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short sales , foreclosures ... conversation with an agent
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2009 Jul 21, 5:32am 7,080 views 44 comments
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Also - AC on the brink in the Southeast = mold. It doesn't take long. Make a point of this during your inspection!
Rob: Listen to your own red flags raised in your last post. But listen, listen to this: You do not owe the realtor ANYTHING. Realtors are sharks. Period. You must look out for YOUR self-interests at all times in what will be a major financial commitment. You owe no loyalty to anyone but yourself. YOU will pay for a mistake; the broker will not. You do not owe anyone any explanations. Listen to what you said in your last post. 1) YOU said the realtor is steering you to a much higher priced loan. 2) YOU had to ask the realtor to ask the bank to pay to fix the A/C. The realtor is not doing his/her job by steering you to a higher priced loan. He/she is bleeding you. PLEASE, PLEASE, LISTEN TO YOURSELF! Do NOT proceed with this broker. Do NOT play bidding wars; that is exactly what these thieves want you to do so they can rip you off. You are being lied to and cheated. OK, you didn't get the condo. Move on. Be patient, friend. Be patient. Slow down. Don't play the games. You are committing your income for dozens of years to come on a major purchase. You are not planning for a party.
Thanks for all the feedback.
I wanted to do a 20% down loan, but was told I couldn’t because my son doesn’t have a credit score. I thought that was ludicrous, because if I walked away they would have my 20% plus the house. But I confirmed it with Wells Fargo (whose estimated funds needed to close were $3,500 less than the broker the realtor wants me to use). Supposedly, when you have two people applying for a loan they go with the lowest credit score.
We had the home inspected a couple of days ago and the A/C was on the blink, so I had the realtor ask the bank to pay for fixing it. I’m just waiting on that decision. You’ve all given me some ammo to take to the mortgage broker in the meantime to negotiate better terms, which I appreciate. I feel like I owe this realtor because she showed about 5-6 houses to my son; three of which we bid on, but lost to a higher bidder.
It is true about the lower of the 2 credit scores rule. I tried to help out a friend in an exact similar situation a couple years ago and that is what I found out. About 'owing the realtor', I would say never have that feeling. The way I bought my home was not by a realtor showing me any homes, but researching online myself, selecting homes that I wanted to see and then have the realtor show me the properties! When she said her husband was a mortgage broker and would be glad to arrange the mortgage for the home, I clearly told her that I would be shopping around and would use him only if he gives me the best quote! My take on Mortgage Brokers is that they are good ONLY for the Sub Prime borrower. Prime borrowers can have their way with the banks on their own!! By the way what is your son's Credit Score?
As far as I know he has no credit score because he has never had any credit. That's what he told me.
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Went to look at a couple of open houses this weekend and talked to a realtor. She 'sounded' decent enough. None of the usual sound bites like 'now is a great time to buy' , 'interest rates are low' ..etc
Take it with how ever much of salt is good for your diet.
 Short sales:
I asked her if she does short sales. She doesn't. Her reasoning is they are too much work with very little chance of a deal going through
Agents Not submitting offers:
I asked her how can I be sure that my offer was submitted to the bank. She acknowledged that it is a problem, and the one she has seen personally with one of her clients.
Short story is : there is no easy way of compelling the agent to submit your offer to the bank. You are kind of at their mercy.
Pent up foreclosrues
She says there is a huge inventory that will be available soon. She has already started seeing a few hit the market in mid-july.
Cash Offers vs. FHA Loans
One the reasons banks don't want to deal with FHA loans for fore-closures is the appraisal is not coming in high enough. So buyers have a tough time getting the required loan.
She said she is seeing 'investor cash pool' is slowly dwindling, and banks have to work with FHA loans in the near future if they want to move the houses.
Finally, she said, not to rush in. Just keep looking and be patient.
#housing