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Everything posted by Maikeru-sama

  1. Been a busy day, sorry for not posting sooner. I have sought legal counsel and according to the Texas Real Estate Contract (TREC), a Lawyer and my Real Estate Agent, we have a binding contract and the only party who can legally terminate the contract is the Buyer, if he/she does it during the option period or the Buyer cannot get financing. I suspect his wife doesn't like the new house. However, if he indeed lost his job, I will still be holding him to the contract because: 1) He has a new house, in fact it is worth $100,000 more than his current one, so he has a place to go if we buy his old house. 2) If he did get laid off, we would be helping him out as he now has 2 mortgages he is responsible for and I am trying to take one off of his hands and he is trying to fight me. 3) If we were past the option period and I lost my job, there is no doubt in my mind that he would hold me to the contract. My Real Estate Agent said that in Real Estate, everything is done in writing and the only way the contract is terminated is if the seller sends me over a contract stating that we are terminating it and I sign it. I have too much to lose, so I'm going forward with it the sale.
  2. Today, I was informed that the seller lost his job while on route to show two contractors the property to get a bid. I spoke with the seller directly and he stated he would not like to sell the house because of it. After doing some thinking, I have a feeling the seller is not being truthful. 1. Three weeks ago the Seller’s wife let my real estate agent know that she didn’t like the new property they just closed on that it had a snake in it and was far from move in ready. 2. Last week, the Seller asks if we had a problem with them staying in the property after closing for 2-3 months so they could get the new house up to speed. I was told the Seller's wife was putting major pressure on the seller to get the house up to speed. 3. Today was the day the option period ends and coincidentally the Seller loses his job. 4. The way he and his wife were acting was very suspicious when I spoke with them. I suspect that they just want to stay in the house as long as they want so they can get the other house ready and then try to re-sale their current one. I will be getting all my money back that I spent but if it turns out the seller didnt lose his job, could I possibly get the house?
  3. Maikeru-sama


    I spoke to Charles on the phone last week. He stated that he really wanted to come back to the forum and said he doesn't know exactly why he was banned but offered some possible reasons. I would have had Charles do my loan but decided to go with the Loan Officer who did my mother's a few years ago. He was an asset to the board, that was for sure.
  4. Yep, lots of misinformation out there. I have been searching for a home for about 3 months and I will be closing on a property on July 1st. So when I saw the post about the June 30th deadline, I had to find out if I needed to move my closing to the end of June.
  5. FHA has backed off the program to allow the $8000 Tax Credit to be used as a downpayment. Also, I spoke with my lender and a lender that works with my Real Estate Agent and they both said that the Deadline to file an amended 2008 Tax Return for the Tax Credit is November, not June 30th.
  6. Yes, it happened to me yesterday.
  7. Maikeru-sama


    So Charles was banned? Interesting. I spoke with him a few times on the phone when I started my home search as a FTB and the guy was really helpful. I just sent him an email to let him know I found a property and will be closing on July 1st.
  8. It's about 20K right now. I am saving up for a house right now, but if I decide to not get a house, I am going to use the savings to pay off my student loan.
  9. 1) Anybody know of a good website that shows inventory/spec homes available in a given area? 2) Anybody know of a good website that shows Homebuilder Ratings in a given area?
  10. If I pay off my Student Loan, what can I expect to happen to my FICO Score? It is by far the oldest account on my CR, so I am not sure what will happen when I pay it off and it eventually goes off my CR.
  11. Appreciate it and it is all thanks to this site, which I joined about 3-4 years ago. The REA was very careful to not play games with me, but he say that the 2 houses he wanted me to look at would probably be gone but agreed with me when I stated that I would probably be able to get those same kind of houses in 7 months. Now all I need to do is just some more time to save and research further.
  12. When you negotiated with 4 lenders, did they pull your credit 4 times?
  13. I was going the FHA route. My median Credit Score is 762, my DTI is around 23%, no baddies and the Mortgage Lender, said I would have no problems. I have decided to move to an apartment closer to my new job, sign a 7 month lease and save for a house in around June/July of next year. There were about 2 spec homes I was interested in, but I didn't feel comfortable with the amount of money I would have in savings after I acquired the home. I am going to attempt to put 20% down and I may increase the loan amount slightly. According to the Mortgage Lender, I may have qualified for about 200K, but I only want 150K. Yeah, I learned about the 20% down or you have to do PMI. I am told that if you do not put 20% down, once you get 20% equity you can cancel that, but I don't know if that is a right or at the descretion of the PMI Company. Both the Lender and the Agent were very professional but the REA did try to tell me the 2 houses would be gone soon, but I told him that that tactic wouldn't work and I knew I could find a similar deal 6-7 months from now. Also, I hope I didn't give the impression that I was in a hurry, because I really wasn't. I was just trying to see what was out there. I will never take on a 30 year responsibility lightly. Thanks for the help
  14. No, it would be a fixed interest rate, I would never do an ARM. My employment is very stable and I would have to put 3% down. Right now I am leaning towards continuing to rent.
  15. Thanks for the information. Okay, I just talked to a Realtor and he said he found a house. I want to relay some of the key points and ask you all if you think it is a good deal. -There are two houses available that cost 175K and 180K to build -I could get one house for 155K and the other for 165K -The builder is DL Horton -For thos who are familiar with Texas, it is the Avalon Community in Wiley, TX -He would give me $1800 to help pay for buying out my Apartment lease or whatever I choose to do with it -The builder would give me 5K and pay for the title the title policy. I believe it would total $6500 The only problem is that they would probably want to close by the end of November and that wouldn't give me enough time to save like I would want. Also, I am paying about $810 in rent, the Realtor said I would be look at almost $1400 to move into this house. That in itself kind of scares me about. Thoughts?
  16. Yesterday I started the steps to get pre-qualified for a loan. The Mortgage Planner said that my Credit and DTI Ration was great. Right now my DTI is around 23%. The question I have is in regards to the Interest Rate. The Mortgage Planner was using 7% Interest Rate as a worst case scenario. She said the Interest Rate depended upon the Stock and Bond Market and that I probably wouldn't know what my Interest Rate is until close to closing. I asked her what the best case scenario was and she said 6.25% or 6.5%. Is 6.25% or 6.5% a good Interest Rate and is there a way I could get something in the 5s? She gave me the number of a realtor, so I am going to call him today. However, if my Interest Rate is 7%, I will definately not get a house. I know people with credit that is not even close to mine that have 5% Interest Rate, but of course, they bought their house a few years ago.
  17. I just have some questions about investing: 1) If I wanted to invest some money in stocks, theoretically, what is the lowest amount of money I could use to expect to make a pretty good profit in the long run. For example, I always heard you need alot of money to make money. So is alot of money 5k, 20k, 100k? 2) If I wanted to invest some money in stocks, what is the best place to use to buy them. I have heard of places like scottrade, etrade etc etc are those places safe and have people made money in the past? 3) I posted earlier that I have a 401k from my previous employer that I can't roll over to the new company (tomorrow is my first day ), would it be foolish to cash that 401k out and invest it in the Stock Market? The 401k only has 20K in it so it is not really that much. 4) Where is a good place to learn about stock? Has Warren Buffet wrote a book or something as well? 5) Lastly, anybody want to offer some free advice on stock to buy that are low right now but will probably go up in the long run? If you don't feel like answering each question, #1 and #2 are the most important.
  18. So what type of person does a home inspection? A lawyer or is their a niche industry for that?
  19. Thanks for the information. I doubt I will get a house but wanted to start getting the basics understood in case I do.
  20. One more question, I got laid off a job I worked at for 5 years and will be starting a new job in the next week or so. My lease expires in 6 months, will my job history hurt me because I have only been at my new job for 6 months even though I was at the other job for 5 years?
  21. I am thinking about buying a home after my apartment lease expires as I will have to probably move anyway because my new job is not close to where I live. Here are some questions I have: 1) Should you buy a house when you are single, or should you wait until you get married? 2) I live in Irving, TX (Las Colinas) and I pay about $810 in total for rent but I am sure that is going to go up when I renew. For people that are familiar with the D/FW area, where could I find out if I could get a house payment around that much or for a little more. I figure that is better to pay $900 or maybe $1000 for a home than pay $800 for an apartment. 3) My Credit Scores are in my signature (as of august 2008), what type of interest rate should I expect? 4) Can you find houses with less than 3 bedrooms? I heard they are rare because they are hard to sell. Right now I am just thinking about it as I plan to get my MBA or a Master's in something starting next year, so I don't know if I can buy a house and go back to school. Thanks
  22. j6, thanks. I think you forgot the one quesiton about depositing money into an IRA. Can I take some of my paycheck, which is every 2 weeks and place it in the IRA or is it closed after the first conversion?
  23. Not an expert, but 34 is still considered young (I just turned 30). You are still very far away from retirement age (I believe is 65 1/2 or something) and 30+ years is considered a long time to accumulate wealth.