House Mortgage -- Countdown

[Gailete]

Thanks! Just waiting to hear now.

[Randomsaver]

If our loan get approved it is $66K with 1.5% less interest and $125 cheaper for the payment. Hopefully I will continue to be able to add it as 'extra' money to the loan. I did finally find ut what they call my loan. A Home Equity loan. considering what the taxt man and the fire insuranc think it i worth ($350-500K) I doubt we will have too much trouble getting it - I hope.

Hope you get approved Gailete!

[Gailete]

Mortgage Principal : $0K

If my estimates are right, starting August I would need to borrow $60K as my new mortgage. So yes I will just start a new countdown in August.

If our loan get approved it is $66K with 1.5% less interest and $125 cheaper for the payment. Hopefully I will continue to be able to add it as 'extra' money to the loan. I did finally find ut what they call my loan. A Home Equity loan. considering what the taxt man and the fire insuranc think it i worth ($350-500K) I doubt we will have too much trouble getting it - I hope.

[Randomsaver]

Kicking off the 2nd Half of 2017 early.

Mortgage Principal : $96K

Mortgage Principal : $0K

If my estimates are right, starting August I would need to borrow $60K as my new mortgage. So yes I will just start a new countdown in August.

[Randomsaver]

Money in the bank

Thanks guys.

Check has cleared and overall is happy that I can stirike that off my list and can now move on. I don't like long sale window because it's hard for my kids and challenging also for me to clean up each day for potential showings. So in the end, it was worth it.

Even better is the excitement of being able to get a better dream home.

[greenskeeper]

The EMD money is there. If it wasn't enough to cover the hassle of a failed closing then you could have rejected the original offer and asked for more EMD.

[disneysteve]

What is the point of having a 'contract' if it can be changed at the last minute?

Bingo.

This is the same question that applies to TexasHusker's thread about people booking his rental homes and cancelling last minute.

People need to take responsibility for their actions. They need to read and understand what they are signing BEFORE they sign it. And once they sign it, they need to abide by what they've agreed to.

[Gailete]

There ought to be hopefully a policy against such maneuvering, where if any party (buyer or seller) decides to change the contract in the last 7days from closing date

What is the point of having a 'contract' if it can be changed at the last minute? Especially if the buyer is wanting immediate occupancy. Most times from the closing the prior owner has 30 days to get out, so they wouldn't be able to try that scam. I think the realtor should have been held to the contract or pay the difference themselves in a case like this. That should stop them from encouraging dirty deals like this at the last minute.

When a company treated me bad one evening, I told everyone I knew. Within 6 months the place was closed. Not I'm sure from my dissatisfication but from all the accumulated dissatisfacations of their customers. I can't remember the stas on it, but if a company makes a customer happy, the customer will maybe tell a few people, but treat you like garbage they might tell hundreds. Hard to retract bad reviews after the fact.

[Randomsaver]

What a dirty trick! I presume this was part of buyer's strategy, as your desire to sell quickly was somehow revealed. I wonder if the buyer's agent has been cited in the past for questionable ethics. Was your initial position 'no'? I'm sure both agents would have done serious maneuvering had they believed their entire commission would vanish.

After your incredible effort to pay down the mortgage, I'm so sorry you've swallowed a $ 2.5 K reduction in payout. I'm not very impressed with your agent, I'd never use that individual for a future purchase or recommend to others going forward.

I agree with that. That should have been on the table the whole time, not brought up the last few days before the closing!

Dirty trick no doubt. I wouldn't recommend my agent also. They waited for me to fully move out and dropped it on the last day.

The thing is, the earnest money is only beneficial to the seller when he/she has not moved out yet. This means that if the buyer asks for credit and threatens to walk away, the seller can say no and get the earnest money clean of any expenses.

However, with what happened to me, the move out and move in expenses along with all the hassles not just for me but for my kids as well and also to our lives - work, school, etc., offsets any benefit from the earnest money. It becomes a payment to the hassle and costs incurred.

There ought to be hopefully a policy against such maneuvering, where if any party (buyer or seller) decides to change the contract in the last 7days from closing date, that a penalty be applied, so as to discourage it.

[dbow2000]

I know in AL, the seller usually pays commission for both realtors. Could you drop their realtors percentage by that amount? - sorry just saw your latest post

[Gailete]

What a dirty trick! I presume this was part of buyer's strategy, as your desire to sell quickly was somehow revealed. I wonder if the buyer's agent has been cited in the past for questionable ethics. Was your initial position 'no'? I'm sure both agents would have done serious maneuvering had they believed their entire commission would vanish.

After your incredible effort to pay down the mortgage, I'm so sorry you've swallowed a $ 2.5 K reduction in payout. I'm not very impressed with your agent, I'd never use that individual for a future purchase or recommend to others going forward.

I agree with that. That should have been on the table the whole time, not brought up the last few days before the closing!

[snafu]

What a dirty trick! I presume this was part of buyer's strategy, as your desire to sell quickly was somehow revealed. I wonder if the buyer's agent has been cited in the past for questionable ethics. Was your initial position 'no'? I'm sure both agents would have done serious maneuvering had they believed their entire commission would vanish.

After your incredible effort to pay down the mortgage, I'm so sorry you've swallowed a $ 2.5 K reduction in payout. I'm not very impressed with your agent, I'd never use that individual for a future purchase or recommend to others going forward.

[Randomsaver]

up the price by 5k?

what does your realtor say?

Does this mean that they are backing out?

To push through with the deal, I agreed to shouldering $2.5K and the rest be divided by the brokers (aka agents). With that, we're still set to close on the 21st and hoping no more major surprises.

[amarowsky]

62.6/75K on 6/11/2017

New budget is working well! Added an additional $1000 on top of our normal additional payment. Knocked out $1500 on top of my normal mortgage payment.

61.8/75K on 7/19/17.

Just the (now normal) $500 on top....

The Mrs. and I just got central A/C installed $3.2k and got back from 2 week vacay in europe that we had to pay an extra $2500. So because of our $4.7k extra expenses this month, we will abstain from additional surplus payment this (and probably next) month. Still trending in right direction!

[greenskeeper]

I'm trying to avoid drama but this buyer is the worst. A few days prior to closing buyer asks I pay $5K on closing cost. I'm just fuming right now. Things like these should be discussed in the offer NOT a few days before closing. I had already moved and tired myself out. I even have plans tonight to mow the lawn of the house after my work.

Say "no" and if they balk you get to keep the EMD.