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Old 06-06-2018, 06:13 AM
 
10,276 posts, read 6,523,579 times
Reputation: 10857

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Quote:
Originally Posted by AJ1957 View Post
LMAO you guys are still at this?

I checked back in to see if the guy waaay up thread who said he finances vehicles because he can otherwise use that $$ on a 60% return investment, had told us all how how does that
I figured it was 60 cents. I wouldn't ask him such a stupid question how he can get that rate and not afford $14
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Old 06-06-2018, 06:40 AM
 
Location: Loudon, TN
4,931 posts, read 4,230,895 times
Reputation: 16380
I can't wait to see how the OP reacts to the list of fees charged at closing. Loan origination fees, documentation fees, inspection fees, points, title insurance, etc, etc, etc.

That will be a fun thread.
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Old 06-06-2018, 06:47 AM
 
Location: IN
1,935 posts, read 741,182 times
Reputation: 3558
Quote:
Originally Posted by LifeIsGood01 View Post
I figured it was 60 cents. I wouldn't ask him such a stupid question how he can get that rate and not afford $14
No this wasn't OP, it was another guy. Hope he comes back, I need that information....
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Old 06-06-2018, 07:48 AM
 
Location: Union County
5,702 posts, read 8,144,245 times
Reputation: 4708
Quote:
Originally Posted by MikeJaquish View Post
Is Trollville a suburb of Crazytown?
It's a small hamlet / bedroom community just on the outskirts. Lots of inventory on MLS!
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Old 06-06-2018, 07:49 AM
 
4,546 posts, read 11,557,169 times
Reputation: 3068
Quote:
Originally Posted by juggar View Post
You guys can think im trolling, but im not.

Will be making an offer tomorrow on a property, with terms in my favor as well. 115k offer on a 125k listed property and 3% to closing (which will cover the downpayment).

Dual agent thinks it will be seen favorably by the seller. Some light TLC is needed, but thats fine.
Dual agent-not recommended.

Are you sure the 3% is not a seller contribution toward closing costs and prepaid items? Seller is typically not allowed to contribute toward any down payment.
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Old 06-06-2018, 08:37 AM
 
770 posts, read 565,342 times
Reputation: 1475
Quote:
Originally Posted by juggar View Post
Im looking to buy my first home, I have a 750 credit score (per lenders credit pull).

I have a 2017 $30k car that I pay taxes on yearly, and pay them when they are due. I have done this for all my cars. In fact, I own multiple cars.

So why the HELL are they nickel and diming me to put money into an "escrow" each month as part of the payment? Its unnecessarily inflating the monthly cost, causing DTI issues.

I obviously can pay the $500 annually just like I pay my car taxes when they are due.

Any way to stop them from pulled this childish garbage? Its like you trust me to pay $650 a month but not the $500 annual tax fee?? wtf?

Not to mention they included $14 for a "Credit report" in the loan estimate. Over my dead body im paying that. I will walk away.
If I didn't know any better, I would say this is your first time. .. .
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Old 06-06-2018, 08:43 AM
 
770 posts, read 565,342 times
Reputation: 1475
Quote:
Originally Posted by juggar View Post
You guys can think im trolling, but im not.

Will be making an offer tomorrow on a property, with terms in my favor as well. 115k offer on a 125k listed property and 3% to closing (which will cover the downpayment).

Dual agent thinks it will be seen favorably by the seller. Some light TLC is needed, but thats fine.
Dual agent means you have no clue what your doing.

Offering 115k on 125k when houses are going into bidding wars, and over asking price ?


This isn't craigslist. Let us know how the no response from seller goes, start another thread about it.
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Old 06-06-2018, 09:18 AM
 
356 posts, read 243,131 times
Reputation: 343
Quote:
Originally Posted by 191185 View Post
Dual agent means you have no clue what your doing.

Offering 115k on 125k when houses are going into bidding wars, and over asking price ?


This isn't craigslist. Let us know how the no response from seller goes, start another thread about it.

Firstly, Thats just whom the seller chose to represent his home. They happen to be a dual agent, I did not go out and specifically seek out a dual agent. Though, it does give me a much better position to negotiate. Typically I would bring my own buyers agent and they would take 3% as their fee. In this scenario, I can ask that 3% to go to closing, rather than bring an additional agent.

The dual agent is supposed to be legally neutral, of course we all know they are likely seller biased. They did read me legal disclosures and she repeated multiple times "I CAN NOT HURT YOU". It was weird, but whatever.

You do realize not all geographical areas are equal right? This is in a town of under 4000 people. In rural Western, NC. The home has been on the market 90 days with no bites. No one wants to live here except for retirees, and this is not your typical retiree home. Its not on top of a mountain, and it does need a bit of TLC.

Everyone here ought to know that just because its a sellers market in your area, doesn't mean its the same for my area.
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Old 06-06-2018, 09:27 AM
 
193 posts, read 76,825 times
Reputation: 555
I feel badly for the OP who clearly did not do homework about the home buying process. Much of the standard procedure can seem like an affront. But the reality is that this is the way its done. If you air these grievances, more experienced people just chuckle and call out your (very public) lack of knowledge.

The solution is to have more money to put down. Or buy in cash.

Dual agent is another rookie mistake.

There could be some very expensive lessons in your future, OP. Best to slow down and get an education before going further. But if not, I wish you the best.
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Old 06-06-2018, 09:27 AM
 
356 posts, read 243,131 times
Reputation: 343
Quote:
Originally Posted by TimtheGuy View Post
Dual agent-not recommended.

Are you sure the 3% is not a seller contribution toward closing costs and prepaid items? Seller is typically not allowed to contribute toward any down payment.
Interesting, pretty sure the 3% would be applied as a lump sum towards the final closing cost, including the downpayment. They already were willing to give $1600 to replace the counter tops so asking for 3% (which includes that $1600) is fair.

I will call Chase and make sure some of it can go towards down payment.

I only offered 115k, because there IS work that needs to be done. This house was a rental for the last 5 years and you know how god damn renters can be.
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