Update, I met with the new owners of our current house, and they are nice peeps. Really keen on learning about the features in our current house which include motorized blinds, a decent surround sound speaker setup in the basement, LED pot lights outdoors and in the floors of our master bedroom , fireplace on a toggle switch, custom built kitchen, french drain + sprinkler system, and I'm not sure what else. They are smitten and I'm happy/proud to sell it all to them haha.
We move in a few days (Thurs/Fri), and I traded three sick light fixtures for our bedroom set which weighs a ton (metric: tonne)! Fuck dragging that stuff since my wife is over the princess four post/dark stain stuff anyways. The light fixtures are pretty close to $1k new and our new place doesn't have good lighting in many rooms. Good trade is good. 5/7
Our new place has three out of four bedrooms floored, and the whole house painted, baseboards and casings around the door/window frames are installed, and the basement carpet was gutted and sub floors painted, and new carpets installed. Why the paint? For one it seals the wood underneath from future spills, walking in from the pool to the basement washroom, spills, doggie accidents, who knows. Secondly, four cats lived in the basement and one of them liked pissing in corners. Little fuck. We cleaned as good as we could and the painting was to prevent any smells from leeching into the new carpets/under padding. It makes for a very clean experience.
All in all, I have a few pieces of furniture to disassemble but generally we are ready to move.
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Tarspin wrote: ↑Sun Nov 03, 2019 4:41 pm Update, I met with the new owners of our current house, and they are nice peeps. Really keen on learning about the features in our current house which include motorized blinds, a decent surround sound speaker setup in the basement, LED pot lights outdoors and in the floors of our master bedroom , fireplace on a toggle switch, custom built kitchen, french drain + sprinkler system, and I'm not sure what else. They are smitten and I'm happy/proud to sell it all to them haha.
We move in a few days (Thurs/Fri), and I traded three sick light fixtures for our bedroom set which weighs a ton (metric: tonne)! Fuck dragging that stuff since my wife is over the princess four post/dark stain stuff anyways. The light fixtures are pretty close to $1k new and our new place doesn't have good lighting in many rooms. Good trade is good. 5/7
Our new place has three out of four bedrooms floored, and the whole house painted, baseboards and casings around the door/window frames are installed, and the basement carpet was gutted and sub floors painted, and new carpets installed. Why the paint? For one it seals the wood underneath from future spills, walking in from the pool to the basement washroom, spills, doggie accidents, who knows. Secondly, four cats lived in the basement and one of them liked pissing in corners. Little fuck. We cleaned as good as we could and the painting was to prevent any smells from leeching into the new carpets/under padding. It makes for a very clean experience.
All in all, I have a few pieces of furniture to disassemble but generally we are ready to move.
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We were initially supposed to close on our new tomorrow, but after delays upon delays we're now on track to close on 12/5. 12/5!!! Nearly a full month after the bank initially told us they'd have it done. Delays in getting our HELOC moved through have delayed the listing date on our own home by a week as well. Un-freaking-believable how terrible this whole experience has been.
Not that they'll care, but we'll be moving our consumer accounts out of this institution after this whole thing is over.
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What the what? What could possibly take A FULL MONTH to clear up?coogles wrote: ↑Thu Nov 07, 2019 2:04 pm
We were initially supposed to close on our new tomorrow, but after delays upon delays we're now on track to close on 12/5. 12/5!!! Nearly a full month after the bank initially told us they'd have it done. Delays in getting our HELOC moved through have delayed the listing date on our own home by a week as well. Un-freaking-believable how terrible this whole experience has been.
Not that they'll care, but we'll be moving our consumer accounts out of this institution after this whole thing is over.
We've left banks due to bad mortgage experiences. Voting with your wallet here is critical IMO. They won't care that you leave, but if more do, then they'll take notice.
Desertbreh wrote: ↑Tue Oct 10, 2017 6:40 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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The only real material hangup was a lower than expected appraisal on our house. The appraiser was a total from the sticks who was entirely unfamiliar with our neighborhood. All but one house he pulled to use as a comp was from across a major neighborhood border (an old rail line turned rail trail) with HUGE impacts on housing prices. On one side is a post-WW2 neighborhood farther from transit, schools, and the commercial nodes in the 'hood, and on our side they're more desirable 1920's era homes, where a similar house on paper will be worth easily 15%+ more.
What's worse, because of our renovations our house is pretty rare in that it has an actual en-suite bathroom. Not a single comp pulled had an en-suite. The ONE house on our side of the neighborhood he pulled sold for $340,000 but had only 1.5 bathrooms. The adjustment for our en-suite? $4,000. FOUR. THOUSAND. DOLLARS.
There's a house on the end of our block that sold 2 months ago that is the PERFECT comp for ours. 2.5 baths with a master, same square footage, but with a partially finished basement. It's on a corner lot, though, with no back yard and is sided in wood versus ours being solid brick, but of course it wasn't included as one of his 6. It sold for $362k and we plan to list at $359.9k not only to be on the conservative side, but also hopefully to bring in multiple offers.
His final eval? $302k. Yup. Friends of ours 2 blocks down just sold their 2 bed, 1.5ba house for $275k, with no yard and no garage, but this thinks ours is only worth $302k.
Anyway, we received the appraisal on a Friday afternoon, contacted our loan officer on the following Monday morning with better comps in hand, and they had zero updates all week because they were waiting for the appraiser to revise his figure. He refused to use any of the comps we provided (WHAT?), of course, so we needed an exception from underwriting to bump the max LTV% from 85% to 90%. That took another week, but it only took that long because underwriting didn't know why we needed the exception, despite all of these people working for the same damn company. The rest has been general unresponsiveness and head-up-ass mistakes in our loan docs that we've had to send back for revisions on multiple occasions.
But you're exactly right. We're taking our wallets and leaving, definitely for a local institution, probably a credit union.
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coogles wrote: ↑Thu Nov 07, 2019 3:43 pmThe only real material hangup was a lower than expected appraisal on our house. The appraiser was a total from the sticks who was entirely unfamiliar with our neighborhood. All but one house he pulled to use as a comp was from across a major neighborhood border (an old rail line turned rail trail) with HUGE impacts on housing prices. On one side is a post-WW2 neighborhood farther from transit, schools, and the commercial nodes in the 'hood, and on our side they're more desirable 1920's era homes, where a similar house on paper will be worth easily 15%+ more.
What's worse, because of our renovations our house is pretty rare in that it has an actual en-suite bathroom. Not a single comp pulled had an en-suite. The ONE house on our side of the neighborhood he pulled sold for $340,000 but had only 1.5 bathrooms. The adjustment for our en-suite? $4,000. FOUR. THOUSAND. DOLLARS.
There's a house on the end of our block that sold 2 months ago that is the PERFECT comp for ours. 2.5 baths with a master, same square footage, but with a partially finished basement. It's on a corner lot, though, with no back yard and is sided in wood versus ours being solid brick, but of course it wasn't included as one of his 6. It sold for $362k and we plan to list at $359.9k not only to be on the conservative side, but also hopefully to bring in multiple offers.
His final eval? $302k. Yup. Friends of ours 2 blocks down just sold their 2 bed, 1.5ba house for $275k, with no yard and no garage, but this thinks ours is only worth $302k.
Anyway, we received the appraisal on a Friday afternoon, contacted our loan officer on the following Monday morning with better comps in hand, and they had zero updates all week because they were waiting for the appraiser to revise his figure. He refused to use any of the comps we provided (WHAT?), of course, so we needed an exception from underwriting to bump the max LTV% from 85% to 90%. That took another week, but it only took that long because underwriting didn't know why we needed the exception, despite all of these people working for the same damn company. The rest has been general unresponsiveness and head-up-ass mistakes in our loan docs that we've had to send back for revisions on multiple occasions.
But you're exactly right. We're taking our wallets and leaving, definitely for a local institution, probably a credit union.
That's a super inducing situation man. Sorry to hear that. But that's what happens with these giant banks that just hire the cheapest ZFG appraisers they can. Totally understand what you're saying about location and market value...and an appraiser needs to be aware of these subtle nuances in local markets. Many don't...especially cheap ones that aren't familiar with the area at all.
What sucks more is that in a purchase, the realtor can kind of help with comps a bit. This isn't an option for you, so you're 100% at the mercy of the damned appraiser.
Desertbreh wrote: ↑Tue Oct 10, 2017 6:40 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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can you still walk?coogles wrote: ↑Thu Nov 07, 2019 2:04 pm
We were initially supposed to close on our new tomorrow, but after delays upon delays we're now on track to close on 12/5. 12/5!!! Nearly a full month after the bank initially told us they'd have it done. Delays in getting our HELOC moved through have delayed the listing date on our own home by a week as well. Un-freaking-believable how terrible this whole experience has been.
Not that they'll care, but we'll be moving our consumer accounts out of this institution after this whole thing is over.
brain go brrrrrr
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 and says this company is a game changer.
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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.dubshow wrote: ↑Fri Nov 08, 2019 9:02 amMy 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 and says this company is a game changer.
I was told 3 days on the docs. Much wtf and lying all around. I swear housing/finance games are as bad or worse thancoogles wrote: ↑Fri Nov 08, 2019 9:08 amWe 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.dubshow wrote: ↑Fri Nov 08, 2019 9:02 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 and says this company is a game changer.
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It is 3 days for the docs. Add another 7 to actually be able to sign them.
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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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.Big Brain Bradley wrote: ↑Fri Nov 08, 2019 1:29 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?
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Contingent offers are a thing of the past in this market.coogles wrote: ↑Fri Nov 08, 2019 1:35 pmContingent 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.Big Brain Bradley wrote: ↑Fri Nov 08, 2019 1:29 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?
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 6:40 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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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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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 6:40 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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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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Oh right, that rate is
Probably worth dealing for that alone.
Desertbreh wrote: ↑Tue Oct 10, 2017 6:40 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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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 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.coogles wrote: ↑Mon Nov 11, 2019 11:54 am 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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sounds like you have your out.... take itcoogles wrote: ↑Mon Nov 11, 2019 11:54 am 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.
brain go brrrrrr
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There would be a better chance of Waxer selling his guns, moving to the Haight and voting for Pelosi.Big Brain Bradley wrote: ↑Mon Nov 11, 2019 12:28 pmsounds like you have your out.... take itcoogles wrote: ↑Mon Nov 11, 2019 11:54 am 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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Desertbreh wrote: ↑Mon Nov 11, 2019 2:46 pmThere would be a better chance of Waxer selling his guns, moving to the Haight and voting for Pelosi.