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Building Bag End? Did your front fall off? More leaks than a Chinese steamboat? Show us your pinterest projects!

How do you house, brah?

Own it
25
66%
Rent it
8
21%
:crang: in mom's basement
3
8%
:dong: grabbing frat house
1
3%
At school
0
No votes
I'm nomadic
1
3%
 
Total votes: 38
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dubshow
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Fri Nov 08, 2019 11:02 am

coogles wrote:
Fri Nov 08, 2019 10:51 am
golftdibrad wrote:
Thu Nov 07, 2019 9:02 pm
can you still walk?
To another bank? It’d just delay us even more.
My cousin just started with these guys. Full digital and using AI to process forms.

https://www.loandepot.com/

He was explaining how in about 70% of cases if you work a normal job and have a payroll service tied to your SSN you can get a close in 1-2 days. He's been in the loan biz before and after the great 2008 :nuke: and says this company is a game changer.
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coogles
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Fri Nov 08, 2019 11:08 am

dubshow wrote:
Fri Nov 08, 2019 11:02 am
coogles wrote:
Fri Nov 08, 2019 10:51 am


To another bank? It’d just delay us even more.
My cousin just started with these guys. Full digital and using AI to process forms.

https://www.loandepot.com/

He was explaining how in about 70% of cases if you work a normal job and have a payroll service tied to your SSN you can get a close in 1-2 days. He's been in the loan biz before and after the great 2008 :nuke: and says this company is a game changer.
We already have the clear to close on our HELOC. The docs are on their way (they must be mailed), and then we can't return them signed for another 7 days after we receive them (federal law in the post-2008 world). That takes us to the 16th. They've said that once the docs are received we can expect the funds for the down payment on our new home to settle into our checking account by the 25th. Underwriting for the new loan needs to see that $150k in our checking account before they'd give us the OK on the new mortgage. Once they do, they'll mail the docs for the new mortgage (takes 3 days by federal law), then once we receive them we again have to wait another federally required week to close on the new home. The only delay they could possibly have any control over now is the amount of time it takes to get the funds in our account after they receive the signed loan docs for our HELOC.

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Fri Nov 08, 2019 11:15 am

coogles wrote:
Fri Nov 08, 2019 11:08 am
dubshow wrote:
Fri Nov 08, 2019 11:02 am


My cousin just started with these guys. Full digital and using AI to process forms.

https://www.loandepot.com/

He was explaining how in about 70% of cases if you work a normal job and have a payroll service tied to your SSN you can get a close in 1-2 days. He's been in the loan biz before and after the great 2008 :nuke: and says this company is a game changer.
We already have the clear to close on our HELOC. The docs are on their way (they must be mailed), and then we can't return them signed for another 7 days after we receive them (federal law in the post-2008 world). That takes us to the 16th. They've said that once the docs are received we can expect the funds for the down payment on our new home to settle into our checking account by the 25th. Underwriting for the new loan needs to see that $150k in our checking account before they'd give us the OK on the new mortgage. Once they do, they'll mail the docs for the new mortgage (takes 3 days by federal law), then once we receive them we again have to wait another federally required week to close on the new home. The only delay they could possibly have any control over now is the amount of time it takes to get the funds in our account after they receive the signed loan docs for our HELOC.
I was told 3 days on the docs. Much wtf and lying all around. I swear housing/finance games are as bad or worse than :dillerman:
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coogles
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Fri Nov 08, 2019 11:18 am

dubshow wrote:
Fri Nov 08, 2019 11:15 am
I was told 3 days on the docs. Much wtf and lying all around. I swear housing/finance games are as bad or worse than :dillerman:
It is 3 days for the docs. Add another 7 to actually be able to sign them. :thanksobama:

http://mortgageporter.com/2015/10/new-m ... tions.html
There is a seven day waiting period that takes place once the Loan Estimate has been delivered before the borrower can sign their final loan documents (also referred to as “consummation”).

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Fri Nov 08, 2019 3:29 pm

coogles wrote:
Fri Nov 08, 2019 10:51 am
golftdibrad wrote:
Thu Nov 07, 2019 9:02 pm
can you still walk?
To another bank? It’d just delay us even more.
well thats what I would do on principal at this point. Dubshow did too. But I mean the whole deal: was the new house deal contingent?
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Fri Nov 08, 2019 3:35 pm

golftdibrad wrote:
Fri Nov 08, 2019 3:29 pm
well thats what I would do on principal at this point. Dubshow did too. But I mean the whole deal: was the new house deal contingent?
Contingent offers aren't a thing around here, they will 100% be ignored. We're buying this place unless we want to walk away without our earnest money now. We've already pushed back the sellers by a month and it's likely they'll ask for some sort of concession now, which I would do too if I were in their shoes, especially after coming down $10k from the original purchase agreement. No way in hell I'm starting this all over, especially when we have an interest rate locked in that's lower than we could get anywhere else.

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Fri Nov 08, 2019 3:58 pm

coogles wrote:
Fri Nov 08, 2019 3:35 pm
golftdibrad wrote:
Fri Nov 08, 2019 3:29 pm
well thats what I would do on principal at this point. Dubshow did too. But I mean the whole deal: was the new house deal contingent?
Contingent offers aren't a thing around here, they will 100% be ignored. We're buying this place unless we want to walk away without our earnest money now. We've already pushed back the sellers by a month and it's likely they'll ask for some sort of concession now, which I would do too if I were in their shoes, especially after coming down $10k from the original purchase agreement. No way in hell I'm starting this all over, especially when we have an interest rate locked in that's lower than we could get anywhere else.
Contingent offers are a thing of the past in this market.

But you got your down payment money right? Why can't you just go to another lender? I had clear to close on my mortgage with Quicken within a few weeks.
Desertbreh wrote:
Tue Oct 10, 2017 7:40 pm
My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.

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Fri Nov 08, 2019 4:04 pm

Detroit wrote:
Fri Nov 08, 2019 3:58 pm
Contingent offers are a thing of the past in this market.

But you got your down payment money right? Why can't you just go to another lender? I had clear to close on my mortgage with Quicken within a few weeks.
The paperwork for our HELOC (to get our down payment money) is in the mail right now, and we can't proceed with the mortgage on the new place until we have that money in our checking account.

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Fri Nov 08, 2019 4:09 pm

coogles wrote:
Fri Nov 08, 2019 4:04 pm
Detroit wrote:
Fri Nov 08, 2019 3:58 pm
Contingent offers are a thing of the past in this market.

But you got your down payment money right? Why can't you just go to another lender? I had clear to close on my mortgage with Quicken within a few weeks.
The paperwork for our HELOC (to get our down payment money) is in the mail right now, and we can't proceed with the mortgage on the new place until we have that money in our checking account.
Right...so once that's there...why couldn't you just jump to another mortgage company?

Probably not worth the effort, but tempting out of principle.
Desertbreh wrote:
Tue Oct 10, 2017 7:40 pm
My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.

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Fri Nov 08, 2019 4:10 pm

Detroit wrote:
Fri Nov 08, 2019 4:09 pm
Right...so once that's there...why couldn't you just jump to another mortgage company?

Probably not worth the effort, but tempting out of principle.
I'm on Team Get This Over With as Quickly as Possible. I hear you, but fuck principal right now, I just want to move on with my life. Also, 3.375% versus whatever else is out there right now. 3.625% probably? I'll save the money, thx.

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Fri Nov 08, 2019 4:12 pm

coogles wrote:
Fri Nov 08, 2019 4:10 pm
Detroit wrote:
Fri Nov 08, 2019 4:09 pm
Right...so once that's there...why couldn't you just jump to another mortgage company?

Probably not worth the effort, but tempting out of principle.
I'm on Team Get This Over With as Quickly as Possible. I hear you, but fuck principal right now, I just want to move on with my life. Also, 3.375% versus whatever else is out there right now. 3.625% probably? I'll save the money, thx.
Oh right, that rate is :unicorn: :alpo:

Probably worth dealing for that alone.
Desertbreh wrote:
Tue Oct 10, 2017 7:40 pm
My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.

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Mon Nov 11, 2019 1:54 pm

Interesting development, I guess?

We submitted an amendment to the seller to push the closing date out to 12/6. Working backward we think we could make 12/5 given the dates and waiting periods the bank has provided to us, but we thought it'd be wise to add an extra day for possible delays in getting docs sent on the bank's end for the mortgage on the new home. To the surprise of no one, the seller is requiring us to forfeit the $500 allowance to which she'd previously agreed, which is totally reasonable. She's easily paying more than that in taxes and insurance over that month. What's interesting is she's requiring our bank to provide some sort of guarantee that they'll be able to make this new date, or she's going to release us from the purchase agreement. My wife's parents (both realtors) told us plainly that no bank will ever do that. They may lay out a timeline of how things should go, but they'll fall short of giving a true written commitment to a certain date.

On Friday evening I messaged our loan originator and the two loan officers working on the HELOC and new mortgage to ask them to provide some assurance they could make the 12/6 date, but we'll see what they're actually willing to commit to. The seller also said this would be the last extension, so if the bank doesn't provide a satisfactory answer or if there's even the slightest additional delay, it looks like we're going to lose the house.

Just ready for this all to be over. I give zero fucks about where we end up, as long as we have a resolution.

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Mon Nov 11, 2019 2:13 pm

coogles wrote:
Mon Nov 11, 2019 1:54 pm
Interesting development, I guess?

We submitted an amendment to the seller to push the closing date out to 12/6. Working backward we think we could make 12/5 given the dates and waiting periods the bank has provided to us, but we thought it'd be wise to add an extra day for possible delays in getting docs sent on the bank's end for the mortgage on the new home. To the surprise of no one, the seller is requiring us to forfeit the $500 allowance to which she'd previously agreed, which is totally reasonable. She's easily paying more than that in taxes and insurance over that month. What's interesting is she's requiring our bank to provide some sort of guarantee that they'll be able to make this new date, or she's going to release us from the purchase agreement. My wife's parents (both realtors) told us plainly that no bank will ever do that. They may lay out a timeline of how things should go, but they'll fall short of giving a true written commitment to a certain date.

On Friday evening I messaged our loan originator and the two loan officers working on the HELOC and new mortgage to ask them to provide some assurance they could make the 12/6 date, but we'll see what they're actually willing to commit to. The seller also said this would be the last extension, so if the bank doesn't provide a satisfactory answer or if there's even the slightest additional delay, it looks like we're going to lose the house.

Just ready for this all to be over. I give zero fucks about where we end up, as long as we have a resolution.
we did a similar thing. Changed lenders the day of scheduled closing... They got us a new loan in like 3 weeks. We gave the seller a non-refundable $1500 check on good faith.
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Mon Nov 11, 2019 2:28 pm

coogles wrote:
Mon Nov 11, 2019 1:54 pm
Interesting development, I guess?

We submitted an amendment to the seller to push the closing date out to 12/6. Working backward we think we could make 12/5 given the dates and waiting periods the bank has provided to us, but we thought it'd be wise to add an extra day for possible delays in getting docs sent on the bank's end for the mortgage on the new home. To the surprise of no one, the seller is requiring us to forfeit the $500 allowance to which she'd previously agreed, which is totally reasonable. She's easily paying more than that in taxes and insurance over that month. What's interesting is she's requiring our bank to provide some sort of guarantee that they'll be able to make this new date, or she's going to release us from the purchase agreement. My wife's parents (both realtors) told us plainly that no bank will ever do that. They may lay out a timeline of how things should go, but they'll fall short of giving a true written commitment to a certain date.

On Friday evening I messaged our loan originator and the two loan officers working on the HELOC and new mortgage to ask them to provide some assurance they could make the 12/6 date, but we'll see what they're actually willing to commit to. The seller also said this would be the last extension, so if the bank doesn't provide a satisfactory answer or if there's even the slightest additional delay, it looks like we're going to lose the house.

Just ready for this all to be over. I give zero fucks about where we end up, as long as we have a resolution.
sounds like you have your out.... take it
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coogles
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Mon Nov 11, 2019 4:39 pm

golftdibrad wrote:
Mon Nov 11, 2019 2:28 pm
sounds like you have your out.... take it
Honestly I don't have a preference at this point. Stay or move, I'm just ready to have an answer.

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Mon Nov 11, 2019 4:46 pm

golftdibrad wrote:
Mon Nov 11, 2019 2:28 pm
coogles wrote:
Mon Nov 11, 2019 1:54 pm
Interesting development, I guess?

We submitted an amendment to the seller to push the closing date out to 12/6. Working backward we think we could make 12/5 given the dates and waiting periods the bank has provided to us, but we thought it'd be wise to add an extra day for possible delays in getting docs sent on the bank's end for the mortgage on the new home. To the surprise of no one, the seller is requiring us to forfeit the $500 allowance to which she'd previously agreed, which is totally reasonable. She's easily paying more than that in taxes and insurance over that month. What's interesting is she's requiring our bank to provide some sort of guarantee that they'll be able to make this new date, or she's going to release us from the purchase agreement. My wife's parents (both realtors) told us plainly that no bank will ever do that. They may lay out a timeline of how things should go, but they'll fall short of giving a true written commitment to a certain date.

On Friday evening I messaged our loan originator and the two loan officers working on the HELOC and new mortgage to ask them to provide some assurance they could make the 12/6 date, but we'll see what they're actually willing to commit to. The seller also said this would be the last extension, so if the bank doesn't provide a satisfactory answer or if there's even the slightest additional delay, it looks like we're going to lose the house.

Just ready for this all to be over. I give zero fucks about where we end up, as long as we have a resolution.
sounds like you have your out.... take it
:like: :lolgasm: There would be a better chance of Waxer selling his guns, moving to the Haight and voting for Pelosi.
max225 wrote: You can't "hoon" a pos like that. You can however set up a methlab.

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Mon Nov 11, 2019 4:59 pm

Desertbreh wrote:
Mon Nov 11, 2019 4:46 pm
golftdibrad wrote:
Mon Nov 11, 2019 2:28 pm


sounds like you have your out.... take it
:like: :lolgasm: There would be a better chance of Waxer selling his guns, moving to the Haight and voting for Pelosi.
:amaze: :lolol:
:wap: Where are these mangos?

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Mon Nov 11, 2019 5:27 pm

Desertbreh wrote:
Mon Nov 11, 2019 4:46 pm
golftdibrad wrote:
Mon Nov 11, 2019 2:28 pm


sounds like you have your out.... take it
:like: :lolgasm: There would be a better chance of Waxer selling his guns, moving to the Haight and voting for Pelosi.
:roasted:
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Mon Nov 11, 2019 5:33 pm

dubshow wrote:
Mon Nov 11, 2019 5:27 pm
Desertbreh wrote:
Mon Nov 11, 2019 4:46 pm


:like: :lolgasm: There would be a better chance of Waxer selling his guns, moving to the Haight and voting for Pelosi.
:roasted:
No burn, just a fact. Bank's don't "guarantee" jack shit and Waxer would be more politically aligned with the the average resident of Twodot Montana, not San Francisco.
max225 wrote: You can't "hoon" a pos like that. You can however set up a methlab.

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Mon Nov 11, 2019 5:58 pm

Desertbreh wrote:
Mon Nov 11, 2019 5:33 pm
dubshow wrote:
Mon Nov 11, 2019 5:27 pm


:roasted:
No burn, just a fact. Bank's don't "guarantee" jack shit and Waxer would be more politically aligned with the the average resident of Twodot Montana, not San Francisco.
:fax:
Weekly :fax:
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Tue Nov 12, 2019 11:31 am

I'd be pissed if I were the seller TBH. Sorry man, this is a hell of a shitshow.
Desertbreh wrote:
Tue Oct 10, 2017 7:40 pm
My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.

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coogles
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Tue Nov 12, 2019 11:42 am

Detroit wrote:
Tue Nov 12, 2019 11:31 am
I'd be pissed if I were the seller TBH. Sorry man, this is a hell of a shitshow.
That it is. I'm frankly surprised she's only asking for the $500 allowance back. I was prepared for more than that, and we've already returned an amendment forfeiting that $500. Just waiting on the bank now.

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