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[#] Tue Oct 01 2013 09:27:01 EDT from fleeb @ Uncensored

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Global warming.

[#] Tue Oct 01 2013 10:17:06 EDT from IGnatius T Foobar @ Uncensored

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I am just so frustrated right now. We were all set to make this thing happen; the sellers of the house we want are eager to get out and we could have done both closings on the same day. Now we're stuck.

[#] Tue Oct 01 2013 10:47:44 EDT from vince-q @ Cascade Lodge BBS

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Oct 1 2013 7:17am from IGnatius T Foobar @uncnsrd (Uncensored)
I am just so frustrated right now. We were all set to make this thing

happen; the sellers of the house we want are eager to get out and we
could have done both closings on the same day. Now we're stuck.



A blessing in disguise.

Find yourself a Property Management firm (or do this yourself) and put tenants in the Mouse House.
You will then have investment income to offset the existing Mouse House mortgage.

Then go and buy your new house.

Tip on the Rental Term in the lease you'll give your renter in the Mouse House.

Let's assume you want $1,000/mo. for rent just to keep the numbers easy.

Make the lease for $1,100/mo. AND in the lease specify that the renter can take a $100 DISCOUNT if the following happen

1. the rent is paid on or before the 1st day of the month, and
2. the tenant has NOT called you for any maintenance issue during the immediately preceeding month, and
3. there have been no problems involving police or other "official contact" caused by any action of tenant.

People will "bust ass" to qualify for a "discount" while those same people will pay the rent late, and pay a late fee, figuring it to be the "cost of being late."

These are the lease terms I would teach to my Money & Investment students back in the 1980s when I taught that class in the local college back in NJ at night. Once a week for the Spring semester each year. Fun!!! It was basically a Night School thing - no college credits involved. Still Fun!!!

--Vince (K2NE person)

[#] Tue Oct 01 2013 16:26:38 EDT from IGnatius T Foobar @ Uncensored

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Well, I'm still going to try to salvage the deal. I suspect it was the lawyers that scared everyone. Plus I just spoke with the asbestos guy and he said we can remove the vermiculite ourselves and then he can come in and spray-foam the space and deliver a certificate attesting that the job has been done, for a fraction of the cost of him doing it.

[#] Tue Oct 01 2013 16:39:11 EDT from vince-q @ Cascade Lodge BBS

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Oct 1 2013 1:26pm from IGnatius T Foobar @uncnsrd (Uncensored)

Well, I'm still going to try to salvage the deal. I suspect it was
the lawyers that scared everyone. Plus I just spoke with the asbestos

guy and he said we can remove the vermiculite ourselves and then he can

come in and spray-foam the space and deliver a certificate attesting
that the job has been done, for a fraction of the cost of him doing it.





Good solution.
Except it leaves out all the neat fun litigation! ;)

[#] Fri Oct 04 2013 15:07:56 EDT from IGnatius T Foobar @ Uncensored

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Well, it does look like our deadbeat buyers are gone for good. After a lot of prodding their realtor told our realtor "for a number of reasons they have decided not to move forward with the transaction."

Although they're not obligated to give us a reason it would have been courteous of them to do so.

[#] Fri Oct 04 2013 17:05:21 EDT from zooer @ Uncensored

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Why are they "deadbeat"?

[#] Fri Oct 04 2013 17:18:05 EDT from IGnatius T Foobar @ Uncensored

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Because they said they were going to buy our house and then they just walked away with no explanation. Meanwhile our offer on a new house was accepted and we might not be able to go through with that because we have no buyer for our house. These people have screwed us up in a big way. It isn't illegal, it's just really really inconsiderate to do that and not even offer an explanation.

[#] Fri Oct 04 2013 23:43:10 EDT from vince-q @ Cascade Lodge BBS

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They probably found out that their chance of getting a mortgage was about as likely as discovering warp drive by the end of the month.

[#] Sat Oct 05 2013 05:23:57 EDT from dothebart @ Uncensored

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there is no house selling during goverment shutdown anyways...



[#] Sat Oct 05 2013 10:07:08 EDT from zooer @ Uncensored

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The members of the house as well as the senate can be bought and sold at any time.

[#] Sat Oct 05 2013 10:28:34 EDT from vince-q @ Cascade Lodge BBS

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Oct 5 2013 2:23am from dothebart @uncnsrd (Uncensored)
there is no house selling during goverment shutdown anyways...


If I understand this correctly, that's not true. The only thing not happening is processing of home loans where government agencies such as FHA or VA (or "Freddie" or "Fannie") are involved. That stuff normally happens after an agreement of sale, and prior to closing/settlement. While the government shutdown might "impede" the orderly flow from contract to closing, in no way should that directly interfere with "house selling."

In fact, according to recently released figures, roughly 40% of the residential real estate sales today are "all cash" deals. No mortgage company; no federal government involvement (other than to send in the customary IRS forms, and that is done by mail).

<mandatory>
HEIL OBAMA!
</mandatory>

[#] Sat Oct 05 2013 10:29:55 EDT from vince-q @ Cascade Lodge BBS

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Oct 5 2013 7:07am from zooer @uncnsrd (Uncensored)
The members of the house as well as the senate can be bought and sold at
any time.


Don't forget the Idiot in Chief. You know, Barack HUSSEIN Obama?

[#] Sun Oct 06 2013 01:23:09 EDT from IGnatius T Foobar @ Uncensored

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They probably found out that their chance of getting a mortgage was
about as likely as discovering warp drive by the end of the month.

Actually, their moron realtor forwarded me a document showing that they had already qualified for a mortgage somewhat higher than our selling price. So that wasn't it.

[#] Sun Oct 06 2013 01:58:14 EDT from vince-q @ Cascade Lodge BBS

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Actually, their moron realtor forwarded me a document showing that
they had already qualified for a mortgage somewhat higher than our
selling price. So that wasn't it.



Worthless. In a real estate transaction, the *only* "letter from the bank" that carries weight is a Mortgage Commitment Letter. Everything else is puffery and bullshit.

[#] Sun Oct 06 2013 10:32:18 EDT from triLcat @ Uncensored

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We have a price agreement on a place. Need to get a lawyer to draw up the contract and figure out how to get all the money here (much of it is in the US - we're doing personal loans rather than a mortgage, as nobody's earning any interest on their money anyway, so they're willing to lend interest-free in the family.)

Place is 4 br/2.5 bath (vs 3br/2 bath), has a smallish garden  - big enough for a picnic table, bbq, and bigger-than-baby-sized (2.5 meter diameter, round) inflatable pool without feeling crowded.

terrace in the front overlooking a playground. 1 floor up, elevator from the parking, up a flight of stairs from the street. Walking distance from my daughter's elementary school (where my son will be going next year).

We're really hoping it all works out. 



[#] Sun Oct 06 2013 11:29:09 EDT from IGnatius T Foobar @ Uncensored

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Worthless. In a real estate transaction, the *only* "letter from the

bank" that carries weight is a Mortgage Commitment Letter. Everything

else is puffery and bullshit.

True. However there are some clever programs out there that can help buyers out a bit. I'm doing my mortgage with Quicken Loans and they have a program where you give them a $500 deposit (credited back to you at closing) and they will begin doing all of the homework for you as if you were ready to sign.
With about 24 hours notice they will produce for you a document that the loan is, for all practical purposes, "pre-underwritten." Not quite, of course, but they're basically indicating to the seller that yes, they *are* going to give you this loan.

[#] Sun Oct 06 2013 13:52:55 EDT from vince-q @ Cascade Lodge BBS

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Sun Oct 06 2013 08:29:09 PDT from IGnatius T Foobar @ Uncensored
Worthless. In a real estate transaction, the *only* "letter from the

bank" that carries weight is a Mortgage Commitment Letter. Everything

else is puffery and bullshit.

True. However there are some clever programs out there that can help buyers out a bit. I'm doing my mortgage with Quicken Loans and they have a program where you give them a $500 deposit (credited back to you at closing) and they will begin doing all of the homework for you as if you were ready to sign.
With about 24 hours notice they will produce for you a document that the loan is, for all practical purposes, "pre-underwritten." Not quite, of course, but they're basically indicating to the seller that yes, they *are* going to give you this loan.

During my fairly extensive, over roughly 30 years, experience buying and selling houses (about six or seven) I have yet to see, nor would I sign, an Agreement of Sale that did not have a Mortgage Commitment Letter Date clause on the "buyer(s)' requirements" side. When selling, I always required a commitment letter and date at least 30 days prior to the closing and would not order up any of the seller-side tests, certs, etc until that letter was deposited into escrow.

Exception: if seller put up a non-refundable deposit of $10K or more I would waive that (and pray he could not get a loan in time to settle). Then, as now, it was a strong seller's market.

My belief, both then and now, that if I am the seller then you'll buy on my terms, or go away. Then, as now, there are buyers lining up to take the place of any problem buyer.

IG, it is your market and your house. Be picky. Be very picky. You'll never regret it.



[#] Sun Oct 06 2013 14:44:39 EDT from IGnatius T Foobar @ Uncensored

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Our strategy has always been: continue showing the house until there is a signed contract. These folks bailed out prior to signing the contract, even though they spent a bunch of money on inspections that only turned up a handful of small issues that we intended to remediate.

The two reasons I am bitching about it are:

1. We made an offer on another house that was accepted, and now we may lose this house because we need to sell ours in order to get under contract

2. Interest rates are on their way back up.

Really I just want this whole ordeal over with.

[#] Sun Oct 06 2013 15:34:58 EDT from Ahff Rowe @ Uncensored

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That sucks. I know the feeling.

/fortunately just got two of my houses re-fi'd at 3.5% before rates started rising again. Went with Quicken Loans too -- pretty smooth process.

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