Home buying thread

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Corndog

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koljec_sl said:
You should be able to get pre-qualified in a day...
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This is how I feel also, but everyone wants to wine and dine me on the phone, and drag this shit out. I basically start with, give me the link to fill in all the numbers, and the link to the portal to upload everything. Because I'm self employed, I have to submit infinite documentation. It seems everywhere I go, they say oh this will be easy, and turn down all the extra documentation I bring. Then someone who actually knows something sees the application then requests all the crap I brought with me to begin with and I have to email/upload it.

I literally start the email with,I'm looking for a conventional 5% down loan. I have 776 credit score, self employed, no debts, all cars owned outright etc. Just need to fill out the app and submit all the paystubs and w2s for the last 2 years because I'm self employed. Then I get a phone call that says, Hi Corndog, lets talk about what kind of loan you would like, let me ask some more questions to get a better understanding etc.. Then it leads to ok, yes we need to have you fill out this app online... Meanwhile my rage level is going off the chart as I'm balancing running a business, and bringing in inspectors etc to look at the house while waiting for them to not be retarded.
 
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Corndog

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the pre-approval letter just takes what you give them. So if you tell them I have good credit, make 10 million dollars a month and have 0 debt. Their system spits out that you qualify for any home you want with the best rate! and then says subject to actual verification etc.

The pre qualifying letter will let you lock in the rate at which you're going to get, and means they've pulled credit and verified your income, and debt etc.
 
Khane

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The mortgage industry is a mess. Financing a mortgage is one of the most arduous tasks I've ever taken part of. And I've done it three times now. It sucks no matter where you go.
 
K

koljec_sl

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Corndog_sl said:
This is how I feel also, but everyone wants to wine and dine me on the phone
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Yep. It smells a lot like buying a car.

Maybe see if there is a local small lender? I used the same one for both of my houses, and it was easy the first time, and even easier the second because I had a history with them.

The thing is, there are fewer and fewer small local lenders.
 
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Corndog

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Well in theory both of the lenders I'm working with currently are local. The second lender I can get on the phone.. first one, left a voicemail 5.5 hours ago, no callback yet.
 
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Corndog

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By the way, it's pretty agonizing waiting to hear back if an offer has been accepted. I keep wondering what they're going to counter etc.
 
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Remit_sl

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Corndog_sl said:
By the way, it's pretty agonizing waiting to hear back if an offer has been accepted. I keep wondering what they're going to counter etc.
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My current house was a foreclosure held by Wells Fargo. They would take 5 business days to counter. Meanwhile, the local sleezeball listing agent was trying to sell it out from under me because he didnt want MY agent to get the sale, and wanted the whole commission. He would hold our offers (because they went through him first before going to the bank) and call people who were interested and recommend that they offer higher. Luckily nobody could get financial approval in time. The dickhole literally showed the house to another family the day before closing. It was a stressful event.
 
Brando

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koljec_sl said:
There's a difference between a prequal and pre-approval?

In 24 hours I had a maximum and a letter to show the Seller along with the offer. Maybe that was the perk of a small local lender?
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Not really, no. Both are coming from loan officers that have no credit decision authority. Pre-approval sounds nicer and should require a full review of your credit documents to have the automated Fannie/Freddie system spit out an approval that is accurate. I know some companies still let their LO's just type it up as a word doc though so again just figure both are worthless.
 
Khane

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Remit_sl said:
My current house was a foreclosure held by Wells Fargo. They would take 5 business days to counter. Meanwhile, the local sleezeball listing agent was trying to sell it out from under me because he didnt want MY agent to get the sale, and wanted the whole commission. He would hold our offers (because they went through him first before going to the bank) and call people who were interested and recommend that they offer higher. Luckily nobody could get financial approval in time. The dickhole literally showed the house to another family the day before closing. It was a stressful event.
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That is your agents fault. He should have let the selling agent know he had 24 hours to produce a signed acceptance of the offer or you were withdrawing. Leaving that shit on the table with no signatures allows them to do exactly what the selling agent was trying to do.
 
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Remit_sl

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Khane_sl said:
That is your agents fault. He should have let the selling agent know he had 24 hours to produce a signed acceptance of the offer or you were withdrawing. Leaving that shit on the table with no signatures allows them to do exactly what the selling agent was trying to do.
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Acceptance from the listing agent or the bank? We tried the whole, you have 2 business days to respond thing with Wells Fargo; they didnt. As for the listing agent, that would not have changed things. I'm fairly certain he had to forward the offers to the bank within 24 hours, but in that time he had called anyone and everyone interested. Its a small town, he obviously has no common business ethics, and this was THE house for me. THE only good deal in the last 3 years. Me withdrawing my offer would have lost the house. I live in a sellers market, where high school graduates can go work at the lumber mill and make almost 50k.
 
Khane

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I just realized you said it was a foreclosure. I have no idea what dealing with the banks is like in those scenarios.
 
Cad

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Khane_sl said:
That is your agents fault. He should have let the selling agent know he had 24 hours to produce a signed acceptance of the offer or you were withdrawing. Leaving that shit on the table with no signatures allows them to do exactly what the selling agent was trying to do.
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Short sales and foreclosures are different, the agent just forwards offers to the bank, there's no short term acceptance like you're picturing.
 
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Remit_sl

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Another weird thing about foreclosures is that since the kitchen had a spot for a stove and a dishwasher, I had to provide a stove and dishwasher for the appraisal. I have no idea if this is a real thing, and still feels like bullshit to me. Craigslist failed me, my agent was out of them (I guess she has a couple sets for this but they were in use?) so I had to drive 2 hours to an appliance store, buy $1200 worth of appliances, drive 2 hours back, and go install them in a house I don't own because the appraiser was coming tomorrow.
 
Khane

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Remit_sl said:
Another weird thing about foreclosures is that since the kitchen had a spot for a stove and a dishwasher, I had to provide a stove and dishwasher for the appraisal. I have no idea if this is a real thing, and still feels like bullshit to me. Craigslist failed me, my agent was out of them (I guess she has a couple sets for this but they were in use?) so I had to drive 2 hours to an appliance store, buy $1200 worth of appliances, drive 2 hours back, and go install them in a house I don't own because the appraiser was coming tomorrow.
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Maybe that effects the appraisal value? That seems shady...
 
Brando

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Remit_sl said:
Another weird thing about foreclosures is that since the kitchen had a spot for a stove and a dishwasher, I had to provide a stove and dishwasher for the appraisal. I have no idea if this is a real thing, and still feels like bullshit to me. Craigslist failed me, my agent was out of them (I guess she has a couple sets for this but they were in use?) so I had to drive 2 hours to an appliance store, buy $1200 worth of appliances, drive 2 hours back, and go install them in a house I don't own because the appraiser was coming tomorrow.
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It has to do with the fact it's an owner occupied house and it has to be considered livable, it has nothing to do with value as in theory an appraiser is only supposed to comment on appliances if they aren't typical compared to recent sales. You didn't need the dishwasher but you needed the stove otherwise you'd have no way to cook meals. There's penthouses here in LA that I've financed where the developer delivered the unit as a white box so that the owner could have their interior designer finish the unit. In order for the loan to close we had to have the developer plug in a hot plate and install a toilet for the appraiser so that it was considered livable at time of closing.
 
Khane

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Brando_sl said:
you needed the stove otherwise you'd have no way to cook meals
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This is what banks are forcing now? Arbitrary nonsense? You can cook on a grill, over an open fire, in a microwave, there are a number of ways to cook without a stove. I mean, I wouldn't want to live without one, but people were able to cook food before stoves. Maybe you never cook and just eat out all the time. Are you really saying a bank would refuse to finance a house if the homeowner explicitly didn't want a stove? And that you can circumvent this stupid rule by just plugging in a hot plate?

What a farce.
 
Brando

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Khane_sl said:
This is what banks are forcing now? Arbitrary nonsense? You can cook on a grill, over an open fire, in a microwave, there are a number of ways to cook without a stove. I mean, I wouldn't want to live without one, but people were able to cook food before stoves. Maybe you never cook and just eat out all the time. Are you really saying a bank would refuse to finance a house if the homeowner explicitly didn't want a stove? And that you can circumvent this stupid rule by just plugging in a hot plate?

What a farce.
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The example I gave was from 2004, this is nothing new. Keep up your crusade against farcical finance rules and stupid personal finance ideas though.
 
Khane

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Brando_sl said:
The example I gave was from 2004, this is nothing new. Keep up your crusade against farcical finance rules and stupid personal finance ideas though.
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You're exactly the kind of mortgage broker I'm referring to (the kind that likes to push people to buy as much as possible even if it will make them house poor) so I expect this kind of response from you. If all you need to do is plug in a hot plate and everything is A-OK for financing it's a pretty fucking stupid "rule".

My "personal finance ideas" are very sound and very prudent. Of course they aren't good for business for shitheads like you so you pretend that I'm somehow not making my money "work for me" or that taking a longer term or a larger loan let's me make more money in the market.
 
wormie

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Khane_sl said:
This is what banks are forcing now? Arbitrary nonsense? You can cook on a grill, over an open fire, in a microwave, there are a number of ways to cook without a stove. I mean, I wouldn't want to live without one, but people were able to cook food before stoves. Maybe you never cook and just eat out all the time. Are you really saying a bank would refuse to finance a house if the homeowner explicitly didn't want a stove? And that you can circumvent this stupid rule by just plugging in a hot plate?

What a farce.
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Bank does not want to risk accepting a mortgage on a house that is non compliant with municipality's living standards. If a home owner wants to live without gas, then the home owner can finance his own purchase.
 
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