My rates today were lower than yesterday. Also it looks like I need to wait till the 24th as that'll be the 30 days till my close.
And for more bs. I have to get a letter from my accountant on letterhead saying that the profits I paid myself out at the end of the year, were not at the detriment to my business... Lol
When you're self-employed this is standard to make sure you're not risking your business by using funds you may need to operate in order to purchase the house. While it is stupid if you don't have funds to operate and then close down you can't pay your mortgage is the thinking.
Yeah, I guess so. I just think that paying myself out 3k, is such a low amount that its not worth verifying. The schedule K1 shows that I should have paid myself out 16k instead of only 3k. Thus I chose to leave 13k in the business to further the business.
So my person of contact was sick for an entire week, 2 weeks ago. This last week, she took Friday off. I'm enraged because I know that all this time off is delaying my loan process. They ask for something, I get it, then call back up in the morning, and guess what they are gone until Monday. Which means They won't get it submitted till sometime that day, which means they won't email me to say oh we need blah blah now, until Tuesday. When in reality This could have been happening Friday.
Typical terrible client. You are not a special snow flake. No one gives a fuck about you needing things done asap. Whoever you are dealing with has many other people who think they are number 1 just like you do but she cant service everyone at once. You are not important to anyone but yourself. Deal with it.
So my person of contact was sick for an entire week, 2 weeks ago. This last week, she took Friday off. I'm enraged because I know that all this time off is delaying my loan process. They ask for something, I get it, then call back up in the morning, and guess what they are gone until Monday. Which means They won't get it submitted till sometime that day, which means they won't email me to say oh we need blah blah now, until Tuesday. When in reality This could have been happening Friday.
Typical terrible client. You are not a special snow flake. No one gives a fuck about you needing things done asap. Whoever you are dealing with has many other people who think they are number 1 just like you do but she cant service everyone at once. You are not important to anyone but yourself. Deal with it.
Haha, I hope you don't really mean this. Buying a house is the single biggest purchase most people will ever make in their lives. It can be completely life altering. It isn't too much to ask to get decent customer service. I get better customer service at McDonald's.
It isn't about the speed of the process, it's that he can't get in touch with anyone because nobody is ever there. I had the same issues. And then when they need something from you it's always the 11th hour and you have to get it to them ASAP or the loan process will be delayed! You might lose your rate lock! Doesn't matter that they've had your paperwork for the last two weeks and couldn't be bothered to do their job. A bank or mortgage broker having multiple clients is no excuse to not do their job in a reasonable fashion.
Haha, I hope you don't really mean this. Buying a house is the single biggest purchase most people will ever make in their lives. It can be completely life altering. It isn't too much to ask to get decent customer service. I get better customer service at McDonald's.
It isn't about the speed of the process, it's that he can't get in touch with anyone because nobody is ever there. I had the same issues. And then when they need something from you it's always the 11th hour and you have to get it to them ASAP or the loan process will be delayed! You might lose your rate lock! Doesn't matter that they've had your paperwork for the last two weeks and couldn't be bothered to do their job. A bank or mortgage broker having multiple clients is no excuse to not do their job in a reasonable fashion.
I do mean it. The worst clients that we have are the ones that expect us to drop everything the second they call and take care of their shit right there and then. Well we have numerous more people who we have to take care, not just one. People either accept that or they are the type of a client whose business we are happy to see go somewhere else next time. This isnt on the lending side but the title side however i am sure its no different.
I guess I expect an email or call back with an answer to a question within 48 hours. In my retail business I talk with plenty of people each day through the phone and email and have to respond by the end of the day. Typically here, they say they'll have an answer by end of business. After business closes and I don't hear from them. I send them an email, asking for an email response or a call in the morning. At 11am, 3 hours after they've been at work. I call them to check in. This is where it goes to voice mail, and magically I have my answer via email.
My biggest beef, is when I say, when should I expect to hear something next,and then wait an additional business day and don't hear back, I'm angry. In my line of work, if you don't know when you'll have the answer, quote more time. I'll have an answer by the end of the week, when the answer comes in later the first day, you look good instead of looking bad when you come up short day after day.
I do mean it. The worst clients that we have are the ones that expect us to drop everything the second they call and take care of their shit right there and then. Well we have numerous more people who we have to take care, not just one. People either accept that or they are the type of a client whose business we are happy to see go somewhere else next time. This isnt on the lending side but the title side however i am sure its no different.
I was in sales for many years. Wormie reminds me of a Wholesaler I stopped sending my business to because he got cunty when I asked for things. I have always made it my goal to return every phone call in the same business day unless they left me a message after hours. I also have always tried my best to make every customer feel like my only customer, and guess what I have never hurt for referrals. Not sure why people go into Customer Service Sales Roles and then get pissy when people ask for service.
Don't be dumb asses. I did not say the person does not deserve a reply. I said the person should not expect those providing him with a service to drop everything that second and focus solely on him. The people that do expect everything to be dropped and their balls fondled right there are shitty clients.
What is an expected time frame for a house appraisal through the mortgage lender? I paid for the appraisal on Friday. As of today my agent sent me an email asking if I had paid because no one has contacted my agent or the sellers agent to enter the property to do an appraisal. Basically how long do I wait before I should call in and be like uh when it someone going to order the appraisal?
What is an expected time frame for a house appraisal through the mortgage lender? I paid for the appraisal on Friday. As of today my agent sent me an email asking if I had paid because no one has contacted my agent or the sellers agent to enter the property to do an appraisal. Basically how long do I wait before I should call in and be like uh when it someone going to order the appraisal?
Once you've paid for the appraisal it should take 2 business days at most to have an appraiser assigned by the appraisal management company. The only time I ever had an issue with this is as a broker and you needed the whole file delivered and the lenders forms completed on top of the broker forms.
Well, it looks like I'm finally in the market for a house (I had posted maybe a year+ ago about the possibility of it, but wasn't sure of our long term plans). Currently we're paying $1200 a month in rent, and the equivalent houses are probably selling for $140-160k. It makes absolutely no sense to continue renting. Plus, my wife started a new career that pays significantly better and we have a combined income in the six figures.
I'm sure I'll have lots of questions in the coming months, but my biggest concern right now is that we're in a small town and I'm worried about the buyers and sellers agents both being from the same company. In my mind this presents a massive conflict of interest, but I wanted to check in with RR to see if I'm correct here. There just aren't a lot of options for real estate agents, so it's a choice between going with the company that lists probably 75% of the houses in the town, or going with one of the smaller real estate agents that may not be as good.
If there's any advice anyone would like to offer while we're in the preliminary stages, I'm definitely interested. I'll post more info in spoilers in case it helps with advice:
My salary: Approx. $60,000; will be $70,000 in August. Been at current job for 3 years.
Wife's salary: Approx. $55,000. Been at her current job about a month. Prior to that she worked in banking for about a decade (where she actually did loans for a long time).
The last time our credit was pulled (2013) we were both around 800-805. This is probably either the same or slightly higher.
Only debt is a car loan, probably about $9,000 remaining, at .99% interest.
We technically have around $20-25k liquid, although we don't want to tap into all of that (emergency fund, etc).
I'm a non-disabled veteran, and we'll likely go with a VA or FHA loan. We did some preliminary research on rates last night, and we're looking at a 3.2-3.5% rate depending on points (with a VA loan).
For houses, we're looking at a 3 bed, 1.5+ bath. I'd like to stay under $200k, but I could probably go as high as $225 if there was a house that blew me away.
Well, it looks like I'm finally in the market for a house (I had posted maybe a year+ ago about the possibility of it, but wasn't sure of our long term plans). Currently we're paying $1200 a month in rent, and the equivalent houses are probably selling for $140-160k. It makes absolutely no sense to continue renting. Plus, my wife started a new career that pays significantly better and we have a combined income in the six figures.
I'm sure I'll have lots of questions in the coming months, but my biggest concern right now is that we're in a small town and I'm worried about the buyers and sellers agents both being from the same company. In my mind this presents a massive conflict of interest, but I wanted to check in with RR to see if I'm correct here. There just aren't a lot of options for real estate agents, so it's a choice between going with the company that lists probably 75% of the houses in the town, or going with one of the smaller real estate agents that may not be as good.
If there's any advice anyone would like to offer while we're in the preliminary stages, I'm definitely interested. I'll post more info in spoilers in case it helps with advice:
My salary: Approx. $60,000; will be $70,000 in August. Been at current job for 3 years.
Wife's salary: Approx. $55,000. Been at her current job about a month. Prior to that she worked in banking for about a decade (where she actually did loans for a long time).
The last time our credit was pulled (2013) we were both around 800-805. This is probably either the same or slightly higher.
Only debt is a car loan, probably about $9,000 remaining, at .99% interest.
We technically have around $20-25k liquid, although we don't want to tap into all of that (emergency fund, etc).
I'm a non-disabled veteran, and we'll likely go with a VA or FHA loan. We did some preliminary research on rates last night, and we're looking at a 3.2-3.5% rate depending on points (with a VA loan).
For houses, we're looking at a 3 bed, 1.5+ bath. I'd like to stay under $200k, but I could probably go as high as $225 if there was a house that blew me away.
Don't use a buyers agent, just negotiate directly with the sellers agent and have them rebate 2% at closing in return for not bringing a buyers agent.
If you feel like you have to use a buyers agent (you don't), then don't tell them anything you wouldn't tell the sellers agent and assume they are selling you out. You can mitigate the effect of the conflict this way.
Is that really a great idea for a first time home buyer? I feel like it's pretty daunting (mostly that there's something I'll miss).
On the one hand, I work in contracts for the DoD, so I'm comfortable reading contracts. On the other, that's an incredibly different type of contract than what I'm used to.
I'm also not sure how you go about looking at houses without an agent. Do you just go around calling sellers agents and scheduling house viewings?
Most of what the agents do is bullshit anyway. The title company does all the "legal" work in most states. The agents just talk you through the process, which the listing agent will do happily for an extra 1% commission. Come back and ask questions if you need help, don't give some fucker thousands of dollars.
On the one hand, I work in contracts for the DoD, so I'm comfortable reading contracts. On the other, that's an incredibly different type of contract than what I'm used to.
I'm also not sure how you go about looking at houses without an agent. Do you just go around calling sellers agents and scheduling house viewings?
I dunno, I would never advise anyone to enter into a contract without an attorney in NY. Contracts can have plenty of gotchas in them. But RE agents, unless required, are fucking useless unless required.
From the reading I've done this morning (since you brought up not having an agent, Cad), almost every single article about "why you need a buyer's agent" or "what does a buyer's agent do" is written by real estate agents and seems to try and justify their jobs. But for the most part is doesn't look like they do...anything?
Basically from what I can see, they can get you a bunch of showings more quickly (e.g. 10-15 in a day), but they won't negotiate on your behalf and can't really recommend anything (due to liability issues). So to me, it sounds like the "value" in an agent is showing you lots of homes (and comparables) and giving you a fancy form to submit offers and negotiate with (for the low price of 2-3% of the value of the home). I can definitely see why you're anti-agent.
Is there anyone that's used an agent that thought they provided an actually valuable service? If so, I'd love to hear a counter argument.
It seems like my best option is just to set up my own viewings, make an offer, handle my own inspection, and then pay a lawyer a few hundred bucks to go through the contract. The only part I'd be concerned about is concessions from the seller, since I don't know what to ask for. Is there a good reference to go to for common things to negotiate for?
