am i about to get screwed?

[KIBU]

I would not use that broker.

If the loan does not go through for various reasons, in the purchasing agreement, you are responsible to pay fines per day pass the deadline. Which in that case, you probably will rather get another worse loan offer to avoid the penalty (2 bad apples to choose) and to get the house. You won’t have time to do another loan from outside and also in the agreement, you probably HAVE to use this broker in order to get the closing cost reimbursement. You got stuck with the guy’s loan in order to keep the closing cost reimbursement.

I would rather lower the offer price by 9000 and then do your independent loan search, forget about the closing cost request. Or , lower the closing cost coverage request a little as a counter offer.

[CA renter]

[quote=UCGal]I don’t have warm fuzzies about being locked into some broker who may or may not give you a good deal.

Why not drop the seller-pays-closing bit and lower your price accordingly. If the negotiated closing costs were $12k, show you’re acting in good faith and counter with $10k under your previous bid, but you’re responsible for closing costs. True you’ll have to pony up some cash at closing – but not that much… I have coworkers refinancing for no-cost, no points… brokers are even covering appraisals these days. It’s a buyers market out there for mortgages… brokers are jumping through hoops for the business from what I’m observing with my coworkers.

Other buyers costs include inspections. Obviously YOU want to pick your inspector… no relatives of the sellers.

If I recall correctly from past posts – you have a decent cash position – but don’t want to sink it all in a house. But it would be foolish to finance into a more expensive loan because you were too afraid to pay closing costs.

BTW – welcome back![/quote]

Second what UCGal said. Lower the price (do you really want to pay taxes on the higher price for the rest of your lives?), and find your own financing. Try HLS and aimloan.com to see what you can do.

Best of luck, and let us know how the deal goes when/if you close.

Good to see you back, scaredy! 🙂

http://www.homeloansheldon.com/ContactUs

http://www.aimloan.com/

[CA renter]

[quote=UCGal]I don’t have warm fuzzies about being locked into some broker who may or may not give you a good deal.

Why not drop the seller-pays-closing bit and lower your price accordingly. If the negotiated closing costs were $12k, show you’re acting in good faith and counter with $10k under your previous bid, but you’re responsible for closing costs. True you’ll have to pony up some cash at closing – but not that much… I have coworkers refinancing for no-cost, no points… brokers are even covering appraisals these days. It’s a buyers market out there for mortgages… brokers are jumping through hoops for the business from what I’m observing with my coworkers.

Other buyers costs include inspections. Obviously YOU want to pick your inspector… no relatives of the sellers.

If I recall correctly from past posts – you have a decent cash position – but don’t want to sink it all in a house. But it would be foolish to finance into a more expensive loan because you were too afraid to pay closing costs.

BTW – welcome back![/quote]

Second what UCGal said. Lower the price (do you really want to pay taxes on the higher price for the rest of your lives?), and find your own financing. Try HLS and aimloan.com to see what you can do.

Best of luck, and let us know how the deal goes when/if you close.

Good to see you back, scaredy! 🙂

http://www.homeloansheldon.com/ContactUs

http://www.aimloan.com/

[CA renter]

[quote=UCGal]I don’t have warm fuzzies about being locked into some broker who may or may not give you a good deal.

Why not drop the seller-pays-closing bit and lower your price accordingly. If the negotiated closing costs were $12k, show you’re acting in good faith and counter with $10k under your previous bid, but you’re responsible for closing costs. True you’ll have to pony up some cash at closing – but not that much… I have coworkers refinancing for no-cost, no points… brokers are even covering appraisals these days. It’s a buyers market out there for mortgages… brokers are jumping through hoops for the business from what I’m observing with my coworkers.

Other buyers costs include inspections. Obviously YOU want to pick your inspector… no relatives of the sellers.

If I recall correctly from past posts – you have a decent cash position – but don’t want to sink it all in a house. But it would be foolish to finance into a more expensive loan because you were too afraid to pay closing costs.

BTW – welcome back![/quote]

Second what UCGal said. Lower the price (do you really want to pay taxes on the higher price for the rest of your lives?), and find your own financing. Try HLS and aimloan.com to see what you can do.

Best of luck, and let us know how the deal goes when/if you close.

Good to see you back, scaredy! 🙂

http://www.homeloansheldon.com/ContactUs

http://www.aimloan.com/

[CA renter]

[quote=UCGal]I don’t have warm fuzzies about being locked into some broker who may or may not give you a good deal.

Why not drop the seller-pays-closing bit and lower your price accordingly. If the negotiated closing costs were $12k, show you’re acting in good faith and counter with $10k under your previous bid, but you’re responsible for closing costs. True you’ll have to pony up some cash at closing – but not that much… I have coworkers refinancing for no-cost, no points… brokers are even covering appraisals these days. It’s a buyers market out there for mortgages… brokers are jumping through hoops for the business from what I’m observing with my coworkers.

Other buyers costs include inspections. Obviously YOU want to pick your inspector… no relatives of the sellers.

If I recall correctly from past posts – you have a decent cash position – but don’t want to sink it all in a house. But it would be foolish to finance into a more expensive loan because you were too afraid to pay closing costs.

BTW – welcome back![/quote]

Second what UCGal said. Lower the price (do you really want to pay taxes on the higher price for the rest of your lives?), and find your own financing. Try HLS and aimloan.com to see what you can do.

Best of luck, and let us know how the deal goes when/if you close.

Good to see you back, scaredy! 🙂

http://www.homeloansheldon.com/ContactUs

http://www.aimloan.com/

[CA renter]

[quote=UCGal]I don’t have warm fuzzies about being locked into some broker who may or may not give you a good deal.

Why not drop the seller-pays-closing bit and lower your price accordingly. If the negotiated closing costs were $12k, show you’re acting in good faith and counter with $10k under your previous bid, but you’re responsible for closing costs. True you’ll have to pony up some cash at closing – but not that much… I have coworkers refinancing for no-cost, no points… brokers are even covering appraisals these days. It’s a buyers market out there for mortgages… brokers are jumping through hoops for the business from what I’m observing with my coworkers.

Other buyers costs include inspections. Obviously YOU want to pick your inspector… no relatives of the sellers.

If I recall correctly from past posts – you have a decent cash position – but don’t want to sink it all in a house. But it would be foolish to finance into a more expensive loan because you were too afraid to pay closing costs.

BTW – welcome back![/quote]

Second what UCGal said. Lower the price (do you really want to pay taxes on the higher price for the rest of your lives?), and find your own financing. Try HLS and aimloan.com to see what you can do.

Best of luck, and let us know how the deal goes when/if you close.

Good to see you back, scaredy! 🙂

http://www.homeloansheldon.com/ContactUs

http://www.aimloan.com/

[scaredyclassic]

the plan was to have my wife handle all negotiations so we didn’t start getting all fussy about a few thousand here, a few thousand there. That’s why i signed off. I thought it was all on her and i would just st back and (not) enjoy the ride.

Then she punted to me.

It’s so much easier to concede a few grand if I really thought there was any chance i would ever see that down payment money in the form of equity again. but i truly think it will all be flushed away down into the giant cesspool where downpayments go, and it will fester down in the bowels of the system, for the remainder of my lifetime. I believe this house will never again in my lifetime be worth what i paid for it. i acknowledge I’m probably wrong, that probably sometime in my 60’s out about 2027 or so I’ll break even, not including sales costs but that’s how I feel.

It’s my unbridled pessimism that is making this all so painful.

I really need a little shot glass of kool-aid at least to just get the transaction going.

And i think i need to get drunk to sign papers.

[scaredyclassic]

the plan was to have my wife handle all negotiations so we didn’t start getting all fussy about a few thousand here, a few thousand there. That’s why i signed off. I thought it was all on her and i would just st back and (not) enjoy the ride.

Then she punted to me.

It’s so much easier to concede a few grand if I really thought there was any chance i would ever see that down payment money in the form of equity again. but i truly think it will all be flushed away down into the giant cesspool where downpayments go, and it will fester down in the bowels of the system, for the remainder of my lifetime. I believe this house will never again in my lifetime be worth what i paid for it. i acknowledge I’m probably wrong, that probably sometime in my 60’s out about 2027 or so I’ll break even, not including sales costs but that’s how I feel.

It’s my unbridled pessimism that is making this all so painful.

I really need a little shot glass of kool-aid at least to just get the transaction going.

And i think i need to get drunk to sign papers.

[scaredyclassic]

the plan was to have my wife handle all negotiations so we didn’t start getting all fussy about a few thousand here, a few thousand there. That’s why i signed off. I thought it was all on her and i would just st back and (not) enjoy the ride.

Then she punted to me.

It’s so much easier to concede a few grand if I really thought there was any chance i would ever see that down payment money in the form of equity again. but i truly think it will all be flushed away down into the giant cesspool where downpayments go, and it will fester down in the bowels of the system, for the remainder of my lifetime. I believe this house will never again in my lifetime be worth what i paid for it. i acknowledge I’m probably wrong, that probably sometime in my 60’s out about 2027 or so I’ll break even, not including sales costs but that’s how I feel.

It’s my unbridled pessimism that is making this all so painful.

I really need a little shot glass of kool-aid at least to just get the transaction going.

And i think i need to get drunk to sign papers.

[scaredyclassic]

the plan was to have my wife handle all negotiations so we didn’t start getting all fussy about a few thousand here, a few thousand there. That’s why i signed off. I thought it was all on her and i would just st back and (not) enjoy the ride.

Then she punted to me.

It’s so much easier to concede a few grand if I really thought there was any chance i would ever see that down payment money in the form of equity again. but i truly think it will all be flushed away down into the giant cesspool where downpayments go, and it will fester down in the bowels of the system, for the remainder of my lifetime. I believe this house will never again in my lifetime be worth what i paid for it. i acknowledge I’m probably wrong, that probably sometime in my 60’s out about 2027 or so I’ll break even, not including sales costs but that’s how I feel.

It’s my unbridled pessimism that is making this all so painful.

I really need a little shot glass of kool-aid at least to just get the transaction going.

And i think i need to get drunk to sign papers.

[scaredyclassic]

the plan was to have my wife handle all negotiations so we didn’t start getting all fussy about a few thousand here, a few thousand there. That’s why i signed off. I thought it was all on her and i would just st back and (not) enjoy the ride.

Then she punted to me.

It’s so much easier to concede a few grand if I really thought there was any chance i would ever see that down payment money in the form of equity again. but i truly think it will all be flushed away down into the giant cesspool where downpayments go, and it will fester down in the bowels of the system, for the remainder of my lifetime. I believe this house will never again in my lifetime be worth what i paid for it. i acknowledge I’m probably wrong, that probably sometime in my 60’s out about 2027 or so I’ll break even, not including sales costs but that’s how I feel.

It’s my unbridled pessimism that is making this all so painful.

I really need a little shot glass of kool-aid at least to just get the transaction going.

And i think i need to get drunk to sign papers.

[CA renter]

It’s so much easier to concede a few grand if I really thought there was any chance i would ever see that down payment money in the form of equity again. but i truly think it will all be flushed away down into the giant cesspool where downpayments go, and it will fester down in the bowels of the system, for the remainder of my lifetime.
———–

This is what’s keeping us on the sideline as well.

[CA renter]

It’s so much easier to concede a few grand if I really thought there was any chance i would ever see that down payment money in the form of equity again. but i truly think it will all be flushed away down into the giant cesspool where downpayments go, and it will fester down in the bowels of the system, for the remainder of my lifetime.
———–

This is what’s keeping us on the sideline as well.

[CA renter]

It’s so much easier to concede a few grand if I really thought there was any chance i would ever see that down payment money in the form of equity again. but i truly think it will all be flushed away down into the giant cesspool where downpayments go, and it will fester down in the bowels of the system, for the remainder of my lifetime.
———–

This is what’s keeping us on the sideline as well.

[CA renter]

It’s so much easier to concede a few grand if I really thought there was any chance i would ever see that down payment money in the form of equity again. but i truly think it will all be flushed away down into the giant cesspool where downpayments go, and it will fester down in the bowels of the system, for the remainder of my lifetime.
———–

This is what’s keeping us on the sideline as well.

[Author]

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