[Tek_Freek]

I am fascinated when I read about how difficult it is to get a bank loan for a house purchase. When we got ours last year it was a piece of cake and the process ran smooth as silk.

[Everdeen]

I didn't have that experience at all. And we had a good down payment and excellent credit. There was no reason for it.

The thing is, you don't find out that your lender is completely unreasonable until you are well into the process. We could have easily lost out on this house if the sellers had found the delay tiresome. I think the lenders think that they don't have to be reasonable because people who are already invested in their purchase will just play along.

I'm glad your experience was good, but mine was not. I won't put myself in that situation again.

[Tek_Freek]

Might have location and our 40 year history with that bank, in Iowa.

[logline]

Originally Posted by Everdeen

I didn't have that experience at all. And we had a good down payment and excellent credit. There was no reason for it.

The thing is, you don't find out that your lender is completely unreasonable until you are well into the process. We could have easily lost out on this house if the sellers had found the delay tiresome. I think the lenders think that they don't have to be reasonable because people who are already invested in their purchase will just play along.

I'm glad your experience was good, but mine was not. I won't put myself in that situation again.

What were they unreasonable about?

[Everdeen]

Originally Posted by logline

What were they unreasonable about?

One of the things was that we would sign something, which they had requested, then the underwriters would decide that that wasn't good enough. They would then would make us go back and re-prove whatever it was.

One of the big sticking points was where the money was coming from for the down payment and other funds came from. Initially, the house was in only my husband's name. The money was partly from a joint account and another savings account with only my name on it from the same CU as our joint account. I thought I had added him onto all of my accounts, but evidently, I had only put him on the checking. So the money that came from our savings, I had to "gift" to him. Even though the wealth was created during the term of our marriage. In a community property state. The loan officer tried to tell me that the underwriter couldn't be bothered with trying to figure out which states were community property states and which weren't. I replied that these underwriters pick over everything, ad nauseam, and they cannot be bothered to take two seconds to google which states are community property? (The state where we were getting the loan, the state where the money came from, and the state that the underwriter was in were all community property states.)

Anyway, I gifted our money to my husband, per their request. They decided that was not good enough and wanted proof that he was on the account. I added him to the account and, per the underwriter's request, got a letter stating so. Then they decided that that was not good enough. Ultimately, we jumped through all their hoops regarding our money and they still would not let us use it.

The loan stalled and re-stalled because of this. And it was humiliating to be a person who is financially in very good standing to be treated as such.

And there were many other small things along the way that kept popping up. And since the underwriters were not even in the same state where we were getting the loan, everything they requested and to which we immediately responded, would take them a week to come back and tell us that they wanted more or something different for the same thing.

I finally told the loan officer that I already owned a home and I no longer cared whether or not this purchase went through. They had to decide whether or not they wanted our business. That was when all the nonsense stopped.

ETA: I had a 30 year history with this bank and my husband 10. I will never chase them down for a loan again. (Or any other lender, for that matter).

[airics]

Originally Posted by Everdeen

One of the things was that we would sign something, which they had requested, then the underwriters would decide that that wasn't good enough. They would then would make us go back and re-prove whatever it was.

One of the big sticking points was where the money was coming from for the down payment and other funds came from. Initially, the house was in only my husband's name. The money was partly from a joint account and another savings account with only my name on it from the same CU as our joint account. I thought I had added him onto all of my accounts, but evidently, I had only put him on the checking. So the money that came from our savings, I had to "gift" to him. Even though the wealth was created during the term of our marriage. In a community property state. The loan officer tried to tell me that the underwriter couldn't be bothered with trying to figure out which states were community property states and which weren't. I replied that these underwriters pick over everything, ad nauseam, and they cannot be bothered to take two seconds to google which states are community property? (The state where we were getting the loan, the state where the money came from, and the state that the underwriter was in were all community property states.)

Anyway, I gifted our money to my husband, per their request. They decided that was not good enough and wanted proof that he was on the account. I added him to the account and, per the underwriter's request, got a letter stating so. Then they decided that that was not good enough. Ultimately, we jumped through all their hoops regarding our money and they still would not let us use it.

The loan stalled and re-stalled because of this. And it was humiliating to be a person who is financially in very good standing to be treated as such.

And there were many other small things along the way that kept popping up. And since the underwriters were not even in the same state where we were getting the loan, everything they requested and to which we immediately responded, would take them a week to come back and tell us that they wanted more or something different for the same thing.

I finally told the loan officer that I already owned a home and I no longer cared whether or not this purchase went through. They had to decide whether or not they wanted our business. That was when all the nonsense stopped.

ETA: I had a 30 year history with this bank and my husband 10. I will never chase them down for a loan again. (Or any other lender, for that matter).

that bank that you mention, is horrifying....

things have changed..

in 2006 and 2008 the banks didn't blink an eye with 650-700 credit.. of course i stupidly put 20% down on both homes.. i'm even at what i owe on the 2006 and well ahead on the 2008... but i might have walked on that 2006 home if it wasn't for the deposit....

[007 license to sell]

I came across this article in our local paper that address's if purchasing a home as an investment these days is a good or bad idea.
The info is provided by Zillow and Sales traq as well as the Great Las Vegas association of Realtors.


Check it out yourself and see if you agree.

Click link below to view.

New analysis shows best time to have invested, bought home



http://www.reviewjournal.com/business/new-analysis-shows-best-time-have-invested-bought-home

• • By Jennifer Robison Las Vegas Review-Journal
  • Jul 20 2015 - 5:12pm
  • Comments
  You plunked down cash for a Las Vegas home in 2009 and invested in stocks in 2012. Boy, did you mess up.
  
  

[ddrhazy]

http://files.zillowstatic.com/resear...gas.394775.pdf

http://files.zillowstatic.com/resear...gas.394775.pdf

[hotjambalaya]

Just wondering are there any vegas specific rules for a 1031 exchange?

This is on a vacation/investment home that I've probably spent about 6 weeks in during the past 18 months, its owned by a company.

I"ve heard about needing a qualified intermediary, how do I find one?

Secondly, I would ideally want my new house purchase to be via one realtor (a friend), and my house sale to be via a different realtor. Is that possible in this circumstance, or does the fact that its a 1031 make it a bit too complicated/risky to do that?

[ScoopLV]

Your friend the Realtor does not have to be an expert on 1031 exchanges. Your friend the tax accountant DOES.

I don't do business with friends. Great way to lose friends. Find the best people for the job and hire them instead. You shouldn't have to ask these questions on a public forum. Your friend the Realtor and your friend the accountant should be able to explain all of this in detail. (If you choose to hire friends in the first place. I never, ever would.)