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My biggest beef is the mortgage process where one is made to feel like a money launderer and overall crook.
From my earlier reply to somebody complaining about the mortgage process.
Quote:
Originally Posted by Jkgourmet
I've always been a bit mystified by people who get indignant when they don't get mortgages. At it's core, it's a lender loaning hundreds of thousands of dollars (or more) to an individual. They want/need to get paid back, and they need/expect to make a profit for risking their money.
Yes, I know those loans are collateralized by the home. But have you ever looked at the legal process, time and cost to foreclose? While the institution isn't making any profit off that asset? Then the cost, time, hassle, loss of income when they have to resell the house?
I'm betting that most of you folks would be damn careful about lending just $5,000 to someone. When I've been the lender, I want and expect to get paid back.
And yes, I've had the unpleasant experience of being turned down for a mortgage. I was upset, but I understood. Then I fixed the barriers that the lender had issues with.
My biggest beef is the mortgage process where one is made to feel like a money launderer and overall crook.
Don't forget that this is due primarily because of the careless lending in the early 2000's when banks were writing loans without properly qualifying buyers resulting in the huge housing crash of the mid to late 2000's. As a result, several lending policies were enacted to prevent such an event from happening again. Try buying a car or a house with a briefcase full of cash and you will see even much more scrutiny.
If I was a bank, I would like to know that the folks that I am lending to have the means to pay back that loan. Short sales and foreclosures are very expensive to process for the banks. It's nothing personal, it's just business. Welcome to the 21st century.....
Don't forget that this is due primarily because of the careless lending in the early 2000's when banks were writing loans without properly qualifying buyers resulting in the huge housing crash of the mid to late 2000's. As a result, several lending policies were enacted to prevent such an event from happening again. Try buying a car or a house with a briefcase full of cash and you will see even much more scrutiny.
If I was a bank, I would like to know that the folks that I am lending to have the means to pay back that loan. Short sales and foreclosures are very expensive to process for the banks. It's nothing personal, it's just business. Welcome to the 21st century.....
I get ads now for NO-DOC loans for investment properties....
As if....
People who invite third parties to participate in a personal process shouldn't get overwrought when those third parties have conditions and standards.
My last two purchases were cash purchases, new construction from developers. Other then a punch list of minor stuff needing to be finished, the purchase went smooth as silk.
Welcome to the reality of buying and/or selling a house. I have done it twice myself and my mom has done it at least 5 times since the 1970's. Any time the government gets involved there are always more hoops to jump through.
yes it was my first (2) experiences doing so. My parents have done it 3 times I believe since the 1980s.
Pay list price, at terms dictated by the sellers
>No counteroffers.
Have attorney draft a contract beforehand
>Skip Attorney Review
Waive inspections.
Waive any repairs.
Waive walkthrough.
Now we have reduced the burden to:
Offer/Acceptance/Contract.
Deposit.
Closing day with fewer costs.
Easy-peasy.
LOL are you trolling?
I don't have millions of dollars in cash, and even if I did I wouldn't pump it into real estate, and be at the mercy of a future buyer. I'd rather use the bank's money. Not my own.
I'd never waive inspections. Thats crazy. Thats asking for a money pit.
I don't have millions of dollars in cash, and even if I did I wouldn't pump it into real estate, and be at the mercy of a future buyer. I'd rather use the bank's money. Not my own.
I'd never waive inspections. Thats crazy. Thats asking for a money pit.
Not trolling at all.
Just removed a lot of fluff that seems to complicate things for you.
Observe:
"I'd rather use the bank's money."
IOW, you want a third party to be at the mercy of future buyers. And, you want them to assume that role with little risk or effort on your part?
As if it actually works like that?
As I said:
Quote:
Originally Posted by MikeJaquish
...
People who invite third parties to participate in a personal process shouldn't get overwrought when those third parties have conditions and standards.
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