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Everything posted by Maikeru-sama

  1. Yes, due to the Economy Credit Card companies have been saddled with huge debt and are scrambling to limit their exposure. Also, they are scrambling to make changes before new Credit Card Legislation goes into affect. I disagree about getting rid of Credit Cards as this will firmly take you out of the "Credit Card Game" and will end up hurting you in the end. I believe everyone should use Credit Cards like Debit Cards, where you only spend what you have in the bank and you pay it off after it is reported each month.
  2. swtprncess281, where in Texas are you getting your house built? I just bought a house in Murphy, TX in July, so I was just curious.
  3. Like someone else stated, go with the Loan Officer who offers you the best product. Also, as a recent first time home buyer, I put alot of stock in "gut" instinct. If I felt my Loan Officer was not on my side, I would have went with another lender. Also, if one of the Loan Officers has history with a friend/family member, I believe that should weigh heavily in the selection process.
  4. Sofaithul, do you have a friends and/or family members that have a house? If so, have you asked them about the Loan Officers they used? My Loan Officer did my mother's loan a few years ago and that is how I found him. Like any industry, Real Estate can be very shady and I am a big fan of getting referrals from friends/family.
  5. Why would the Seller's Real Estate Agent not want the deal to go through? Odd.
  6. Like someone else stated, it really is none of their business. If you have a Loan Officer that is on your side and smart, they will not disclose too much information. During my negotiations with the Seller, the Seller's Real Estate Agent contacted my Loan Officer. The Seller's Real Estate Agent just wanted to "feel" out my Loan Officer and find out how "legit" my Pre-Qualification was. I got the house because we could close in 15 days and at this time, with all the intense scrutiny, it is rare to close that fast.
  7. Good thread. I am also curious about how to get into the 800s. I have been in the 760s-780s for several years. Unfortunately, it has gone down some because I just bought a new house and a ton of people had to pull my credit. I suspect that once my mortgage is about 2-3 years old, along with my Credit Cards being about 5 years old, it should go up. Not sure though.
  8. I went with Farm Bureau, but I am not sure if they are in Alabama. They were able to beat out Progressive and Farmer's. I switched from Progressive and with my HOI bundled with my Car Insurance, my auto decreased by 50%.
  9. Yeah, I will be getting a loan mower at some point. Right now, I have some more pressing things I have to get done. One problem in particular, I may be posting in the Off Topic forum to get some thoughts on it.
  10. Yeah, it is a LiftMaster. The instructions said that there is a "Learn" button on the Motor Unit, but I couldn't find it. I will google it tomorrow. The locks dont get changed until tomorrow, so it is pointless tonight anyway.
  11. Just wanted to thank the members that gave me advice publicly and privately about Homeownership. We closed the loan in 15 days and it literally came down to the wire as we closed at around 5 PM CST today. I just got back from the new house as I had to learn how the Water Sprinkler System and AC Control Pad worked and I needed to reset the garage door keypad (wasn't able to figure this one out yet). I spent the majority of the day at utility companies as the Seller had scheduled all the utilities to be turned off tommorrow. Homeownership is kind of a beating and I know one thing, Credit Scores are more important then ever. I would have paid hundreds more in deposits to the utility companies if I had bad credit. I'm still a little worried as im still not used to the fact that I own a house, but with time, I think it will all work itself out. I need to pull my scores from MyFico as my credit has definately taken a hit with all the credit checks and this new loan appearing at some point.
  12. Also, I agree with 2ndTimeAround. I am 30 and was laid off when I was 29 and it was honestly one of the best things that has happened to me. I wish that I would have gained the experiences I got from being laid off when I was in my early 20s. You learn quite a bit when being laid off and looking for a job.
  13. This happened to me recently. I worked for the lending arm of Centex Homes last year. We were suppose to be bought by another company, the deal fell through and I ended up Volunteering during the first round of layoffs even though I could have survived for an extra 3 months. I started my new job a few months later (October 2008) and as some of you know, I am closing on my new house next Thursday. Changing jobs didn't affect me at all. Changing industries didn't effect me as I went from the Private to Public Sector. My lender said that it would only be harmful if I was doing a total "career" change.
  14. Yeah, I mispoke. As you stated, I wouldn't have been able to do both. My REA wanted to wait to see what happened with the 2nd House before giving the Seller of the 1st house an answer. However, I told him I didn't want the 1st House no matter what happened with the 2nd House because I didn't want to do business anymore with the Seller of the 1st House. On another note, the Seller has agreed to fix 4 out of 5 things we asked him to fix and we will have the Warranty Company come out and fix the 5th issue, which isnt that big of a deal. The Seller is really hurting for cash. We suspect that he is going through a divorce and cannot afford to bring any money to the closing table. I tried to get him to close on August 1st so my first payment wouldnt be due until October but he said he needed to close at the beginning of July and it was a deal breaker if I couldn't do it. The guy just can't afford to pay another mortgage in July as he is living in an Apartment Complex at the moment. I just got back from my REA's Office and he showed me the Comps on the houses in that neighborhood and on that street square foot-wise. We got our house at $77 a Sqft and the average was around $85. We close July 9th and right now I am trying to figure out if I want to roll my Closing Costs into my loan or pay it out at Closing, which right now that is what I plan to do. I will have plenty of money in the bank but it will put my savings right at the level that I start worrying about. I have an excel spreasheet with about 10 sheets in it and one of the sheets has my entire budget for the next 20 months and in November 2009, my savings should be back to where it was before paying the downpayment and closing costs. By April 2010, I should have more money then I have every had in my account but budgets are just that, budgets.
  15. We had to move quickly because we were in danger of having legally binding contracts on 2 different houses which is highly illegal. I have no doubt that if we would have asked for at least $1,000, they would have given it to us, but I didn't want to get into a lengthy haggle as I had found a much better house in which the seller was highly motivated and gave me a $18,000 discount so I needed to move quickly. We just had the new house inspected today, nothing major, so the deal is proceeding nicely.
  16. As you all know, I sent the Seller an email informing him that I intended to sue for specific performance of a contract on Monday after his wife contacting me and all parties involved with a contract (she used the wrong freakin form by the way) stating their wish to terminated. Of course, I have moved on, just want ALL of the money I spent on their house and have found a new property and extremely close to getting a contract on it. A few minutes ago, my Real Estate Agent told me that the seller at the old place was scared to death of the email I sent, they sought legal counsel and their lawyer told them that they didn't have a leg to stand on and now they want to continue with the deal but (it is always something with these freakin people) they want to push back the closing date. My Real Estate Agent wanted me to wait to give them an answer until this new house has a contract but I told him I don't want the old seller's house no matter what happens and I just want ALL of my money back. They don't want to sell me their house and I will always have that thought of what they will do to the propert if I force their hand and they seem to change their mind about everything every other day. **Phone just wrung, Agent calling about the new property. Now me and the new seller or haggling over a few hunderd dollars :lmao2: .*** But anyway, it is funny how that email I sent them scared them really bad. I think them being scared for 5 days is enough to teach them a lesson that you don't back out of deals whimsically. My Real Estate Agent thinks that their Real Estate Agent will just pay me my $400 out her pocket so she doesn't have to deal with her clients anymore. That just shows you how insane these people are.
  17. Its good that you moved on and are now excited about the new agent. A co-worker here that just bought a new house a few months ago said he got rid of about 5 Agents during his search. My Real Estate Agent was in Indianapolis all last week when the Seller started playing games with us and he was in constant contact with me that entire week. If I feel that my Real Estate Agent and Loan Officer (a referral from my mother) weren't on my side, I would get rid of them faster than a NY minute because there is a lot of money involved in this process and the BUYER is the one taking on the debt, so you gotta make sure your team is on your side. I used my break just a while ago to get a final look at a house I think I am going to buy. Me and the Seller have been negotiating for the last 2 days and I was up to 12 AM today haggling over a few thousand dollars. I have seen about 55-60 houses and I am just ready to get a house and move on. Especially since it is hot as heck now in Texas and seeing 7 houses every few days is not realistic.
  18. From what I understand, in Texas, the Option Period is fairly standard. This pretty much removes the grey area as far as the Buyer getting his/her earnest money back. If you opt out of the contract during the Option Period, you get your money back if you opt out after the Option Period expires, you don't get your money back even if the reason is that you couldn't obtain financing. Before the seller decided to back out of this last deal, I had to pay $25 for a 10 Day option and we even extended it 5 days after that. That was well worth the money as it gave me 15 days to really be sure that I wanted the house without putting my earnest money in jeopardy, which I only paid $500, but it can get pretty high.
  19. I just finished negotiating with the Seller and looks like I will have a house under contract tomorrow. Anyway, one thing I wanted to add is that one of the MAIN reasons I would get the inspection after the contract is signed (as stated previously, make sure you specify an option period to get out and that the contract is only if the house passes inspection) is that you want to get that house under contract as soon as possible so the Seller stops showing the property. Me and the seller have agreed verbally. I want to prevent other people from submitting offers as soon as possible so I try to get a contract as soon as possible. I know I will have to pay Option Money, so I know I can get out of the contract if something goes wrong during the option period and theoretically after that if you can't get financing.
  20. After the contract is signed. Even if you do the inspection before a contract is signed, somebody has to pay for the inspection and I doubt the Seller is going to pay for it, even though that could be negotiated but im not sure that is standard. But in the contract you specify the length of the "Option Period" (normally 10 days) in which the Buyer is able to get out of the contract and reclaim earnest money. You pay for the Option Period which is $25-$100 and you don't receive this money back as it is a cost to have an Option to get out of the contract. I've been looking for a house since March and had a contract on a property until the Seller decided they didn't want to sell last week. Anyway, in our contract we specified an Option Period of 10 days, starting on the day everyone signed the contract. We had the house inspected the next day (even though you can do it anytime within the 10 days) and we asked the seller to make some repairs. If the Seller refuses, then you excercise your Option and terminate the contract, get your earnest money back and go get search for another property.
  21. Out of curiosity, why are you being shown a house by the Seller's Agent? That in itself, is a huge conflict of interest. Also, there is nothing wrong with the Seller's Agent informing you that she also has a house for sale . No offense, but since the seller's agent is showing you the seller's property, he/she may think there is some naivity here and is going for the hard sale of his/her property.
  22. Care to offer any details, I would be interested in knowing.
  23. You want to be more specific and come up with a list of things that would be deal breakers. My criteria was: 1) No Pool 2) One Story 3) Rear Entry 4) I didn't want to share a fence with my neighbors on either side 5) I didnt want to buy from certain builders But as I stated, if you have any doubts about your Real Estate Agent, listen to that inner voice and get you another one.
  24. Forgot to mention, I did alot of leg work on my own and my Real Estate Agent appreciated that as he was very busy and couldn't access the internet to look things up for me. I would call listing agents all of the time and ask them all kinds of "Non-Monetary" questions such as who is the builder, is there a sprinkler system etc etc. When I did this, I always made sure to let the listing agent know I had a Real Estate Agent already and I would never ever discuss money.
  25. I am a first time home buyer and I have been looking for a property for the last 3-4 months. First, the Real Estate business can be extremely shady so I believe you should ask friends and family members if they know any Real Estate Agents. To me, if a friend or family member vouches for them, that really helps weed out the bad ones. Second, I believe that you have to go with your gut instinct. When I started casually looking back in October, I was in contact with about 5 Real Estate Agents but I never really clicked with any of them. I happened upon my Real Estate Agent by accident as I was calling about a property I was interested in, the listing agent wasnt available and the Real Estate Agency put my eventual agent on the phone. John was very friendly, had alot of energy and was very knowledgable about Real Estate. Also, one of my big pet peeves is that the Real Estate Agent has to make his living selling houses. IMO, there is too much money involved in this for you to go with someone that only does this part time. Third, what I would do is go to realestate.com, trulia.com and zillow.com and look up houses while I was at work. I would then send John those MLS numbers and he would look them up in their system called NTREIS. John would also be looking up houses based upon my criteria and together, this how we would try to find a house. We have seen about 50 houses and have been out as late as 11 PM on Weekdays looking and he has never got an attitude with me about looking at so many houses, never gets mad when I call him and ask him questions and in fact, he encourages all of these things. Again, there is too much money involved in this transaction. If you have doubts about the competence or integrity of your Real Estate Agent, please please find another one. Remember it is YOUR money being spent, the Real Estate Agent's job is to help you try to spend that money on a house that has the criteria you are looking for.
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