Advice on buying a home. - Page 5 - Antsmarching.org Forums - Dave Matthews Band Discussion
Old 09-27-2010, 08:26 AM   #121
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Re: Advice on buying a home.

Quote:
Originally Posted by Nick@Night View Post
The short sale we had an offer on about a year ago that fell through before we bought our current house finally sold...to one of my girlfriend's bank tellers. After we dropped our offer (after 4 months of waiting) the place went in to foreclosure so this co-worker bought it a few weeks ago for about 25 grand less than we had offered on it. I'm ok with that, I'm just tickled the bank fucked themselves out of about a year of time and 25 grand in not selling to us when they had the chance.
From everything I've been told it sounds like the way most banks handle shorts sales is pretty inefficient and usually ends up costing them money (I wonder if they get a write off for it though)
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  • Old 09-27-2010, 08:36 AM   #122
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    Re: Advice on buying a home.

    Quote:
    Originally Posted by Styx Cover Band View Post
    From everything I've been told it sounds like the way most banks handle shorts sales is pretty inefficient and usually ends up costing them money (I wonder if they get a write off for it though)
    It's an idiotic process for the most part. We even gave them their asking price and then during the process they kept wanting more money from us. They wouldn't say how much, they just wanted us to keep stacking. Fuckers.
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    Old 06-02-2011, 07:12 AM   #123
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    Re: Advice on buying a home.

    With me newly being single and in need of a place to live, I have decided to look for a house. I am going to key my search on NW suburbs, there's a lot of properties to be had in my price range.
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    Old 06-02-2011, 07:24 AM   #124
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    Re: Advice on buying a home.

    Quote:
    Originally Posted by Nick@Night View Post
    With me newly being single and in need of a place to live, I have decided to look for a house. I am going to key my search on NW suburbs, there's a lot of properties to be had in my price range.
    Stay away from short sales
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    Old 06-02-2011, 07:28 AM   #125
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    Re: Advice on buying a home.

    Quote:
    Originally Posted by Styx Cover Band View Post
    Stay away from short sales
    No shit. Unfortunately, it seems I may have to try my hand at one if I want a place that's worth buying in my price range.
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    Old 06-02-2011, 07:40 AM   #126
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    Re: Advice on buying a home.

    Quote:
    Originally Posted by Styx Cover Band View Post
    Stay away from short sales
    the townhouse I bought was a short sale...I signed the contract for it on June 12, 2010 and I closed on February 11, 2011. Almost 8 months exactly to close.

    No major issues with the bank, they were just slow moving. The sellers and my realtor were both awesome though. The sellers originally bought it in May '05 for $ 175k and I paid $ 72k.

    It was definitely a "fixer-upper" and I've done A LOT to it and quite a bit of money as well. But I love it now.


    best of luck to you!
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    Old 06-02-2011, 07:44 AM   #127
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    Re: Advice on buying a home.

    The thing is, I don't have the kind of time to sit and wait that long. I am living with my cousin now and I don't want to be there for several months cramping their newly wed lifestyle. If it's 3-4 months, I could maybe do it, but 8 would be obnoxious. Then again, you are in Florida, the people do shit down there half the speed of the rest of the country.
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    Old 06-02-2011, 09:01 AM   #128
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    Re: Advice on buying a home.

    Quote:
    Originally Posted by SeanMH View Post
    the townhouse I bought was a short sale...I signed the contract for it on June 12, 2010 and I closed on February 11, 2011. Almost 8 months exactly to close.

    No major issues with the bank, they were just slow moving. The sellers and my realtor were both awesome though. The sellers originally bought it in May '05 for $ 175k and I paid $ 72k.

    It was definitely a "fixer-upper" and I've done A LOT to it and quite a bit of money as well. But I love it now.


    best of luck to you!
    That is crazy I closed on my condo February 11th this year. I walked away from a short sale after 8 months. I found a nice condo 2 days later, made an offer that was immediately accepted and then closed 29 days later. Screw short sales
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    Old 06-02-2011, 09:04 AM   #129
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    Re: Advice on buying a home.

    Quote:
    Originally Posted by Styx Cover Band View Post
    That is crazy I closed on my condo February 11th this year. I walked away from a short sale after 8 months. I found a nice condo 2 days later, made an offer that was immediately accepted and then closed 29 days later. Screw short sales
    I'm hoping if I do find a short sale I like I can make an offer and then continue to search for a traditional seller who is motivated to unload their property for cheap.
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    Old 06-02-2011, 09:12 AM   #130
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    Re: Advice on buying a home.

    Quote:
    Originally Posted by Nick@Night View Post
    I'm hoping if I do find a short sale I like I can make an offer and then continue to search for a traditional seller who is motivated to unload their property for cheap.
    Just make sure your realtor and attorney are cool with that because that is basically having them do double the work for no extra money
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    Old 06-02-2011, 09:22 AM   #131
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    Re: Advice on buying a home.

    Quote:
    Originally Posted by Styx Cover Band View Post
    Just make sure your realtor and attorney are cool with that because that is basically having them do double the work for no extra money
    It's my choice to pull an offer if it's not going anywhere, our last realtor actually suggested pulling the two we didn't get when shopping with the ex.

    Edit: Them getting paid is based on them closing a house for me, so they'll do the work I want. If they have a problem with that I can get someone else who's willing to.
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    Last edited by Nick@Night; 06-02-2011 at 09:27 AM.
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    Old 06-02-2011, 10:12 AM   #132
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    Re: Advice on buying a home.

    Quote:
    Originally Posted by Nick@Night View Post
    It's my choice to pull an offer if it's not going anywhere, our last realtor actually suggested pulling the two we didn't get when shopping with the ex.

    Edit: Them getting paid is based on them closing a house for me, so they'll do the work I want. If they have a problem with that I can get someone else who's willing to.
    - this is completely correct.
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    Old 06-09-2011, 06:42 AM   #133
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    Re: Advice on buying a home.

    Holy shit...the paperwork and the stress from buying a house is neverending....good lord.
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    Old 06-09-2011, 06:45 AM   #134
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    Re: Advice on buying a home.

    Quote:
    Originally Posted by HoldemHart View Post
    Holy shit...the paperwork and the stress from buying a house is neverending....good lord.
    the actual signing itself is crazy. you will sign your name around 50 times. you'll have no idea what you are agreeing too.
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    Old 06-09-2011, 06:46 AM   #135
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    Re: Advice on buying a home.

    OMG - Predatory Lending!!!!!!!
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    Old 06-09-2011, 06:48 AM   #136
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    Re: Advice on buying a home.

    Quote:
    Originally Posted by HoldemHart View Post
    Holy shit...the paperwork and the stress from buying a house is neverending....good lord.
    The weeks and days leading up to closing is the absolute worst. Random calls at anytime with your lender looking for more paperwork and verification and proof of funds and where did this money come from etc.

    Its horrible. I also hated not knowing the actual closing costs needed until 30 minutes before going to sign the papers.
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    Old 06-09-2011, 06:51 AM   #137
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    Re: Advice on buying a home.

    We actually didn't have any of the additional paperwork requests that a lot of people have, since we didn't include all of our assets in terms of getting approved.

    Closing day is crazy though, for all I am knowing I am signing away half my income to buy a bridge in Peru.
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    Old 06-09-2011, 06:52 AM   #138
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    Re: Advice on buying a home.

    Quote:
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    OMG - Predatory Lending!!!!!!!
    not exactly.

    Quote:
    Originally Posted by Lee3691 View Post
    Closing day is crazy though, for all I am knowing I am signing away half my income to buy a bridge in Peru.
    this is what i mean.
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    Old 06-09-2011, 06:53 AM   #139
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    Re: Advice on buying a home.

    Quote:
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    The weeks and days leading up to closing is the absolute worst. Random calls at anytime with your lender looking for more paperwork and verification and proof of funds and where did this money come from etc.

    Its horrible. I also hated not knowing the actual closing costs needed until 30 minutes before going to sign the papers.
    You nailed it right on the head. This is the worst part, every day I get hit up for some random document and I have to sign about 7 documents.
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    Old 06-09-2011, 06:53 AM   #140
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    Re: Advice on buying a home.

    Dude, I know, I'm just being sarcastic. One of the issues that I see, however, on a daily basis is people complaining because they claim they had no idea what they were signing when it came to their closing papers, and are using that as an excuse for the situation they're in.
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    Old 06-09-2011, 06:54 AM   #141
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    Re: Advice on buying a home.

    Quote:
    Originally Posted by Lee3691 View Post
    We actually didn't have any of the additional paperwork requests that a lot of people have, since we didn't include all of our assets in terms of getting approved.

    Closing day is crazy though, for all I am knowing I am signing away half my income to buy a bridge in Peru.
    We may not agree when it comes to basketball but that was fucking hilarious. Well said.
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    Old 06-09-2011, 06:57 AM   #142
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    Re: Advice on buying a home.

    Quote:
    Originally Posted by HoldemHart View Post
    You nailed it right on the head. This is the worst part, every day I get hit up for some random document and I have to sign about 7 documents.
    About 2 weeks before closing, we sold a shit ton of stuff on craigslist because it was junk and we didn't want to move it with us to the new house. Our closing almost got pushed back a week because we didn't have receipts for the original items, we didn't have receipts for selling these items, and instead of just keeping the cash on me, I put it into our checking account.

    My wife cried. I drank.
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    Old 06-09-2011, 07:00 AM   #143
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    Re: Advice on buying a home.

    Quote:
    Originally Posted by scrock25 View Post
    Dude, I know, I'm just being sarcastic. One of the issues that I see, however, on a daily basis is people complaining because they claim they had no idea what they were signing when it came to their closing papers, and are using that as an excuse for the situation they're in.
    My guess is 10-15% of the people didn't know...and the rest are lying to try to get out of their house that is now worth 20-40% less than they bought it for.

    /americaisfucked
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    Old 06-09-2011, 07:02 AM   #144
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    Re: Advice on buying a home.

    Deal with it every day my friend, it's my job.
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    Old 06-09-2011, 07:03 AM   #145
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    Re: Advice on buying a home.

    We had a really good closing lawyer. Our Realtor (never again) and our lender (never again) were in cahoots the entire time. They were trying to get us to breeze through the actual signing of the papers, the lawyer put a stop to that right away. Dude went through line by line with us. (as they should for any first time home buyer)
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    Old 06-09-2011, 07:04 AM   #146
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    Re: Advice on buying a home.

    Realtor had a lender in house. We went with someone not connected (ha, they are all connected). Helped a little.
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    Old 06-09-2011, 07:06 AM   #147
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    Re: Advice on buying a home.

    Quote:
    Originally Posted by AJF_41 View Post
    Realtor had a lender in house. We went with someone not connected (ha, they are all connected). Helped a little.
    That's what we used. Never again. The lender and the Realtor literally high-fived at the end of our closing. No joke.

    EDIT: That said, we did get a fantastic rate on a fantastic house for a fantastic price. I really can't complain there.
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    Old 06-09-2011, 07:07 AM   #148
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    Re: Advice on buying a home.

    That's how they drive business dude... every person out there selling mortgages for whatever lender has a network of realtors that they have connections with. It's just how it works.
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    Old 06-09-2011, 07:09 AM   #149
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    Re: Advice on buying a home.

    Quote:
    Originally Posted by Ascf33 View Post
    About 2 weeks before closing, we sold a shit ton of stuff on craigslist because it was junk and we didn't want to move it with us to the new house. Our closing almost got pushed back a week because we didn't have receipts for the original items, we didn't have receipts for selling these items, and instead of just keeping the cash on me, I put it into our checking account.

    My wife cried. I drank.
    I made the mistake of depositing some money that I had been keeping around the apartment and got a phone call later that day asking me where the money came from. I figured having more money in my account would be a good thing, little did I know.
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    Old 06-09-2011, 07:10 AM   #150
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    Re: Advice on buying a home.

    Quote:
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    That's how they drive business dude... every person out there selling mortgages for whatever lender has a network of realtors that they have connections with. It's just how it works.
    I live by the motto, don't have the player - hate the game.

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