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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
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.
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.
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. .. .
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.
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.
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.
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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