Buying a foreclosure ,Real Estate advice needed.
12-12-2010, 03:56 PM
#21
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Depends on the area Griff. 2% isn't all that uncommon, and it may include buying points (it may all be points, he seemed kind of confused on it).
3.5% closing costs seems high to me, but Fannie Mae might be forcing him to pay his own real estate commission. It's not uncommon. 3.5% closing costs may not be that bad if it is standard practice in his jurisdiction that the buyer pays for title insurance.
3.5% closing costs seems high to me, but Fannie Mae might be forcing him to pay his own real estate commission. It's not uncommon. 3.5% closing costs may not be that bad if it is standard practice in his jurisdiction that the buyer pays for title insurance.
Your mortgage person, if they don't have Homepath, won't offer it---not all have it.
Points right now are commissionable to brokers, after January 1st, that is changing radically with the new national regs and licensing, you probably aren't getting hosed, the only way to tell is get a 2nd quote.
Inspection may get you some repairs, may not. I deal with these daily and carry 20+ foreclosed/bank owned listings at any given time---I can tell you from experience, some asset managers will do repairs, others will flat out tell you the home is "as-is".
Lots of cash buyers in Florida right now, some sellers will take lower offers just for a quick close, although most bank-owned here sells within 5-10% of the list - that's Tampa Bay, your mileage may vary.
Hope that helps.
Last edited by Tampa38; 12-12-2010 at 04:03 PM.
12-12-2010, 10:42 PM
#22
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what a confusing process you folks deal with........
here in canada morgage brokers are the last crack at the can
creative financing alternative for those that CAN NOT deal with banks
we have a much easier process
good luck with your new purchase and property
here in canada morgage brokers are the last crack at the can
creative financing alternative for those that CAN NOT deal with banks
we have a much easier process
good luck with your new purchase and property
12-13-2010, 04:44 PM
#23
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Hey Guys , sorry , I have been out of commission lately and actually lost this thread since it got moved.
I supposedly got the 4.125 rate in early November. It only it 4.125 for a day or two (from what I understand) days prior to that it was hovering around 4.250 .
Again , supposedly she locked it at 60 days. I asked about that on Friday , and she did confirm that we were ok...
I am complaining a little , because I feel like I was getting less than premium service.
for instance , originator called / emailed in a frantic last weds. (this is the first time I think she has actually called me) all the other times , it was contact by email only.
she called to tell me we were supposed to close on Monday (today) and there were differenced on name the way it was spelled out on the deed , and the loan app. FHA is really strict , so we had to get these fixed. Because seller had to have all stuff in hand 48 hours before closing . She said that she had just gotten the GFE that day and found about the issue, although while reading through it , I see that it was prepared around November 20th.. So I question , if it has just been sitting out there in paperwork mountain , until crunch time , so now its a rush. Needless to say , My closing will not happen until Thursday.
You are right I feel like the 4.125 is a great rate, but nonetheless , sounded like it was standard for at least a few days...
I do not mind paying for what is standard. But again , do not like feeling like I am being jacked around...
Another for instance.... I found this property all on my own. I simply called a girl to ask her a few questions. Was very clear that I was not going to just kick the listing agent under the bus B/C I had a friend in the Business.... Needless to say she jumped on it and started ramrodding , so I just let it ride.
I know that she is getting standard commision , plus a 1500.00 bonus that fannie mae was offering to selling agents. Fannie Mae is paying 3.5 of closing so I am assuming that is covering realotor fees.
Well today , I get a call from closing agency ( a friend there also) . She commences to telling me that the Real Estate agency called and told them to ad 400 dollars to the closing cost (my part) .... Are you kidding me ??? adding 0ver 400 dollars to my closing costs for a service to represent me , When I did not even ask them to represent me ? and they are already making somewhere around 5500 to do this??????
Please someone tell me I am overreacting....
I supposedly got the 4.125 rate in early November. It only it 4.125 for a day or two (from what I understand) days prior to that it was hovering around 4.250 .
Again , supposedly she locked it at 60 days. I asked about that on Friday , and she did confirm that we were ok...
I am complaining a little , because I feel like I was getting less than premium service.
for instance , originator called / emailed in a frantic last weds. (this is the first time I think she has actually called me) all the other times , it was contact by email only.
she called to tell me we were supposed to close on Monday (today) and there were differenced on name the way it was spelled out on the deed , and the loan app. FHA is really strict , so we had to get these fixed. Because seller had to have all stuff in hand 48 hours before closing . She said that she had just gotten the GFE that day and found about the issue, although while reading through it , I see that it was prepared around November 20th.. So I question , if it has just been sitting out there in paperwork mountain , until crunch time , so now its a rush. Needless to say , My closing will not happen until Thursday.
You are right I feel like the 4.125 is a great rate, but nonetheless , sounded like it was standard for at least a few days...
I do not mind paying for what is standard. But again , do not like feeling like I am being jacked around...
Another for instance.... I found this property all on my own. I simply called a girl to ask her a few questions. Was very clear that I was not going to just kick the listing agent under the bus B/C I had a friend in the Business.... Needless to say she jumped on it and started ramrodding , so I just let it ride.
I know that she is getting standard commision , plus a 1500.00 bonus that fannie mae was offering to selling agents. Fannie Mae is paying 3.5 of closing so I am assuming that is covering realotor fees.
Well today , I get a call from closing agency ( a friend there also) . She commences to telling me that the Real Estate agency called and told them to ad 400 dollars to the closing cost (my part) .... Are you kidding me ??? adding 0ver 400 dollars to my closing costs for a service to represent me , When I did not even ask them to represent me ? and they are already making somewhere around 5500 to do this??????
Please someone tell me I am overreacting....
12-13-2010, 07:36 PM
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Sorry if I misinterpited.
THe real estate agency is making around $5500 with bonuses.
THe real estate agency is adding a $420.00 charge to my closing cost. On top of the commisions they are making off of sale.
The closing agency (title company) charge is $500.00
THe lender is charging $2100.00 for her closing origination fee.
I am paying $470.00 for the appraisal. Lender set up and is -contracted to appraiser . THis is being charged to me at closing.
I had to pay for a septic tank inspection. $300.00 I paid this out of pocket. One of the things that lender required , b/c home was vacant and a forclusure? HOme is 2 years old.
THe real estate agency is making around $5500 with bonuses.
THe real estate agency is adding a $420.00 charge to my closing cost. On top of the commisions they are making off of sale.
The closing agency (title company) charge is $500.00
THe lender is charging $2100.00 for her closing origination fee.
I am paying $470.00 for the appraisal. Lender set up and is -contracted to appraiser . THis is being charged to me at closing.
I had to pay for a septic tank inspection. $300.00 I paid this out of pocket. One of the things that lender required , b/c home was vacant and a forclusure? HOme is 2 years old.
12-13-2010, 09:00 PM
#28
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Hey Guys , sorry , I have been out of commission lately and actually lost this thread since it got moved.
I supposedly got the 4.125 rate in early November. It only it 4.125 for a day or two (from what I understand) days prior to that it was hovering around 4.250 .
Again , supposedly she locked it at 60 days. I asked about that on Friday , and she did confirm that we were ok...
I am complaining a little , because I feel like I was getting less than premium service.
for instance , originator called / emailed in a frantic last weds. (this is the first time I think she has actually called me) all the other times , it was contact by email only.
she called to tell me we were supposed to close on Monday (today) and there were differenced on name the way it was spelled out on the deed , and the loan app. FHA is really strict , so we had to get these fixed. Because seller had to have all stuff in hand 48 hours before closing . She said that she had just gotten the GFE that day and found about the issue, although while reading through it , I see that it was prepared around November 20th.. So I question , if it has just been sitting out there in paperwork mountain , until crunch time , so now its a rush. Needless to say , My closing will not happen until Thursday.
You are right I feel like the 4.125 is a great rate, but nonetheless , sounded like it was standard for at least a few days...
I do not mind paying for what is standard. But again , do not like feeling like I am being jacked around...
Another for instance.... I found this property all on my own. I simply called a girl to ask her a few questions. Was very clear that I was not going to just kick the listing agent under the bus B/C I had a friend in the Business.... Needless to say she jumped on it and started ramrodding , so I just let it ride.
I know that she is getting standard commision , plus a 1500.00 bonus that fannie mae was offering to selling agents. Fannie Mae is paying 3.5 of closing so I am assuming that is covering realotor fees.
Well today , I get a call from closing agency ( a friend there also) . She commences to telling me that the Real Estate agency called and told them to ad 400 dollars to the closing cost (my part) .... Are you kidding me ??? adding 0ver 400 dollars to my closing costs for a service to represent me , When I did not even ask them to represent me ? and they are already making somewhere around 5500 to do this??????
Please someone tell me I am overreacting....
I supposedly got the 4.125 rate in early November. It only it 4.125 for a day or two (from what I understand) days prior to that it was hovering around 4.250 .
Again , supposedly she locked it at 60 days. I asked about that on Friday , and she did confirm that we were ok...
I am complaining a little , because I feel like I was getting less than premium service.
for instance , originator called / emailed in a frantic last weds. (this is the first time I think she has actually called me) all the other times , it was contact by email only.
she called to tell me we were supposed to close on Monday (today) and there were differenced on name the way it was spelled out on the deed , and the loan app. FHA is really strict , so we had to get these fixed. Because seller had to have all stuff in hand 48 hours before closing . She said that she had just gotten the GFE that day and found about the issue, although while reading through it , I see that it was prepared around November 20th.. So I question , if it has just been sitting out there in paperwork mountain , until crunch time , so now its a rush. Needless to say , My closing will not happen until Thursday.
You are right I feel like the 4.125 is a great rate, but nonetheless , sounded like it was standard for at least a few days...
I do not mind paying for what is standard. But again , do not like feeling like I am being jacked around...
Another for instance.... I found this property all on my own. I simply called a girl to ask her a few questions. Was very clear that I was not going to just kick the listing agent under the bus B/C I had a friend in the Business.... Needless to say she jumped on it and started ramrodding , so I just let it ride.
I know that she is getting standard commision , plus a 1500.00 bonus that fannie mae was offering to selling agents. Fannie Mae is paying 3.5 of closing so I am assuming that is covering realotor fees.
Well today , I get a call from closing agency ( a friend there also) . She commences to telling me that the Real Estate agency called and told them to ad 400 dollars to the closing cost (my part) .... Are you kidding me ??? adding 0ver 400 dollars to my closing costs for a service to represent me , When I did not even ask them to represent me ? and they are already making somewhere around 5500 to do this??????
Please someone tell me I am overreacting....
Septic inspection is just required for any septic tank, finding property all on your own......next time just call the broker direct.
12-14-2010, 03:40 PM
#29
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Ok , more of the same bullCHIT , set to close on THursday.
Get call today , not closing on Thursday. The Lender is doing a move on this Thursday and Friday in Atlanta , so they are essentially closed.
New Date to close December 21st. Lender blaming closing agent, and vice versa....... The saga continues.
Get call today , not closing on Thursday. The Lender is doing a move on this Thursday and Friday in Atlanta , so they are essentially closed.
New Date to close December 21st. Lender blaming closing agent, and vice versa....... The saga continues.
12-15-2010, 10:32 AM
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The agent adding $400 as an additional agency fee is a diick move and that could be waived by the real estate broker or the agent could eat the cost---which is what I would do for any client, should be no surprises at the end.
Septic inspection is just required for any septic tank, finding property all on your own......next time just call the broker direct.
Septic inspection is just required for any septic tank, finding property all on your own......next time just call the broker direct.
I always send my clients to an independent attorney and I give them three names. The agent/broker should only be collecting the comission on the property no fee for attending the closing (at least not in my area). I go to all my clients closings as part of my real estate comission.
If you found the property on your own you may still have owed a buyer broker commision anyway depending upon what type of agreement you signed.
Trust me you want a septic inspection a bad septic stsyem in our area could cost you $30,000 Not sure of pricing down there but either way it could save you allot of $$$
In FLA Id want them to check for chinese drywall too. in the home inspection
