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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Do you think it is at all feasible
[QUOT
Wow, what banks is he working with? I have hardly ever seen the review appraiser come back and slash the appraised value and I deal with an extremely large amount of lenders, and not all subprime.
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it's hasn't happened to him yet- he heard it's going to start happening
my DH doesn't tend to " jack up" the appriasal - but alot of other people do
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Posted 11/29/06 4:32 PM  |
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Prudential Douglas Elliman Real Estate
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Do you think it is at all feasible
I don't know what lender my patient was using, but I know when we were selling a flip we did in Florida in 2003, we had to negoiate w/the buyer as well. It was only 12k, but they couldn't get the loan unless we agreed & we were ready to sell.
IMO the appraisers & lenders all need to be looked at more carefully....I think there was alot of smoke & mirrors going on the last 2-3 years & that is why the market is where it is today. I'm not saying they are all shady, but I'm pretty sure a lot were/are.
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| Posted 11/29/06 4:36 PM |
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Hi-Fi55
12 years...wow....
Member since 2/06 2984 total posts
Name:
Dianne
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Re: Do you think it is at all feasible
Posted by KellyFG
I don't know what lender my patient was using, but I know when we were selling a flip we did in Florida in 2003, we had to negoiate w/the buyer as well. It was only 12k, but they couldn't get the loan unless we agreed & we were ready to sell.
IMO the appraisers & lenders all need to be looked at more carefully....I think there was alot of smoke & mirrors going on the last 2-3 years & that is why the market is where it is today. I'm not saying they are all shady, but I'm pretty sure a lot were/are.
Let's face it, mortgage brokers are some of the biggest crooks out there. I got a GFE the other day. The broker was a friend of my clients. $15,000. in points and was still receiving a YSP from the bank. It's disgusting and absolutely absurd. And a friend. Friend my azz. You try explaining that a friend is ripping another friend off. They are someone who needs to be looked at. Nowadays, everywhere I look there is a new mortgage broker popping up on the corner. Then they all offer different rates for the same bank, mind you when the person has the same credit score?
Banks! Hah! There are so many programs they offer, most "average joes" honestly can't even tell you what type of program they are in. The broker or bank, sticks them in one and off to closing they go.
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| Posted 11/29/06 4:57 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Do you think it is at all feasible
DEFINITELY!!!!!
DH and I saw a house in Sayville for $439 and it's down to $379K now.
$60K!!!!
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| Posted 11/29/06 4:58 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Do you think it is at all feasible
Posted by Hi-Fi55
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Let's face it, mortgage brokers are some of the biggest crooks out there. I got a GFE the other day. The broker was a friend of my clients. $15,000. in points and was still receiving a YSP from the bank. It's disgusting and absolutely absurd. And a friend. Friend my azz. You try explaining that a friend is ripping another friend off. They are someone who needs to be looked at. Nowadays, everywhere I look there is a new mortgage broker popping up on the corner. Then they all offer different rates for the same bank, mind you when the person has the same credit score?
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this guy sound like a crook- but not every in the industry is
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| Posted 11/29/06 5:16 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Do you think it is at all feasible
Posted by Beth1210
Posted by Hi-Fi55
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Let's face it, mortgage brokers are some of the biggest crooks out there. I got a GFE the other day. The broker was a friend of my clients. $15,000. in points and was still receiving a YSP from the bank. It's disgusting and absolutely absurd. And a friend. Friend my azz. You try explaining that a friend is ripping another friend off. They are someone who needs to be looked at. Nowadays, everywhere I look there is a new mortgage broker popping up on the corner. Then they all offer different rates for the same bank, mind you when the person has the same credit score?
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this guy sound like a crook- but not every in the industry is
No - they are not all crooks. A friend of mine is a MB and he refuses to help his friends get mortgages he knows they can not afford. However, as with any industry/profession, it has it's bad apples. And unfortunately for some, if you are dealing with one of the bad apples, it can cost you a lotta $$$.
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| Posted 11/29/06 5:20 PM |
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Hi-Fi55
12 years...wow....
Member since 2/06 2984 total posts
Name:
Dianne
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Re: Do you think it is at all feasible
I didn't say every, but many of the GFEs I see would blow your mind.
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| Posted 11/29/06 5:22 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Do you think it is at all feasible
[
No - they are not all crooks. A friend of mine is a MB and he refuses to help his friends get mortgages he knows they can not afford. However, as with any industry/profession, it has it's bad apples. And unfortunately for some, if you are dealing with one of the bad apples, it can cost you a lotta $$$.
Jake wont even get involved with his friends and their loans- it's not worth it
he will give them advice- but he wont do the loan
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| Posted 11/29/06 9:48 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Do you think it is at all feasible
I am pretty sure when you mortgage shop - all the times you credit is pulled during 30 days counts as 1 time-
I can double check with Jake for you
That would be great thanks! I like my broker, have used him twice before, but I know I do better with him, when I have another competitive rate. Such a game.
I stand corrected on this- when you are mortgage shopping it really doesn't have ANY effect on your credit score- however it is best not to apply for any other credit during this time
wait for the loan to be CLOSED before opening up any new cards- ( I know alot of people like to buy furniture with those 1 year same as cash deals- do it after the closing or your score can drop and if you are border line- it can mess up the loan)
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| Posted 11/29/06 9:50 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Do you think it is at all feasible
Posted by lulugrrl
To look at home in the 429-439 range, but be able to get them for 395-415?
I am just wondering if I should even bother looking at houses that high. I'd LOOVE to get a home below 400, but I doubt that will happen. Is anyone finding that people will bargain away 30-40,000 off their asking price?
Yes take my post about my gf post. Negver be afraid to make an offer. When the market was high we offered 50-60 k lower on some houses.
you never know
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| Posted 11/30/06 10:23 AM |
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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Re: Do you think it is at all feasible
Thanks everyone for your advice.
And thanks Beth for clarifying the mortgage shopping thing.
I am hoping all goes smoothly. I just got a call from my RE agent, letting me know that it looks like the buyers mortgage is going to be all set by the end of this week, and hopefully we can do contracts early next week. FINGERS CROSSED!
Then I will get serious about house shopping.
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| Posted 11/30/06 12:02 PM |
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