We decided to buy a house

[Canadiandggal 49]

Hate to barge in this thread without reading the details first, but, are you saying you are upset because you pay $2,000 more at closing when they dropped your purchase price $22,000 from 80k to 58k?

I might be reading it wrong but that's what it sounds like to me....If it makes you feel better I bought a house for $20,000 and paid around $4,400 in closing costs which did not go towards the principal. Although I did get $1700 back because it was set aside for escrow repairs (but the repairs cost about that anyway)...

NO she was orginally getting a 80 K loan and however Now she is only getting a 58 K loan and yet the fees are higher etc.

[Kimbear 53]

ok so i hate closing costs...

so far 3 GFE's later I've been told

4500

6200

9100.

the monthly payment is about the same with each one..but also the interest rate is very different between them.

INT rate / APR

4.875 / 5.778

5.125

5.250 / 6.285

Now i know I've been warned about Bank of America, and at first i was annoyed at how long it too the loan officer to get back to me and that she seemed Noobish, but seriously, so far they have the best rate, costs etc.

I'm just completely floored at the vast difference in these total closing costs. And not all the items have the same names so I'm kind of at a disadvantage and trying to figure out who the hell to go with.

And right now i have no idea what is going on with our offer, as my lawyer sent out changes to the contract to the sellers lawyer, back on April 11th, and it states all modifications have to be done within 10 days, and the sellers lawyer has never gotten back to us. its been more than 10 days.

I'm waiting for my lawyer to get back to me on if this changes how much time i have to get a formal loan application done, and i have the 9000$ closing cost officer trying to get me to go in and sign papers on wed, and there is a clause in the truth disclosure saying I'm going to get charged every day after a certain date???? He is the only one that i see that with and well I'm just so freaking scared right now!

[HannahP 119]

Whoa. Makes me really glad that we closed on the last day of March. Interest rates seem to be creeping up -- we locked in at 4.75% for 30 years. $9000 for closing costs actually sounds close to what we were first offered through a random loan brokerage we wandered in to. (Wanted to see how much we'd get pre-approved for.) We shopped around and found a much better offer through our real estate agent -- closing costs ended up being $5500 on a $122,000 home. We went the traditional route and the seller paid all the closing costs, which isn't something you get with a short sale.

[Udella&Wiz 325]

Maybe I missed something in the thread...but can;t your real estate agent explain the differences? '

ok so i hate closing costs...

so far 3 GFE's later I've been told

4500

6200

9100.

the monthly payment is about the same with each one..but also the interest rate is very different between them.

INT rate / APR

4.875 / 5.778

5.125

5.250 / 6.285

Now i know I've been warned about Bank of America, and at first i was annoyed at how long it too the loan officer to get back to me and that she seemed Noobish, but seriously, so far they have the best rate, costs etc.

I'm just completely floored at the vast difference in these total closing costs. And not all the items have the same names so I'm kind of at a disadvantage and trying to figure out who the hell to go with.

And right now i have no idea what is going on with our offer, as my lawyer sent out changes to the contract to the sellers lawyer, back on April 11th, and it states all modifications have to be done within 10 days, and the sellers lawyer has never gotten back to us. its been more than 10 days.

I'm waiting for my lawyer to get back to me on if this changes how much time i have to get a formal loan application done, and i have the 9000$ closing cost officer trying to get me to go in and sign papers on wed, and there is a clause in the truth disclosure saying I'm going to get charged every day after a certain date???? He is the only one that i see that with and well I'm just so freaking scared right now!

[Kimbear 53]

Just a quick update. Spoke to my lawyer and we are dumping this loan officer.

we went in last week to sign some papers, and found out that he is not a broker, a lender, he just sets up the loan and doesn't even service it and wants us to sign papers saying he can sell our mortgage to whoever they want..

then he wanted David to sign a bunch of un dated blank paperwork. then he tells us we need an affidavit notarized and leaves it blank as well. so i had a fit and freaked on my lawyer who has apparently worked with this guy before

sent him off all the gfe's and my lawyer doesn't understand the difference in price or the interest rate from 5.5 to 6.8%. and this is a short sale which i think hes forgotten and thinks the closing date is next week ( if all items had been agreed to on contract sure but they have not).

I feel like he is rushing us into this loan and pressuring us so after a LONG talk with the lawyer, and being reassured we are committed to no lender at all until closing we said to heck with him.

On a bright note, the layer for the bank with the lien on the house has been given the paperwork and its under review. So hopefully we will here a yes or no on our price we offered. its already been well over a month since we wrote the original contact and everyone signed it. I just really hate this waiting game. My neighbours are pissing me off big time. bunch of drunken F-Tards.

1.5 months left in this dump...the new patio doors they put in flooded into the apartment too from the TOP. All the heavy freaky rain we had dripped down and i guess the doors were never sealed up properly or the flashing above was loose. so it was like one of the waterfall things you hand on the wall. I think we soaked like 5 bath towels trying to soak up water..it was not one drip spot either, it was the entire row along the top of the doors leaking.

So now it smells and is humid in here...so my allergies have been going bonkers.

Starting to really hate Chicago and the weather here

[Krikit 1,164]

Ugh. Sorry to hear all that, Kimbear. On the bright side, all this will soon be a distant memory.

[HannahP 119]

Kimbear - have you gotten the seller's disclosure and taken a reaaalllyyy good walk through the house? The crappy thing about short sales is that 99% of the time the bank won't fix anything. At least if you're going with a traditional mortgage, you won't *have* to have anything fixed to get the mortgage approved. The house I originally fell in love with was a short sale. We were told at the time (by the realtor) that the roof was only eight yeras old & there weren't any major issues with the house. We finally get the seller's disclosure and it needs a new roof for us to get the FHA loan. And the owner had painted over some horizontal cracks in the basement (huge foundation issues) which she didn't mention in the disclosure. :er:

[Hugglebuggles 60]

The selling of mortgages is fairly common. We used a lender who sold our mortgage almost immediately after closing, and it has since been sold again. It doesn't change anything aside from who you make the payments to. I wouldn't let that bother you too much... but the undated documents thing would not be ok with me either, or the general incompetence and lack of clarity on the interest rate.

I agree with the walk through thing. That's the best thing you can do. We have found several issues with our house that were never disclosed at the time of purchase. We were naive and assumed our home inspector actually knew what they were doing, and as young first time buyers, we didn't really know what we were looking at.

Keep your chin up Kimbear! This will be over before you know it, and you will have a great new home to live in

[Flames9_RN 358]

I belive the vast majority of financial institutions will sell ur mortgage, but with some makes, even through they have sold the mortgage, you keep making the payment to them, while with others, every-time its resold, you make a cheque out (direct deposit) out to the new holder, thats how they make their $$$$$$. You can do a simple google search and find lending institutions that supposedly don't resell their mortgages. We have ours with Suntrust and as far as I know, they havent resold it, lol ged.

[Flames9_RN 358]

One wants to feel comfortable with the people ur doing business with--its ur $$$$$$$$! They won't loose any sleep over it, if the deals goes haywire!! Best of luck

[Udella&Wiz 325]

Thank goodness it looks like it's comign to an end- hopefully ona positive note

Just a quick update. Spoke to my lawyer and we are dumping this loan officer.

we went in last week to sign some papers, and found out that he is not a broker, a lender, he just sets up the loan and doesn't even service it and wants us to sign papers saying he can sell our mortgage to whoever they want..

then he wanted David to sign a bunch of un dated blank paperwork. then he tells us we need an affidavit notarized and leaves it blank as well. so i had a fit and freaked on my lawyer who has apparently worked with this guy before

sent him off all the gfe's and my lawyer doesn't understand the difference in price or the interest rate from 5.5 to 6.8%. and this is a short sale which i think hes forgotten and thinks the closing date is next week ( if all items had been agreed to on contract sure but they have not).

I feel like he is rushing us into this loan and pressuring us so after a LONG talk with the lawyer, and being reassured we are committed to no lender at all until closing we said to heck with him.

On a bright note, the layer for the bank with the lien on the house has been given the paperwork and its under review. So hopefully we will here a yes or no on our price we offered. its already been well over a month since we wrote the original contact and everyone signed it. I just really hate this waiting game. My neighbours are pissing me off big time. bunch of drunken F-Tards.

1.5 months left in this dump...the new patio doors they put in flooded into the apartment too from the TOP. All the heavy freaky rain we had dripped down and i guess the doors were never sealed up properly or the flashing above was loose. so it was like one of the waterfall things you hand on the wall. I think we soaked like 5 bath towels trying to soak up water..it was not one drip spot either, it was the entire row along the top of the doors leaking.

So now it smells and is humid in here...so my allergies have been going bonkers.

Starting to really hate Chicago and the weather here

[Krikit 1,164]

The crappy thing about short sales is that 99% of the time the bank won't fix anything.

You've confused a short sale with a foreclosure. With a short sale, you negotiate any repairs with the homeowner, not the bank. With a foreclosure you negotiate with the bank.

[Krikit 1,164]

The selling of mortgages is fairly common. We used a lender who sold our mortgage almost immediately after closing, and it has since been sold again. It doesn't change anything aside from who you make the payments to.

One of the members on here has a nightmare of a story from her mortgage being sold, then resold, then resold again. It resulted in some serious complications for her. I'll do a search for her post but I think it may take me forever to find it. Anyway, that was back a few years ago at the start of this whole mortgage crisis mess. They've since fixed that problem, I believe.

[HannahP 119]

You've confused a short sale with a foreclosure. With a short sale, you negotiate any repairs with the homeowner, not the bank. With a foreclosure you negotiate with the bank.

No, the assumption is that the home owner is underwater and cannot pay mortgage, thus the owner doesn't have the money to make anything but minimal repairs, if that. The trick is to go to the lender - which I guess may not necessarily be the bank? - and see if they're willing to do repairs, but most will not. You can ask the seller to dock some money off the price but if it's already a low price (and, at least in my area, short sale homes go onto the market at nearly the -20% price cut off to sell fast) you run the risk of the bank not approving the deal.

[Kimbear 53]

Kimbear - have you gotten the seller's disclosure and taken a reaaalllyyy good walk through the house? The crappy thing about short sales is that 99% of the time the bank won't fix anything. At least if you're going with a traditional mortgage, you won't *have* to have anything fixed to get the mortgage approved. The house I originally fell in love with was a short sale. We were told at the time (by the realtor) that the roof was only eight yeras old & there weren't any major issues with the house. We finally get the seller's disclosure and it needs a new roof for us to get the FHA loan. And the owner had painted over some horizontal cracks in the basement (huge foundation issues) which she didn't mention in the disclosure. :er:

this is a short sale.. all short sales are sold as is. the only addendum you get are lead radon and the standard real estate 5.0 disclosure. you can't even get any copies of ccr's (covenants, conditions, and restrictions) until lender approval of the price. You might be thinking of a foreclosure that has to have a minimum escrow for repairs or a 203h rehabilitation loan.

And yeah we walked through the house already and do plan a 2nd one at closing with a home inspector.

Edited May 15, 2011 by Kimbear