Bad homebuying experiences

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Derwood
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Re: Bad homebuying experiences

Postby Derwood » Sun May 08, 2016 4:36 pm

#4 is a great point. When I used to sell appliances, I got in the habit of asking if they were for a new home purchase. Most buyers don't know that opening a new credit card can jeopardize the mortgage process.
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Re: Bad homebuying experiences

Postby Rob » Sun May 08, 2016 5:10 pm

Now that I've given some advice, here's one of my favorite horror stories.

I had the buyer in this deal. The lender was a big online bank who shall remain nameless.

Everything had gone perfectly on this deal, which had me nervous. The buyer fell in love with the house the first time we set foot in it. The offer was quickly negotiated and signed. All of the inspections came back flawless. The appraisal actually came back and said the home was worth more than my buyer is paying for it. It couldn't possibly have been going any better.

I took my buyer out for a couple drinks after the final walkthrough, about 2 days before the closing. We go over the last of the details and everything looks great. I ask him how he's making the down payment (certified check, wire transfer, briefcase full of cash, etc...). He says he's planning on a wire transfer. I asked him if he needed the wire information for the title company. He said "nope, I already got it from my bank. I even made them double check it." Everything seemed fine.

We show up a couple days later for the closing. We get through it with no issues. When the closer goes to verify that they have received the money, she's unable to see it. But my guy shows on his phone that the money has been taken out of his account late the previous evening. It's early in the morning, and it takes a little time for the government to clear transfers of this size. So we do a "soft closing" which is fairly common. Everything is done except for the funding. The listing agent congratulates him and hands him his keys, and he goes to meet the moving truck.

3pm rolls around and I get a call from the closing agent to say they still haven't received the funds. I go into detective mode and start trying to figure out why. My buyer keeps insisting that he sent the money, but I manage to get him to send me every piece of documentation he has about the wire transfer.

His lender had him send about $40,000 to the wrong place. It's now about 4pm on a Friday. The title company his lender had him send it to is on the east coast, so it's almost 5pm there. When we get them on the phone, they say "we don't see it in our account." When we try to call back a couple minutes later, the office is closed.

We spend the next hour on the phone with his bank trying to get them to reverse the transfer. They say they need to do an investigation and it will take 2-3 weeks.

His contact at his lender took a call from us just as this horsefeathers was breaking out. Then she immediately left the office an hour early, so she wouldn't have to deal with it.

All of his stuff has been moved into a house that he doesn't own (because he hasn't paid for it). We can't get the movers back out until Monday at the earliest.

So I called the listing agent and awkwardly told her "I hope your owners are okay with him staying there this weekend, because he's not going to be able to get out. We will try to fix this horsefeathers on Monday."

Monday morning, we talk with the east coast title company and the money STILL hasn't shown up. After hours on the phone, we find out that his bank had actually tried to ACH the money instead of wire transfer it, and the other title company wasn't legally allowed to receive ACH. So the money was in some no-man's land that nobody knew how to touch. Thankfully IT at the bank figured it out eventually, reverted the transfer, and we got the money sent to the right spot that afternoon.

This is the story I tell when people tell me they want to use online banks. The lender was a few states over and had no idea what title companies were in town, so she made a mistake that no local lender would have ever made.

TL;DR: Big online lender had my buyer send $40k to the wrong title company, then left the office early to avoid help fixing the problem. The money "disappeared" and for three days my buyer had no idea where his money was. This whole process also turned my buyer into a squatter.
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Re: Bad homebuying experiences

Postby Banedon » Sun May 08, 2016 5:41 pm

I really love the idea of being a realtor. It sounds like something I'd quite enjoy, but working on commission, without a base pay terrifies me.
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Derwood
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Re: Bad homebuying experiences

Postby Derwood » Sun May 08, 2016 5:50 pm

I've thought about it too
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Re: Bad homebuying experiences

Postby Sammy Sofa » Sun May 08, 2016 6:32 pm

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Re: Bad homebuying experiences

Postby Andy » Mon May 09, 2016 3:22 am

Derwood wrote:#4 is a great point. When I used to sell appliances, I got in the habit of asking if they were for a new home purchase. Most buyers don't know that opening a new credit card can jeopardize the mortgage process.

We were told that exact point during our buying process, just 1 reason I loved our realtor.

Can't agree more about the local lender thing too. I went to LendingTree originally and almost immediately (like literally within 5 minutes of filling out their thing) got a call from Quicken Loans. We talked for a while but it never got to the point of signing anything and I'm very thankful it didn't. Our lender was great.
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Re: Bad homebuying experiences

Postby Tracer Bullet » Tue May 10, 2016 5:44 pm

Banedon wrote:I really love the idea of being a realtor. It sounds like something I'd quite enjoy, but working on commission, without a base pay terrifies me.


it seems like a fun job except i hate people
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Re: Bad homebuying experiences

Postby kujay » Tue May 10, 2016 7:52 pm

This may have been said, but my number one piece of advice is not to get emotional. It's really easy to walk into a house and just fall for it -- then when issues arise in negotiations over price or repairs, you're willing to overlook things you shouldn't.

Also, really think about the cost of maintaining your home. We love our house and weren't concerned with the price, but I didn't think about how big the lawn is as a corner lot, how much landscaping there is, etc. It takes a lot of work/money to maintain it, and we just didn't think about it because we were so focused on how much we loved "the house."
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Re: Bad homebuying experiences

Postby Rob » Wed May 11, 2016 3:00 am

Derwood wrote:#4 is a great point. When I used to sell appliances, I got in the habit of asking if they were for a new home purchase. Most buyers don't know that opening a new credit card can jeopardize the mortgage process.


A good lender should mention this to you as well.

Of course, there are some bad lenders. I once had a deal where I was representing the buyers. The lender calls the listing agent a couple days before closing and tells them my buyers won't be able to close because I let them buy a car. Now, as luck would have it the listing agent was my boss so I got called into her office and she started to let me have it. There were just two problems.

1.) It was unethical as hell for the lender to call the listing agent and disclose confidential information about my client.

2.) The clients had told the lender about the new car... Six weeks earlier... The day they applied for the mortgage. The lender just forgot.

Needless to say, I haven't let a client use her since then.
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Re: Bad homebuying experiences

Postby Rob » Wed May 11, 2016 3:10 am

Banedon wrote:I really love the idea of being a realtor. It sounds like something I'd quite enjoy, but working on commission, without a base pay terrifies me.


It's not for everybody. My favorite part of having money, has always been saving it - so it isn't that big a deal for me.

But I legitimately once went from mid-September until early May without having a single deal close. No paychecks at all during that period, except for a few bucks for covering somebody's work while they were on vacation.

Then I collected more than $20k from closings over the next 2-3 weeks, and rode the momentum on to have a record year.

It's not a job for people who have trouble saving.
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Re: Bad homebuying experiences

Postby Derwood » Wed May 11, 2016 3:20 am

Rob wrote:
Banedon wrote:I really love the idea of being a realtor. It sounds like something I'd quite enjoy, but working on commission, without a base pay terrifies me.


It's not for everybody. My favorite part of having money, has always been saving it - so it isn't that big a deal for me.

But I legitimately once went from mid-September until early May without having a single deal close. No paychecks at all during that period, except for a few bucks for covering somebody's work while they were on vacation.

Then I collected more than $20k from closings over the next 2-3 weeks, and rode the momentum on to have a record year.

It's not a job for people who have trouble saving.


Kinda sounds ideal for me. My wife earns the money that pays most of the bills, so my current job goes mostly into savings and paying for extra stuff (vacations, stuff for the kids, etc.). I don't need a completely predictable pay schedule
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Re: Bad homebuying experiences

Postby TBS Playoffs Insider » Wed Jul 06, 2016 5:41 pm

We finally settled on a house, a nice little 3 bedroom remodel. got the inspection done, all it recommended was that they do some pier work on one side of the house. the seller did that, we closed, moved in. really smooth process. two days later we find out the sewer line is broken, and the plumber said it probably happened when the work was being done under the house. you can imagine the company that did the pier work is not exactly falling down over themselves to accept responsibility.

so right now im pissing in the back yard, and [expletive] and showering at work. really getting the full new homebuyer experience.
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Re: Bad homebuying experiences

Postby Banedon » Wed Jul 06, 2016 5:53 pm

Bunts Lick Butts wrote:We finally settled on a house, a nice little 3 bedroom remodel. got the inspection done, all it recommended was that they do some pier work on one side of the house. the seller did that, we closed, moved in. really smooth process. two days later we find out the sewer line is broken, and the plumber said it probably happened when the work was being done under the house. you can imagine the company that did the pier work is not exactly falling down over themselves to accept responsibility.

so right now im pissing in the back yard, and [expletive] and showering at work. really getting the full new homebuyer experience.


Oof. We had a realtor come and look at our house on Friday to give an evaluation and suggestions as we hope to move next year. So excited about getting out of this house that it's easy to forget that the next house is unlikely to be problem free. Thanks for the reminder.
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Re: Bad homebuying experiences

Postby SpongeWorthy » Sun Jul 10, 2016 3:23 pm

i don't know anything about real estate just wanted to post this

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Re: Bad homebuying experiences

Postby shnsajax » Sun Jul 10, 2016 8:22 pm

Do everything you can to get Pre-Approved, not Pre-Qualified. Regulations/Trid and the boom lots of areas are seeing in the housing market is causing lots of delays, not just in processing and underwriting, but also in appraisals.
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Re: Bad homebuying experiences

Postby seanimal » Mon Jul 11, 2016 1:01 am

CubinNY wrote:
Banedon wrote:
Bunts Lick Butts wrote:
hgtv is all my wife [expletive] watches ever so i get his joke


My 9yo son loves Love It Or List It. One of the few shows that will actually hold his attention.

There's one show on that channel with two metro-sexual twin brothers who always make the wife look like a complete bitch. I think they take a couple with unrealistic expectations and show them their dream house and slam them with price. Then they show them three [expletive] house they can afford to fix up. The wife usually bitches the entire time the renovations are occurring.


me and a property brother were on the same flight a few years ago. it was the bearded one
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Re: Bad homebuying experiences

Postby apete6 » Wed Jul 13, 2016 7:00 pm

So yeah, people who were supposed to buy our house and close last Friday have gone radio silent since last Wednesday with only vague "waiting for the Clear to Close" responses from their attorney every 2 or 3 days with no responses via phone, only email. They refuse to give any details about why their loan isn't clear to close and are literally providing 0 detail.

We moved out last Thursday, took the kids out of their current day care, wife passed on a summer job (she's a teacher), and we missed about 7 weeks of prime selling season.

I hope these people die in a car accident.
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Re: Bad homebuying experiences

Postby Thurman Merman » Thu Jul 14, 2016 12:57 am

I'm considering taking a job out in Temecula and am dreading the thought of selling our house we just bought a year ago.
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Re: Bad homebuying experiences

Postby Thurman Merman » Thu Jul 14, 2016 12:58 am

Thurman Merman wrote:I'm considering taking a job out in Temecula and am dreading the thought of selling our house we just bought a year ago.


Do you think if I advertise that it's close to umfan I can get more or less?
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Re: Bad homebuying experiences

Postby shnsajax » Thu Jul 14, 2016 6:20 am

apete6 wrote:So yeah, people who were supposed to buy our house and close last Friday have gone radio silent since last Wednesday with only vague "waiting for the Clear to Close" responses from their attorney every 2 or 3 days with no responses via phone, only email. They refuse to give any details about why their loan isn't clear to close and are literally providing 0 detail.

We moved out last Thursday, took the kids out of their current day care, wife passed on a summer job (she's a teacher), and we missed about 7 weeks of prime selling season.

I hope these people die in a car accident.


How much in earnest money? Threaten to move on and keep the check.


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Re: Bad homebuying experiences

Postby WrigleyField 22 » Thu Jul 14, 2016 12:06 pm

shnsajax wrote:
apete6 wrote:So yeah, people who were supposed to buy our house and close last Friday have gone radio silent since last Wednesday with only vague "waiting for the Clear to Close" responses from their attorney every 2 or 3 days with no responses via phone, only email. They refuse to give any details about why their loan isn't clear to close and are literally providing 0 detail.

We moved out last Thursday, took the kids out of their current day care, wife passed on a summer job (she's a teacher), and we missed about 7 weeks of prime selling season.

I hope these people die in a car accident.


How much in earnest money? Threaten to move on and keep the check.


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Isn't that usually contingent on financing? If they legit can't get financing, they're getting their deposit back.
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Bad homebuying experiences

Postby shnsajax » Thu Jul 14, 2016 12:31 pm

WrigleyField 22 wrote:
shnsajax wrote:
apete6 wrote:So yeah, people who were supposed to buy our house and close last Friday have gone radio silent since last Wednesday with only vague "waiting for the Clear to Close" responses from their attorney every 2 or 3 days with no responses via phone, only email. They refuse to give any details about why their loan isn't clear to close and are literally providing 0 detail.

We moved out last Thursday, took the kids out of their current day care, wife passed on a summer job (she's a teacher), and we missed about 7 weeks of prime selling season.

I hope these people die in a car accident.


How much in earnest money? Threaten to move on and keep the check.


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Isn't that usually contingent on financing? If they legit can't get financing, they're getting their deposit back.


Nope not always as I believe it varies state to state. Idaho it's not grounds to get earnest money back.

Also though even if the file has been approved the closing disclosure needs to be sign or viewed 3 days prior to closing.

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Re: Bad homebuying experiences

Postby apete6 » Thu Jul 14, 2016 5:35 pm

WrigleyField 22 wrote:
shnsajax wrote:
apete6 wrote:So yeah, people who were supposed to buy our house and close last Friday have gone radio silent since last Wednesday with only vague "waiting for the Clear to Close" responses from their attorney every 2 or 3 days with no responses via phone, only email. They refuse to give any details about why their loan isn't clear to close and are literally providing 0 detail.

We moved out last Thursday, took the kids out of their current day care, wife passed on a summer job (she's a teacher), and we missed about 7 weeks of prime selling season.

I hope these people die in a car accident.


How much in earnest money? Threaten to move on and keep the check.


Sent from my iPhone using Tapatalk

Isn't that usually contingent on financing? If they legit can't get financing, they're getting their deposit back.


Yeah, it's contingent on financing, which you can always get a bank to deny if you want them to. We're horsefeathers.
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Re: Bad homebuying experiences

Postby BigbadB » Thu Jul 14, 2016 10:20 pm

Thurman Merman wrote:
Thurman Merman wrote:I'm considering taking a job out in Temecula and am dreading the thought of selling our house we just bought a year ago.


Do you think if I advertise that it's close to umfan I can get more or less?


Temecula is pretty nice if you work in Temecula. Lots of people that live in Temecula work in San Diego. That's one hell of a commute.
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Re: Bad homebuying experiences

Postby Thurman Merman » Fri Jul 15, 2016 1:52 am

BigbadB wrote:
Thurman Merman wrote:
Thurman Merman wrote:I'm considering taking a job out in Temecula and am dreading the thought of selling our house we just bought a year ago.


Do you think if I advertise that it's close to umfan I can get more or less?


Temecula is pretty nice if you work in Temecula. Lots of people that live in Temecula work in San Diego. That's one hell of a commute.


I heard most of Temecula has HOA fees so everyone lives in Murrieta.
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