joessportster Posted March 11, 2006 Share Posted March 11, 2006 been looking for near 6 months and finally found a decent little house in york pa, 2 bedrooms 1 bath, full unfinished basement and a 2 car garage attached via breezeway, 124,900.00 put in a bid of 122,000.00, accepted by the seller im thinking as i am pre-approved all is well. but i have to confess this has been a roller coaster ride of ups and downs, i cant beleive all the crap you have to go thru to prove where your money comes from. for instance i had a tax refund deposited directly into my account and had to show a bank ststement with that on it, (thats not good enough, seems i could have had anyone elses tax refund deposited directly into my account, so i had to turn around and show my tax return, now i sold my bike and pickup to help finaance all the costs involved with buying a house and i now have to show bill of sale buying, selling, copys of titles, and ebay and pay-pal records where listed for sale) does everytone have this type of problem or am i just lucky???????????? Joe Quote Link to comment Share on other sites More sharing options...
Moderators dtel Posted March 11, 2006 Moderators Share Posted March 11, 2006 That does sound a little crazy, good luck. Sounds like a nice house, you got my attention when you said full unfinished basement, what could that be used for ? We cant have basements down here because they would be filled with water,water table about 3 feet below the surface, Makes very nice ponds though. Quote Link to comment Share on other sites More sharing options...
oscarsear Posted March 11, 2006 Share Posted March 11, 2006 The hoops are those of your lender who is being asked to loan you X amt of $$ with the house itself as the collateral. A lot of considerations are going to be examined. Your complaints here revolve around source of funds for the downpayment. What they're establishing is that those monies were not borrowed from another source. So they're asking you to prove the various pathways you obtained these funds. If they were borrowed from another source and the lender did not show proof of diligence to determine that and (forbid) the house went upside down and the loan defalted on then they (the lender) could be held liable for the outstanding debt. Some people do have less hassle when obtaining loans because of the overall risk exposure associated with each individual transaction. Someone with a large downpayment with $$ from a recent documented sale of another home, with stable long term employment, good credit scores, cash reserves aside from the down payment and a managable debt ratio will fly through the process because the bank can easily see and verify very little risk exposure for that loan. These people will also get more attractive lender rates and less fees. They are the customer target for lenders. Do not fret, nearly every one has been at the stage where they start into the mortgage game. Keep in mind that back in the 80's and 90's that many lenders had a ton of bad paper from too loose lending practices in the 70's. They're not going to let that happen again. Quote Link to comment Share on other sites More sharing options...
Malcolm Posted March 11, 2006 Share Posted March 11, 2006 You bought a nice house for $122,000? You are lucky. Where I live, that would not get you a gutted out crib in the ghetto. Quote Link to comment Share on other sites More sharing options...
joessportster Posted March 11, 2006 Author Share Posted March 11, 2006 yeah we went on coldwell banker homesale and looked in the county of york 100,00 to 150,00 several properties came up we seen 20 houses within two days we have a very nice real estate lady also i couldnt belive what we found up there for those prices compared to nothing were we live at now Quote Link to comment Share on other sites More sharing options...
Daddy Dee Posted March 11, 2006 Share Posted March 11, 2006 That is ridiculous to have to jump through hoops like that. Hope everything works out for you to get in the house. Quote Link to comment Share on other sites More sharing options...
jackbean53 Posted March 11, 2006 Share Posted March 11, 2006 nothing out of the ordinary there, standard procedures the lender wants to know where the cash comes from. Quote Link to comment Share on other sites More sharing options...
DoubleJ Posted March 11, 2006 Share Posted March 11, 2006 Oscarsear is dead on. Having been a Mortgage banker in a past life, it was very important to verify down payment money for all those reasons mentioned. Your time will come at the closing. Question all the charges and make them explain everything. JJ PS. The lending Institution should give you an Estimated Truth In Lending Statement at some point so go through it with a fine tooth comb and make sure you understand it fully. Quote Link to comment Share on other sites More sharing options...
WMcD Posted March 11, 2006 Share Posted March 11, 2006 That does not sound so bad. It is a big chunk of change. I do suggest that if you have a chance to buy something, you should do so and gird you loins for problems. The following is about how good and how bad it can be There are complaints that semi-crooked mortgage brokers or banks get people set up in loans where they are way over their heads. OTOH, I'm sure that honest loan people are sometimes warry of sharp practices by their customers. There is a lot in the middle of this range. I bought my condo two years ago. Earlier seemed easier to just go on renting apartments rather than get involved in what so many have described as a dreadful ordeal. There was a real estate agent and mortgage broker giving seminars. Of course they are in cahoots. OTOH they were pitching that the ordeal is not so bad and, as everyone says, owning your own home is a very, very good investment. Overall, it is hump to get over with big rewards on the other side. I thought the mortgage guy was good. He did have a lot of questions and asked for a lot of records. He is going to sell the mortgage to someone else. But that was okay. I was pre approved for a certain amount. The real estate agent was pretty good too. I hear that agents just hate dealing with potential buyers who are not pre-approved. Otherwise the customer may not have the means and it is like window shopping by folks who are not serious buyers. I had a pretty good idea of neighboorhood and size. We looked at two units in a building. The second was gem (which I bought). I looked at one other which was not quite as perfect. Once I decide on the unit there was another hump. The condo association wanted info for a background check and I had to pay for it. Grr. There were issues at the closing. While moving out the previous owners cracked a mirror built into the wall. They were miffed that I didn't want to buy their furniture. The window drapes which were supposed to stay had disappeared. All small stuff but frustratiing. The closing went well. The agent set me up with a lawyer who had done this thousuands of times before. I could not have done that myself. That night I camped out in my new abode. It was a thrill. I love the condo. Every day it is good to come home to MY real estate. It was ALL worth it. Smile, Gil Quote Link to comment Share on other sites More sharing options...
Marvel Posted March 11, 2006 Share Posted March 11, 2006 My nephew and his wife bought a smallish house in Decatur, GA. $240K. Okay, it was brick on the outside but I am just baffled at how high housing is. My house was under $70K with close to three acres of land. Thirty minutes from Chattanooga. Now, all the property around us is being developed and houses are probably running around $150K. I guess it will be good for me if I decide to sell and move. It will show my age, but the first house Barbara and I bought (1973) was a two bedroom, single bath, for $15K. I could be very comfy in that house today. Quote Link to comment Share on other sites More sharing options...
greg928gts Posted March 11, 2006 Share Posted March 11, 2006 We cant have basements down here because they would be filled with water,water table about 3 feet below the surface, Makes very nice ponds though. Your better off without one really. If people only knew how much uncontrolled moisture comes into the average basement . . . . of course they would have to care . . . . I live in a place where basement is king, but I don't have one. I do miss the space sometimes, but I know my home is a lot higher in quality without that dark dank hole in the ground below. Greg Quote Link to comment Share on other sites More sharing options...
kev313 Posted March 11, 2006 Share Posted March 11, 2006 240K...that would be nice. After the birth of our daughter, we realized that we were outgrowing our bungalow on the North side of Chicago pretty quickly. After living in this house for three years we have now sold it (closing on 4/14) and purchased a new house about 1 mile away (the corner of Sacramento and Bryn Mawr for you city folk). Overside city corner lot, 1957 split ranch, 4 bedrooms, 2 basement levels = the princely sum of $568,000. Ouch. I know it is worse in other cities, but that is crazy money for a fixer-upper! Quote Link to comment Share on other sites More sharing options...
garymd Posted March 11, 2006 Share Posted March 11, 2006 Our area has gone nuts also. Some of the highest property values in the country. Our house has tripled in value since we bought it in '94 (our 2nd and final home before retirement).[Y] I helped my son get a job as a mortgage loan officer with the bank I've been with for 20 years. Bad timing though. 2 years ago, he'd be in hog heaven but things have really slowed down and I'm worried about him making it through the first year. SO, if anyone is buying a house or refinancing in MD, let me know. He could use the business and he's pretty good for a beginner. Not to mention, I'm tired of loaning him money!!!![] Good luck Joe and congrats!!!! Post some pics if you get a chance. Quote Link to comment Share on other sites More sharing options...
Jay481985 Posted March 11, 2006 Share Posted March 11, 2006 Heh I lived in a house prior to moving in october 05 that was built 1925 or so.... it cost 5000 and the landlord died january 05. So we either was offered to buy the house or move. We moved because the son asked for 500000 dollars on a house that would not meet most codes today..... It was a hard choice given i lived all my life there but 500000 on a house that does not much to offer..... Quote Link to comment Share on other sites More sharing options...
oldbuckster Posted March 12, 2006 Share Posted March 12, 2006 Hang in there Joe, in the end it will all be worth it. I can see selling the truck, but the bike, that had to hurt. It seems crazy, and costly now, but 5 years from now you'll be laughing about it. When rent costs more than your monthly payment. The sooner you buy, the sooner you own it. You have to live somewhere,atleast you'll own your house, have an investment in something, not just collect a stack of paid rent receipts. Maybe,even get a new bike, somewhere down the road.I think maybe you are just lucky, enjoy the journey to home ownership, you'll be fine. Quote Link to comment Share on other sites More sharing options...
Def Leper Posted March 12, 2006 Share Posted March 12, 2006 Think of the housing market as a strange version of ebay. Problem is that 80% or more of the lookers are BS who can't afford the house in the first place or are 'get rich quick program' suckers looking for a sacrifice sale. What you've done is prove that you are serious about buying and will get successfully get through the financing process. Pain in the butt, yes, but gives you a lot more 'zing' when the seller considers your offer. Last time I bought a house, I had a pre-approved mortgage and a 50% cash downpayment tendered by draft with the offer. It was accepted over several others and my offer was the lowest of all the offers. Why was it accepted? The seller had gone through several potential buyers who tendered offers but could not complete the sale. Sometimes reliability is better than a higher price. Quote Link to comment Share on other sites More sharing options...
joessportster Posted March 12, 2006 Author Share Posted March 12, 2006 Quote Link to comment Share on other sites More sharing options...
joessportster Posted March 12, 2006 Author Share Posted March 12, 2006 not a bad little house and yes i am making a listening room in the basement along with a 3rd bedroom and a second bathroom (it pays to know construction), the seller accepted my offer because she didnt have to go thru all the hassles of dealing with home inspectors, termite inspectors and about 10 other type inspectors they tried to get me to pay for, they said we really strongly advise that you get the inspections, i said ive been in the home remodleing and building business for 20 years, and dont need some colledge grad that looked at a book to tell me how good a house is built or not, and termites are as easy for me to see as the so called inspectors, they cant see behind walls anymore than i can. Joe Quote Link to comment Share on other sites More sharing options...
boom3 Posted March 12, 2006 Share Posted March 12, 2006 Joe, Belated congrats. I know the York area, convenient to Philly and Balmer but not too close to either! I went through the housebuying trip 4 years ago. I lucked out and found a co-worker who was desperate to sell and had actually taken the house off the market in frustration. The place needed work, so we've been slowly fixing it up. The 25 x 16 living room with a vaulted ceiling and exposed faux beams -so 70s!- was a big plus. It seemed to whisper "Klipschorns!" When you do taxes next year and realize how much you can deduct you'll be very glad. Just for point of reference, I had interviewed a real estate agent in New Orleans for a personal project. He lives in the French Quarter and I also lived there in the mid-80s. He said the entry price for a single famnily home with no off street parking is about 600K, with off street 800K and up. After I came home, I looked on the New Orleans MLS and found an 800 sq foot house across the street from where I used to live (Note to natives-800 block of Gov. Nicholls) $525K! Such a bargain. Now the real estate agents are telling people they can get even more for their properties in the Quarter, so asking prices are going from absurd to astronomical. Of course, displaced folks are generally not in the market for 600K houses or 2000/month apartments. Quote Link to comment Share on other sites More sharing options...
Bill H. Posted March 12, 2006 Share Posted March 12, 2006 Joe, Congrats to you! I envy your ability to do the fix ups/construction yourself! Good Luck. Quote Link to comment Share on other sites More sharing options...
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