to the title company. That's because their job is to verify the status of the title and ensure that the ownership of the property can legally pass along to you (your bank). So they charge you money to do this. And then "they" (the lender?) charge you more money to buy insurance in case the title company didn't do their job correctly. Wouldn't the title company need to carry insurance on this? So IMO, the lender just pockets that good old title insurance fee and everyone in their industry winks at one another at their cocktail parties and says "we berkeleyed over another one today!"
And if you challenge it (ask me how I know) everyone around the doc signing table (pre-internet) stares at you and says it's the rules and they're not sure how or why this fee came about but rules and rules!
You'll need to log in to post.
