buying a house stinketh

Discussion in 'After Hours Lounge (Off Topic)' started by Philip_G, Jul 15, 2003.

  1. Philip_G

    Philip_G Producer

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    I've posted about it a bit (not that anyone probably remembers) but I've been trying to buy my first house (townhouse, I'm po')
    so you get some incentive (4500 bucks back to be exact) for using the builder's lendor, I kind of figured I was getting screwed on the whole deal but the financing didn't seem too bad. So I signed the contract, paid them 1500$ I didn't have, and contacted their lendor. Didn't get a call back for a WEEK. She took my info finally, after I called the builder's agent and complained numerous times, and said she'd send the application out. 2 weeks go by, it's not here, I call, it will be mailed friday, I call, the next week, it was mailed today, it'll be there tomorrow, this goes on for another week.
    I get the paperwork, want to put this to rest so I KNOW if I am going to be living there, so I hand deliver it 2.5 weeks ago, I'm supposed to close this friday, and have been doing the walk throughs etc so I figure hey it's all settled. Oh no, they call today, seem to be rather shocked that I want to close, on FRIDAY and need more info.
    then another lady calls back and mentions I haven't locked in my rate, I assumed since the application said 3.5% (arm) it was locked, oh no. That wasn't the case. thanks to greenspan the rate jumped from 3.5 to 3.75% and she locked it [​IMG] [​IMG]
    If I NEVER do business with these people again it will be too soon. I'm temped to just say fuckit and walk away from the deposit and give them the finger.

    the paperwork is all shady too, they say I have $$ I don't have, take the 4500 bucks back, plus my 1500, plus 1k I get towards closing costs and put it in an account (supposedly FHA approved) and then they cut me a check as gift funds to use as the down, then borrow a couple extra K against the house to cover the closing costs. Mighty shadester [​IMG]
     
  2. Philip_G

    Philip_G Producer

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    I think I'm just going to call the agent tomorrow and explain their financier hasn't got the financing in order and won't be able to close. Fuckem.
     
  3. David Preston

    David Preston Supporting Actor

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    I have always thought it was better to close near the very end of the month. When I bought my house I know I got on the guys nerves because I called him almost every day asking him questions. Then I did the same thing on my refi. Just be persistent. I bugged the heck out of them until I heard what I wanted to hear not what they wanted me to hear. Just curious as to why you chose a townhouse? Hope you have good neighbors that understand your HT hobby. Hope everything goes well for you. David
     
  4. David Preston

    David Preston Supporting Actor

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    By the way there are too many of you Phillip guys. I get you all confused.
     
  5. Philip Hamm

    Philip Hamm Lead Actor

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    Philip,

    Be patient. Going with the builder your rate is always going to be higher, but usually the money they kick in makes up for it. Recently I talked to a hotshop mortgage broker about this very subject and he informed me that he couldn't compete with the Builder's mortgage company (much to my surprise).

    You'll be really happy when you do your taxes next year, and even happier in about 5-10 years when you realize equity in the form of increased home prices.

    It's worth it.
     
  6. Micheal

    Micheal Screenwriter

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    I went to my bank at the beginning of buying a new home (just sold my old one) and asked them how much I owed on my current property. A month or two has passed and that number has gone up by over a thousand dollars![​IMG]

    Apparently she made a mistake.[​IMG]
     
  7. Malcolm R

    Malcolm R Executive Producer

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    Greenspan lowered rates 0.25%. Why would your rate go up?

    My parents just took out a loan to start a new business. They just got a notice that their rate/payment was going down.
     
  8. MikeAlletto

    MikeAlletto Cinematographer

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    Greenspan doesn't have anything to do with mortgage rates (well sorta, but not really). Especially recent rate decreases or increases. It takes about 6 months or so for interest rate changes to trickle down into mortgage rates. The rates change every single day.

    If you didn't fill out the paperwork that says something like "lock in rate form" then you didn't lock in the rate. Just telling them over the phone doesn't do it. There are forms and signatures for EVERYTHING. They should have explained this to you. The best thing when buying a new home is to constantly keep track of everything thats going on. If one person says they need something from someone else you nag both sides until it gets done. If you don't understand what they are doing you need to speak up and ask them questions and keep asking questions until you do understand. There is no point in leaving their offices unless you understand what is going on.

     
  9. MickeS

    MickeS Producer

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    I hate everything involved with real estate and mortgages. Everyone wants a piece of your money even if all they do is move a paper from one side of the desk to the other it seems.

    We just refinanced, and that cost us about 2 grand, and that was AFTER the mortgage broker waived some fees because he screwed up and we wanted to walk away from the whole deal.

    When we bought the house, we didn't feel confident that our mortgage broker was completely truthful with us. He wanted us to sign blank FHA papers, and when I refused because it clearly stated on the forms "do not sign these forms if they are blank" he got upset and said "that's how it's always done, it's to speed up the process" and actually got mad at me! We got a recommendation for an attorney and paid him $500 flat fee to go through all our paperwork, and also to be with us at closing (even though he said that wasn't really necessary). Everything turned out to be on the up and up, but our mortgage broker got much more cooperative after he was contacted by the attorney. I felt the $500 was well spent, but it's sad that I felt I had to use it at all.

    Still, owning a home is a great feeling, and the house has already increased in value enough that we could sell with a small profit even after all the fees. Of course, that means that the property tax has gone up (and property tax is of course another scam I hate, but I won't go into that here [​IMG]).

    /Mike
     
  10. Ted Lee

    Ted Lee Lead Actor

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  11. Philip_G

    Philip_G Producer

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  12. Dennis Nicholls

    Dennis Nicholls Lead Actor

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    As the Hamm said, take the long view. I bought my place in 1981 for $109,000. The current comps are around $485,000.
     
  13. Mark Frank

    Mark Frank Stunt Coordinator

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    Don't forget who is always in charge - YOU! Everyone and their brother is opening up mortgage companies these days. Don't just shop around just for rates, but also for companies that take the time to answer your questions and explain everything thoroughly. Better yet, talk to friends and have them recommend someone that was good for them.

    We bought our last house 1 1/2 years ago and I went with a mortgage broker that was highly recommended by my boss. She accompanied us to the closing and, while reviewing the paperwork, found a $1000 fee that had been charged to us that the builder is supposed to pay. The builder ended up having to cut us a check for $1000 before we left the office. We would never have given the paperwork a second if she hadn't caught it for us.

    Another thing, when we locked our fixed rate, all it took was a phone call. I made a habit of calling the mortgage office every day and finally locked when it dropped to the number I was looking for.
     
  14. Philip_T

    Philip_T Supporting Actor

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    Philip,
    Congrats on the purchase. I swear though, your freakin me out with similarities. I just sold my house over the weekend and started looking for a new today. I remember when I bought my 1st condo I went through the builders lender with some doubts. Went through alot of the last minute headaches & concerns your going through right now, but it all worked out in the end and it was a great investment. Bought for $125,000 and sold for $153,000 less than a year latter.


    [​IMG] Our plan for world domination is almost complete.
     
  15. Philip_G

    Philip_G Producer

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    BTW, since when was there a problem with "sucks" in the title? the mods could at the very least own up to who changed it and a reason.
     
  16. Philip_G

    Philip_G Producer

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  17. Philip_T

    Philip_T Supporting Actor

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    For now probably, but never say never. [​IMG]
     
  18. RobR

    RobR Second Unit

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  19. Tim Abbott

    Tim Abbott Second Unit

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    There is some very good information in this thread, and some very bad information.....Let's start with the good


     
  20. Neil Joseph

    Neil Joseph Lead Actor

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    Buying a house is 10 times more stressful when you are selling an old one and buying a new one. My old house was 30+ years old. The year before selling, I decided to fix the leaky roof by shingling, single handed I might add. Naturally when I had the house up for sale, that's the time things all went wrong with the old house.... everything from squirrels chewing the electrical wiring causing a short and losing half the lights on the main floor, to potential buyers hiring an inspector and finding $11K worth of things to fix. One inspector told me that the roof would have to be replaced [​IMG]

    Add to this the impending closure on the new house and it being delayed time after time and a lawyer that I had a hard time believing was in my corner, last minute phone calls that "by the way Mr Joseph, you owe us $7000". That was from the lawyer's office 2 days before closing.

    Most stressful time of my life it was.
     

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