Just submitted an offer on my first home.
- Thread starter Total Heckler
- Start date
Good stuff.
Just found out today that my loan has been approved through the bank, I am doing a Rural Development Loan, so it has been sent to the RD office and as soon as they sign off on whatever it is they sign off on I should be able to close, could be as soon as this week but most likely next week.
Thanks dude and congrats!Good stuff.
Just found out today that my loan has been approved through the bank, I am doing a Rural Development Loan, so it has been sent to the RD office and as soon as they sign off on whatever it is they sign off on I should be able to close, could be as soon as this week but most likely next week.
Actually radon is not a problem here in California.
Eh? I take it your loan has been in the works for a while. That style loan usually drags out 60 days +.Good stuff.
Just found out today that my loan has been approved through the bank, I am doing a Rural Development Loan, so it has been sent to the RD office and as soon as they sign off on whatever it is they sign off on I should be able to close, could be as soon as this week but most likely next week.
Offer on the house was submitted August 25th or so, I just got the email earlier today that we will be closing on thursday at 330Eh? I take it your loan has been in the works for a while. That style loan usually drags out 60 days +.
Now, let's not talk about the short sale that I offered on that never went through and I waited over 5 months before I just moved on to this house.
Be prepared to sign your name more times in one hour than you have signed it all year.
Nice.
Huh?
Randomly throwing an extra $300 at superfluous items was not exactly the first thing on my mind when I was already spending thousands on closing costs, inspections, fees, taxes, insurance, along with repairs and improvements once we were actually in the house.
Owner's title insurance is hardly superfluous. Good luck getting sued if there's a title conflict, because the lender's title insurance will only cover the mortgage company's liability in the interest of your property. Basically it insures their right to the loan. You're still on the hook.
Here are some of the things that an Owner's policy will protect you from being sued or losing your house over:
Forged legal instruments (deeds, mortgages, wills, releases of mortgages)
Legal documents improperly recorded
Breaks in the chain of title
Mistakes and omissions due to improper abstracting
Inadequate legal descriptions
False impersonation of the true property owner
Undisclosed heirs
Defective notary acknowledgements
Issues involving improper marital status
Adverse possession
Utility easements
Documents executed under false or expired powers of attorney
Prescriptive rights in another not appearing of record and not disclosed by survey
Deeds by minors
Deeds and wills drafted by persons lacking legal capacity
Errors in tax records
Persons under duress while executing instruments to convey or establish title
Conveyance by undisclosed spouses
Real estate homestead exceptions
Interests arising by deeds of fictitious parties
Community issues regarding property
Falsification of affidavits or heirship
Matters regarding probate
Misinterpretation of wills and other legal documents
Issues of rightful possession of land
Forfeitures of property due to criminal acts
Improper modification of documents
Deeds/Mortgages by foreigners who may lack legal capacity to hold title
Rightful conveyances by corporate entities
Issues involving the delivery of conveyance instruments
Randomly throwing $300 at a superfluous item indeed.
That $300 will cover you for the entire duration of you owning the house. Over the term of a 30 year mortgage, thats $10 a year. My attorney informed me that it also covers you if there are any legal issues even after you sell the house. Considering I might live for another 60 years or more, that amounts to $5 a year. BFD.
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It's up to you, but I found this little tidbit while researching it:
And judging by the dollar amounts thrown around, it looks like insuring my title would've cost around $800. Not exactly small change. And that would be to only protect your portion of the equity (ie, down payment until you start paying down equity), since the portion that you have the mortgage outstanding on is protected by your lender's title insurance.
But hey, it's your money, spend it however you want.
Yeah, a product where insurance companies pocket 95% of all of the premiums paid sounds worse than the "extended warranty" that Best Buy tries to sell you for each and every item you purchase.
And judging by the dollar amounts thrown around, it looks like insuring my title would've cost around $800. Not exactly small change. And that would be to only protect your portion of the equity (ie, down payment until you start paying down equity), since the portion that you have the mortgage outstanding on is protected by your lender's title insurance.
But hey, it's your money, spend it however you want.
Fair enough, and maybe if it was an additional $800, I might have elected not to get it. However, with over 23 acres, 5 borders with other properties, a neighbor having a right-of-way on my driveway and the confusing (and angry she was selling) family tree of the previous owner, I figured it was a safe bet.
I think we did a fair job presenting both sides of the argument, no?
I think we did a fair job presenting both sides of the argument, no?
then you have the folks that just bought a house on a short sale only to find that the docs were recorded late by the title co and the bank resold the property at auction after they moved in. They didn't buy the insurance and now its in court and they could lose the money and the property to the investor group that made the auction purchase
Sounds like we drank the same kool-aid!
I was going to quote each of you and reply with a
oh snap, oh snapp, oh snappp, oh snapppp.....and uh yeah, you guys both represented the side of the argument where it is helpful, or where it's not worth the $$
I work for the City and am currently handleing a title company insurance issue. We have a City lien for $20,000 on a property that has to be paid off upon sale. Only, someone bought it in April and the debt was never paid off despite us having an active lien on it. Sooooo, I contacted the buyer and let him know he needed to contact the title company and now the title company is contacting me because they have to pay up!!!!!!
I've been inviting y'all over to my place for the last 4 years. Of course I don't live in Santa Cruz.
Best part of this whole thread is how everyone is suddenly a real estate expert. Hey I bought my house a year and a half ago here in so cal. Am I an expert now too? You bet I am!
Some of you guys crack me up!
I have purchased 2 houses, both epic failures. No thanks, I'll rent.
Like how being in jail for 9 days made you an expert on our prison and justice systems?Best part of this whole thread is how everyone is suddenly a real estate expert. Hey I bought my house a year and a half ago here in so cal. Am I an expert now too? You bet I am!
I'm speaking from my experiences buying 2 houses, being an engineer, and having multiple family members who are real estate agents or lawyers. If someone doesn't want my advice, they don't have to follow it. I might not be a real estate expert, but pulling off all the crap that I managed and making money on real estate in a **** market gets me damn close!
I just stayed at a Holiday Inn last night.
closed today, all went smooth except for a couple last minute bait and switches by the mortgage broker.
Everything got ironed out to my satisfaction.
Good luck total heckler
Everything got ironed out to my satisfaction.
Good luck total heckler
Congrats! Didn't you say something about Rural HD or homesteading?
I went through the Rural Development Loan they are/were offering.
0% down, no PMI, must have 620 or better credit, only certain rural areas qualify, fixed rate for 30 years.
Got 4.5% interest on 30 years. I'm sure someone got a better rate, but i'm not gonna complain with 4.5 fixed on 30 yrs.
My house payment will be $100 a month more than my rent and 3x the square footage, twice the bedrooms, a 2 car garage, shed, and 3/4 of an acre.
For my budget I feel like I got a good deal, and since it's just my son and I living there right now we have plenty of extra space.
Thanks again everyone. Things are almost done.
Signing is scheduled for next week. SO CLOSE!
Signing is scheduled for next week. SO CLOSE!
Your hand will cramp after all of that signing! LOL!
I didn't think it was nearly as bad as people make it out to be. I was in and out of there in 1/2 hour.
Congrats Josh!
same here. I was sick as a dog, came in, signed my name about 20 times and walked out with the keys. Wasn't a big deal at all.
You guys scheduled closing pretty quickly, good luck man.
They're sending the closer for our refi- to OUR house. Now that's good service.
Thanks everyone!
We did close pretty quickly because we were on the ball with everything in the process. As soon as we were asked for something, we got it back to them the same day. Also everything with the home is very straight forward. Our original close of escrow date was 10/22 and now it looks like we might get in as early as Friday of next week (10/15). I am SO pumped!
We are getting the hardwood floors refinished before we officially move in too. They are going to look freaking killer.
We did close pretty quickly because we were on the ball with everything in the process. As soon as we were asked for something, we got it back to them the same day. Also everything with the home is very straight forward. Our original close of escrow date was 10/22 and now it looks like we might get in as early as Friday of next week (10/15). I am SO pumped!
We are getting the hardwood floors refinished before we officially move in too. They are going to look freaking killer.
No...that's a legal assistant. Illegal in the state of North Carolina because of shoddy licensing and slack-ass closing practices.
Just picking. I'm sure your closer is a pro. It's no surprise that our neighbor to the south (S.C.) loves to close with legal assistants. Of course, what would you expect from a state where your closing agent can legally ride up to and away from your closing on a harley with no helmet.
Hey TotalHeckler...you're so stoked that I'm friggin' happy for you and I don't even know you. Keep us updated. And be sure to get there during the hardwood install to get some good paint fume action.
lol thanks man.Hey TotalHeckler...you're so stoked that I'm friggin' happy for you and I don't even know you. Keep us updated. And be sure to get there during the hardwood install to get some good paint fume action.
I will keep you guys posted on things. I cannot freaking wait to have my own home with my wife!
House has been signed for. Final walk through this week and then we pick up the keys on Friday!
At the signing it also looks like the mortgage payment is going to be much cheaper than what it was on the original good faith estimate. I am pretty shocked and pumped!
Photos to come!
At the signing it also looks like the mortgage payment is going to be much cheaper than what it was on the original good faith estimate. I am pretty shocked and pumped!
Photos to come!
Did one include taxes and insurance and the other not?
I am about 95% sure it does, but I am going to confirm it with our real estate guy this week. Either way, I am still so pumped to finally have my own house!
if the price is lower, then it probably doesnt include taxes and insurance....unless there was a f-up in the mortgage calculation
So shall we start a pool? what will the first house related disaster be? Flooded basement? exploding toilet?
Or.....next door neighbour is a fat nudist, with no curtains...that is just learning to play the clarinet?
Or.....next door neighbour is a fat nudist, with no curtains...that is just learning to play the clarinet?