Going to submit an offer on a house this afternoon...
09-22-2008, 03:14 PM
#2
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Don't get too excited! 
You'll likely get a counter-offer, so be prepared for it.
Act cool, let your agent do the work and listen to your agent; ask questions if you don't understand something. Your agent works for you and is there to answer questions.
If it's a dual agency (agent represents both parties), the agent has a duty to tell you the truth, and I'd probably ask agent friends or relatives if my agent has the right responses.
For me, the decisions, escrows and inspections were pretty easy- however, banks and the other side can be slow, so even an all-cash deal (like my parents' condo purchase) can take a couple weeks+ after signing on the purchase agreement.
G/L!
You'll likely get a counter-offer, so be prepared for it.
Act cool, let your agent do the work and listen to your agent; ask questions if you don't understand something. Your agent works for you and is there to answer questions.
If it's a dual agency (agent represents both parties), the agent has a duty to tell you the truth, and I'd probably ask agent friends or relatives if my agent has the right responses.
For me, the decisions, escrows and inspections were pretty easy- however, banks and the other side can be slow, so even an all-cash deal (like my parents' condo purchase) can take a couple weeks+ after signing on the purchase agreement.
G/L!
09-22-2008, 03:32 PM
#3
Yeah...I know I know. There are two things my Realtor keeps telling me...
1) Just breathe
2) Don't think about that until you are in contract!
I'm going to try my best to be prepared to not get this house.
There is already one offer on the house at asking, so I'm going to offer a bit more. We'll see what happens!
1) Just breathe
2) Don't think about that until you are in contract!
I'm going to try my best to be prepared to not get this house.
There is already one offer on the house at asking, so I'm going to offer a bit more. We'll see what happens!
09-22-2008, 04:59 PM
#4
Senior Moderator
Everyone told me it was easy once you get the house but it isn't or wasn't for me.. There's a Ton of shit to do for the Home purchase. Thank god I can sit on the phone all day at work.. Between my realtor, their realtor, my mortgage guy, loan officer and closing agent you're going to have a Long list of to do shit..
Just don't get frustrated..
Just don't get frustrated..
09-22-2008, 05:45 PM
#5
Yeah, I used the VA loan when I got out of the military for my house, and I was still amazed of all the paperwork, hidden fees, etc. Its a headache that I never want to go through again.
09-22-2008, 05:51 PM
#6
Senior Moderator
I like how everyone I asked "how much are things 'out of pocket'?" Always got the same answer.. "Everything rolls into the loan."
After I got the home under contract I started writing checks......
Be prepared for inspection costs, application fees, deposits, etc etc etc..
09-23-2008, 10:57 AM
#7
Wow. My Realtor seems to be on top of things and has told us what we'll be paying up front and what will be in the loan.
I'm prepared to pay for a home inspection (and additional inspections as needed), lender fees and other closing cost fees, plus my down payment.
The way my Realtor wrote the contract for the offer I submitted yesterday was that I will pay a little more for the house and pay a larger down payment in return for a "credit" from the seller to cover closing costs. So, the only checks I should have to write are the "good faith" (IE, down payment) check and any checks for inspections and whatnot.
We'll see...
I'm prepared to pay for a home inspection (and additional inspections as needed), lender fees and other closing cost fees, plus my down payment.
The way my Realtor wrote the contract for the offer I submitted yesterday was that I will pay a little more for the house and pay a larger down payment in return for a "credit" from the seller to cover closing costs. So, the only checks I should have to write are the "good faith" (IE, down payment) check and any checks for inspections and whatnot.
We'll see...
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09-23-2008, 11:20 AM
#8
Bent = #1
I put $2000 down. Paid $350 for appraisal fee & 350 for inspection.
Everything else was a closing cost, and I negotiated it to where the seller paid $4,000 of the $5,100 closing costs.
Everything else was a closing cost, and I negotiated it to where the seller paid $4,000 of the $5,100 closing costs.
09-23-2008, 11:27 AM
#9
I now drive an accord....
If you get the house it will probably be the longest 30 days of your life, just hang in there. I closed on my house in april and it was a nightmare, but I came through it all with a nice house and an easy mortgage.
Im still not sure why everyone is still paying closing costs and other associated costs
. I went through Bank of America for their no closing cost program and all I paid at closing was my down payment.
Im still not sure why everyone is still paying closing costs and other associated costs
. I went through Bank of America for their no closing cost program and all I paid at closing was my down payment.
09-23-2008, 01:39 PM
#10
At our first closing, we just sat there and wrote check after check after check . . . though everything was smooth.
This time around, we put a couple bids in to get rejected by an all cash offer and for another one that put down 50%. It blows cause finding a house you like (not even the "perfect" house) is actually hard work
.
This time around, we put a couple bids in to get rejected by an all cash offer and for another one that put down 50%. It blows cause finding a house you like (not even the "perfect" house) is actually hard work
.
09-23-2008, 01:54 PM
#11
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The only problem with this scheme is if the mortgage company's appraisal doesn't come in as high as the "inflated" offer. There's no reason the seller should agree to a lower price if the appraisal supports the "real" price, so you have to walk away or come up with closing costs yourself.
09-23-2008, 02:01 PM
#12
The only problem with this scheme is if the mortgage company's appraisal doesn't come in as high as the "inflated" offer. There's no reason the seller should agree to a lower price if the appraisal supports the "real" price, so you have to walk away or come up with closing costs yourself.
With that said...another house on the same street as the house I just put an offer in for was just listed. I'll be looking into it.
09-23-2008, 02:40 PM
#13
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09-23-2008, 05:06 PM
#14
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A week and a few days for me til close.. And I feel the same way.. So far it's been hell but the last week hasn't been bad.. Hoping all my to-do lists are done..
09-23-2008, 09:50 PM
#17
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Most people apply to one lender, get approved and the application fee is either waived or rolled into the loan.
09-23-2008, 11:28 PM
#18
The buyer pays for loan applications if the buyer applies for a loan, but is not approved or does not fund using the lender that approves an application (i.e. applies to different lenders and is approved by more than one).
Most people apply to one lender, get approved and the application fee is either waived or rolled into the loan.
Most people apply to one lender, get approved and the application fee is either waived or rolled into the loan.
09-24-2008, 12:56 AM
#19
Kang Ho
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Good luck. We close our house about 3 weeks ago. The whole housing process took us about 4 months. We offer about 4 houses and it either got rejected or took too long (short sale). We end up getting this bank own property in sunnyvale. It's a rental investment with my two other close friends. My other friend got reimbursement from his company (closing cost, buying down points, etc.) We been working on the house for the last 3 week and we got about 2 more weeks left to finish. All in all, the searching was hard, but the paperwork was pretty smooth. We each wrote one fat ass cashier check, then we got reimburse from the title company, realtor, and my friend company. 
you're only 22 and you have a house already?
you're only 22 and you have a house already?
09-24-2008, 02:18 AM
#20
05/5AT/Navi/ABP/Quartz
Just curious, sounds like you have little cash, why are you trying to buy a house right now?
09-24-2008, 04:48 PM
#22
When you make decisions wisely, it's a good long-term investment. Houses are cheap(er) right now. I want a place I can call mine. A place that I can do virtually anything I want to (within reason/codes/the law/etc, of course). Why should I be paying my landlord's mortgage when I can pay my own?I'm going through George and Karen Black out of Cupertino. They're down to earth and are great to work with. They're honest and tell it like it is. They make me feel like they're on my side and are, for the most part, here for my best interest. Kind-of like ZipRealty, they've got their own site set up that does automated MLS searches for me. It's pretty sweet.
Last edited by thunder04; 09-24-2008 at 04:51 PM.
09-24-2008, 05:05 PM
#24
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How much you planning to down? You got someone helping you? I know it's not cool to judge, but at 22, your salary cant be enough to be approve for a loan. Unless you are marry and your women is bringing the dough....
09-24-2008, 07:38 PM
#25
I've crunched numbers like crazy and can afford up to 300k. I've qualified for 300k and will be putting 10k down. I've got pre-approval letters, too. 
It won't buy anything large or extravagant out here, but it'll buy a nice starter home.
What can I say, I've been in IT since I graduated high school and I've climbed the ladder quickly.
It won't buy anything large or extravagant out here, but it'll buy a nice starter home.
What can I say, I've been in IT since I graduated high school and I've climbed the ladder quickly.
09-28-2008, 01:55 AM
#29
05/5AT/Navi/ABP/Quartz
Very happy if you are. Hope it all goes well. Do be aware that prequalified is not qualified. There may be a lot of paperwork in your near future.
09-28-2008, 11:32 AM
#30
Well, not officially. We should get the official paperwork Monday. But, my loan broker talked to the selling bank (it's a short-sale) as well as his supervisor to see if he'd be able to close in this short of time. Everything has been green lighted, so I'm just waiting to see what happens.
I know. Pre-approval isnt approval...but nobody seems worried so I'm not gonna worry.
I know. Pre-approval isnt approval...but nobody seems worried so I'm not gonna worry.
09-28-2008, 12:46 PM
#31
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Well, not officially. We should get the official paperwork Monday. But, my loan broker talked to the selling bank (it's a short-sale) as well as his supervisor to see if he'd be able to close in this short of time. Everything has been green lighted, so I'm just waiting to see what happens.
Awesome.!
And realtors don't want to waste their time. They ask for Alot just to preapprove so I wouldn't worry either..
09-30-2008, 11:29 AM
#33
Senior Moderator
Everything is rush rush at first and then the last week or two weeks is usually very relaxing..
09-30-2008, 07:11 PM
#34
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good move on your part being only 22 yrs old and already thinking of investing your money into a home and not materialistic things...i purchased my home at 24 yrs old and got a loan for a 450k home...it's all about credit and your down payment...but yes, now is a great time to purchase a home...are you planning to live on your own or are you going to find renters to help pay for your mortgage...good luck
09-30-2008, 07:38 PM
#35
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Short sales are a pain in the butt. I had an offer on one and did not hear back for 3 weeks, needless to say I had already bought another home.
Who is the selling bank? Countrywide( who was bought by BOA) if so they are backed up with everything. Not enough negotiators to get the sales done.
Keep on them,good luck and hang in there.
Who is the selling bank? Countrywide( who was bought by BOA) if so they are backed up with everything. Not enough negotiators to get the sales done.
Keep on them,good luck and hang in there.
09-30-2008, 10:12 PM
#36
Short sales are a pain in the butt. I had an offer on one and did not hear back for 3 weeks, needless to say I had already bought another home.
Who is the selling bank? Countrywide( who was bought by BOA) if so they are backed up with everything. Not enough negotiators to get the sales done.
Keep on them,good luck and hang in there.
Who is the selling bank? Countrywide( who was bought by BOA) if so they are backed up with everything. Not enough negotiators to get the sales done.
Keep on them,good luck and hang in there.
They're especially a pain when dealing with a selling agent who doesn't have a clue. My realtor called me today and he was pretty pissed. He told me that the selling agent informed him that the bank accepted another offer on the house Friday afternoon...an offer which was lower than mine. It took her until Tuesday afternoon to tell us. He basically said that if for any reason the buyer falls through, we want to be 2nd in line and with a new offer.
Of course, we're not counting on the buyer to fall through. So, the house hunt continues!
09-30-2008, 11:55 PM
#37
05/5AT/Navi/ABP/Quartz
More than 50% of all accepted offers are falling through right now(financing). Lower sales price may have netted more to the bank or been a stronger buyer.
Some listing agents only handle bank owned properties, have hundreds of listings and little or no clue about most of them. The system is not working well at the moment. It takes time, patience and luck to get what you want.
Some listing agents only handle bank owned properties, have hundreds of listings and little or no clue about most of them. The system is not working well at the moment. It takes time, patience and luck to get what you want.
10-01-2008, 09:35 AM
#38
Unless they're paying cash, I feel that I'm a pretty strong buyer. All my ducks are in a row. I've got a lender who is ready to give me money with the pre-approval letters to back it. I've also got excellent credit (750+) So, I dunno.
My realtor speculated that she submitted the lower offer moments before our offer crossed her desk. She, out of desperation, wanted the higher commission and dragged us along for a few days to see if she could slip our offer in ahead of the other. She failed, and we wasted some time.
Oh well. I expected this. The house for me is still out there! I've got 4 lined up to look at this Saturday.
My realtor speculated that she submitted the lower offer moments before our offer crossed her desk. She, out of desperation, wanted the higher commission and dragged us along for a few days to see if she could slip our offer in ahead of the other. She failed, and we wasted some time.
Oh well. I expected this. The house for me is still out there! I've got 4 lined up to look at this Saturday
.
10-06-2008, 04:31 PM
#40
I feel your pain. I submitted an offer on a house this morning, then found out they have another offer on the table. So my realtor recommended that I just submit my best offer and hope for the best. I'm just waiting to hear now. It's nerve-wrecking.