House Buying Thread

Postby **Orlando Penguin** » Wed May 06, 2015 6:26 pm

I'm moving into my first house on Monday and one thing I was most struck by was at closing, I was given a book that had the entire history of the place going back to 2000 when the seller had bought it -- when new appliances were bought, a/c replaced, etc. etc....WITH RECEIPTS. I was blown away that someone would be OCD enough to keep all of that stuff.

Postby **PFiDC** » Wed May 06, 2015 6:48 pm

I'm moving into my first house on Monday and one thing I was most struck by was at closing, I was given a book that had the entire history of the place going back to 2000 when the seller had bought it -- when new appliances were bought, a/c replaced, etc. etc....WITH RECEIPTS. I was blown away that someone would be OCD enough to keep all of that stuff.

I thought the same thing until I owned a home. I kept every single piece of documentation associated with this house.

Postby **Craig** » Wed May 06, 2015 6:48 pm

Yeah hearing that idea, i will definitely do that when i buy a house.

Postby **Miami Vice** » Wed May 06, 2015 6:51 pm

i hadnt thought about it, but i do that for my cars so it only makes sense i guess

Postby **skullman80** » Wed May 06, 2015 7:43 pm

My wife has a section in a file cabinet that contains anything/everything house related. New appliance purchases, when we replaced windows, gutters etc and how much everything cost and what the warranty is. I'm glad she is organized cause I'm not at all.

Postby **Miami Vice** » Fri May 15, 2015 4:17 pm

This underwriting stuff might really be the end of me.

Today they gave me conditional approval, as long as I provide a copy of my late father's will (I am using some of the money I inherited on my down payment). Well, he didn't have a will. So they wanted a letter from his attorney. The estate was simple enough that I handled it myself. So now they don't know what will placate the underwriter, perhaps a short certificate. I have to worry about it all weekend and find out next week.

I can understand a need to be thorough, but this is just crazy.

Postby **tifosi77** » Fri May 15, 2015 6:14 pm

That is hella stupid. What difference does it make where your downpayment money came from? It has nothing to do with the note.

Are they just trying to establish legal provenance for chain of title in case they need to put a lien on the property in the future?

Postby **Miami Vice** » Fri May 15, 2015 10:30 pm

i think its partially patriot act related. they need to know it didnt come from drug lords or isis or something. or that it could potentially be owed to Capital One or UPMC for some mystery debt. im afraid they will just say "nope, we cant definitively say this money is available to you, sorry, buzz off." at which point i will give up.

Postby **Reveutopique** » Fri May 15, 2015 10:36 pm

I'm moving into my first house on Monday and one thing I was most struck by was at closing, I was given a book that had the entire history of the place going back to 2000 when the seller had bought it -- when new appliances were bought, a/c replaced, etc. etc....WITH RECEIPTS. I was blown away that someone would be OCD enough to keep all of that stuff.
I thought the same thing until I owned a home. I kept every single piece of documentation associated with this house.

That is an excellent idea.

Postby **ExPatriatePen** » Sat May 16, 2015 2:12 pm

That is hella stupid. What difference does it make where your downpayment money came from? It has nothing to do with the note.

Are they just trying to establish legal provenance for chain of title in case they need to put a lien on the property in the future?

Having been in the mortgage industry for decades (albeit on the IT side), I can answer this.

Mortgage companies don't want you to be "over leveraged". What they're trying to insure is that you didn't borrow the down payment (from a friend or relative or "off the books lender) and have that be an additional debt that you'll have to service.

There's some truth to ensuring the legitimate source of funds, but it's primarily a debt:income thang.

Postby **ExPatriatePen** » Sat May 16, 2015 2:13 pm

I'm moving into my first house on Monday and one thing I was most struck by was at closing, I was given a book that had the entire history of the place going back to 2000 when the seller had bought it -- when new appliances were bought, a/c replaced, etc. etc....WITH RECEIPTS. I was blown away that someone would be OCD enough to keep all of that stuff.
I thought the same thing until I owned a home. I kept every single piece of documentation associated with this house.
That is an excellent idea.

Your more like your mother than you care to admit aren't you?

Postby **tifosi77** » Sat May 16, 2015 7:31 pm

That is hella stupid. What difference does it make where your downpayment money came from? It has nothing to do with the note.

Are they just trying to establish legal provenance for chain of title in case they need to put a lien on the property in the future?
Having been in the mortgage industry for decades (albeit on the IT side), I can answer this.

Mortgage companies don't want you to be "over leveraged". What they're trying to insure is that you didn't borrow the down payment (from a friend or relative or "off the books lender) and have that be an additional debt that you'll have to service.

There's some truth to ensuring the legitimate source of funds, but it's primarily a debt:income thang.

That makes total sense, thanks for explaining.

Postby **Gabe** » Fri May 22, 2015 10:25 pm

Closed on the house this afternoon. What a relief! I know some real work is ahead of me in painting and moving. I am just happy beyond belief that the process is over.

Buying a home will cost more than you estimated, will test your sanity more than you thought possible and will feel so great the moment you walk in the door the first time using your own key.

Postby **PFiDC** » Fri May 22, 2015 10:34 pm

Closed on the house this afternoon. What a relief! I know some real work is ahead of me in painting and moving. I am just happy beyond belief that the process is over.

Buying a home will cost more than you estimated, will test your sanity more than you thought possible and will feel so great the moment you walk in the door the first time using your own key.

Sold ours today. Congratulations. It's equally stressful selling as it is buying.

Postby **Miami Vice** » Sat May 23, 2015 9:04 am

Closed on the house this afternoon. What a relief! I know some real work is ahead of me in painting and moving. I am just happy beyond belief that the process is over.

Buying a home will cost more than you estimated, will test your sanity more than you thought possible and will feel so great the moment you walk in the door the first time using your own key.

id do anything to be in your shoes right now. ive honestly never been so wired up and stressed out in my entire life. im supposed to close in 2 weeks but they havent told me whether or not my conditions are met.

Postby **Gabe** » Sat May 23, 2015 3:49 pm

that was the worst part. I was all ready to go and then last weekend, we had a fire drill. To keep our rate as it was, I had to improve my middle score by 3 points. Had to pay off of a credit card and then get an emergency re-score. I had the cash so it wasn't too bad, but it still caused a knot in my stomach for a few days until we got the ok to proceed.

Postby **Algernon** » Sat May 23, 2015 4:06 pm

Been looking at houses in Fort Worth, TX

Postby **tifosi77** » Tue May 26, 2015 5:14 pm

Friends of ours are moving to the Denver area as soon as the guy's employment contract expires in June. They are putting in offer on houses 100% sight unseen. Last week, they had an offer accepted; inspector showed up and discovered a room that had been closed off and was being used as a grow room.

Postby **Silentom** » Wed May 27, 2015 8:34 am

Is it true that if you are under a lease with an apartment complex and you buy a house (in PA), they have to let you out with no penalty? I heard this from someone recently and haven't researched it yet.

Postby **shmenguin** » Wed May 27, 2015 9:13 am

That can't be true

Postby **Silentom** » Wed May 27, 2015 9:16 am

That's why I wanted to research it first, hahaa. Although it was a police officer (and family member) who told me but, who knows...

Postby **Silentom** » Mon Jun 01, 2015 8:03 am

Went to look at a house in Richland Twp. Almost tripped over a 5+ foot black rat snake in the driveway. Needless to say my wife didn't want the house anymore, hahaa.

Postby **Miami Vice** » Mon Jun 01, 2015 9:25 am

On Friday the mortgage company got back to me and said they wanted various notarized legal filings from my mother and sister proving that I don't owe them money and they won't sue me for the money I don't owe them.

So my poor handicapped mother is catching a bus downtown this morning to have this signed before a notary. I hate everything about this so much, I spent the entire weekend sick to my stomach over it.

Postby **mac5155** » Mon Jun 01, 2015 9:53 am

Went to look at a house in Richland Twp. Almost tripped over a 5+ foot black rat snake in the driveway. Needless to say my wife didn't want the house anymore, hahaa.

City slicker.

Postby **skullman80** » Mon Jun 01, 2015 10:34 am

Is it true that if you are under a lease with an apartment complex and you buy a house (in PA), they have to let you out with no penalty? I heard this from someone recently and haven't researched it yet.

No way is that true.