Forum Replies Created
-
AuthorPosts
-
george
ParticipantWhy care what the broker is making from YSP, rebates, fees, etc, as long as they get you the best deal (including rate, fees, pre-pay penalties, etc)? You do need to get quotes from multiple lenders/brokers to know whether you are getting a good deal.
The key is finding a reputable broker who will give you an accurate and honest “Good Faith Estimate” of the loan costs in writing.
Beware of shady brokers who will bait & switch borrowers by offering loan terms they can’t deliver on. You don’t find out until you are escrow that you can’t get those great terms/rates anymore. The broker will usually blame it on the lender. At this point buyers are vulnerable and will often pay a higher interest rates, etc to save the deal.
A good broker can save you a lot of leg work and often find better rates than the big banks offer. As long as the financing goes through, it doesn’t matter much if the broker uses some flaky lender that will be out of business next year. It will have no impact on you. However, if you’re on shaky financial ground and think you may require a loan modification down the road, then it may make more sense to use a blue chip lender.
ParticipantWhy care what the broker is making from YSP, rebates, fees, etc, as long as they get you the best deal (including rate, fees, pre-pay penalties, etc)? You do need to get quotes from multiple lenders/brokers to know whether you are getting a good deal.
The key is finding a reputable broker who will give you an accurate and honest “Good Faith Estimate” of the loan costs in writing.
Beware of shady brokers who will bait & switch borrowers by offering loan terms they can’t deliver on. You don’t find out until you are escrow that you can’t get those great terms/rates anymore. The broker will usually blame it on the lender. At this point buyers are vulnerable and will often pay a higher interest rates, etc to save the deal.
A good broker can save you a lot of leg work and often find better rates than the big banks offer. As long as the financing goes through, it doesn’t matter much if the broker uses some flaky lender that will be out of business next year. It will have no impact on you. However, if you’re on shaky financial ground and think you may require a loan modification down the road, then it may make more sense to use a blue chip lender.
ParticipantWhy care what the broker is making from YSP, rebates, fees, etc, as long as they get you the best deal (including rate, fees, pre-pay penalties, etc)? You do need to get quotes from multiple lenders/brokers to know whether you are getting a good deal.
The key is finding a reputable broker who will give you an accurate and honest “Good Faith Estimate” of the loan costs in writing.
Beware of shady brokers who will bait & switch borrowers by offering loan terms they can’t deliver on. You don’t find out until you are escrow that you can’t get those great terms/rates anymore. The broker will usually blame it on the lender. At this point buyers are vulnerable and will often pay a higher interest rates, etc to save the deal.
A good broker can save you a lot of leg work and often find better rates than the big banks offer. As long as the financing goes through, it doesn’t matter much if the broker uses some flaky lender that will be out of business next year. It will have no impact on you. However, if you’re on shaky financial ground and think you may require a loan modification down the road, then it may make more sense to use a blue chip lender.
ParticipantWhy care what the broker is making from YSP, rebates, fees, etc, as long as they get you the best deal (including rate, fees, pre-pay penalties, etc)? You do need to get quotes from multiple lenders/brokers to know whether you are getting a good deal.
The key is finding a reputable broker who will give you an accurate and honest “Good Faith Estimate” of the loan costs in writing.
Beware of shady brokers who will bait & switch borrowers by offering loan terms they can’t deliver on. You don’t find out until you are escrow that you can’t get those great terms/rates anymore. The broker will usually blame it on the lender. At this point buyers are vulnerable and will often pay a higher interest rates, etc to save the deal.
A good broker can save you a lot of leg work and often find better rates than the big banks offer. As long as the financing goes through, it doesn’t matter much if the broker uses some flaky lender that will be out of business next year. It will have no impact on you. However, if you’re on shaky financial ground and think you may require a loan modification down the road, then it may make more sense to use a blue chip lender.
December 14, 2009 at 10:52 PM in reply to: Reasons why listing agent ordered termite report before mls listing? #494093ParticipantWhen I lived in San Francisco it was common for sellers to do this. If it was an older home it removed a barrier to getting offers (if a reputable company performed the inspection). No buyer wants to make an offer on an older home, pay significant money for a pest inspection (termites, mold, dry rot, etc)and then have to walk away because the seller won’t clear the report. Seller’s agents encouraged sellers to do this so that deals were less likely to crash & burn.
December 14, 2009 at 10:52 PM in reply to: Reasons why listing agent ordered termite report before mls listing? #494251ParticipantWhen I lived in San Francisco it was common for sellers to do this. If it was an older home it removed a barrier to getting offers (if a reputable company performed the inspection). No buyer wants to make an offer on an older home, pay significant money for a pest inspection (termites, mold, dry rot, etc)and then have to walk away because the seller won’t clear the report. Seller’s agents encouraged sellers to do this so that deals were less likely to crash & burn.
December 14, 2009 at 10:52 PM in reply to: Reasons why listing agent ordered termite report before mls listing? #494639ParticipantWhen I lived in San Francisco it was common for sellers to do this. If it was an older home it removed a barrier to getting offers (if a reputable company performed the inspection). No buyer wants to make an offer on an older home, pay significant money for a pest inspection (termites, mold, dry rot, etc)and then have to walk away because the seller won’t clear the report. Seller’s agents encouraged sellers to do this so that deals were less likely to crash & burn.
December 14, 2009 at 10:52 PM in reply to: Reasons why listing agent ordered termite report before mls listing? #494726ParticipantWhen I lived in San Francisco it was common for sellers to do this. If it was an older home it removed a barrier to getting offers (if a reputable company performed the inspection). No buyer wants to make an offer on an older home, pay significant money for a pest inspection (termites, mold, dry rot, etc)and then have to walk away because the seller won’t clear the report. Seller’s agents encouraged sellers to do this so that deals were less likely to crash & burn.
December 14, 2009 at 10:52 PM in reply to: Reasons why listing agent ordered termite report before mls listing? #494967ParticipantWhen I lived in San Francisco it was common for sellers to do this. If it was an older home it removed a barrier to getting offers (if a reputable company performed the inspection). No buyer wants to make an offer on an older home, pay significant money for a pest inspection (termites, mold, dry rot, etc)and then have to walk away because the seller won’t clear the report. Seller’s agents encouraged sellers to do this so that deals were less likely to crash & burn.
ParticipantThe government did not GIVE anything to the banks. The funds were loaned to them at relatively high interest rates of 5-10% ( see: http://www.forbes.com/2009/01/02/gmac-tarp-capital-markets-equity-cx_md_0102markets09.html) or exchange for stock.
Most of these institutions have huge assets, but were experiencing self inflicted liquidity problems. Bank of America alone has 2.3 trillion in assets (not including customer deposits), but received only a tiny fraction of that (45 billion??)in emergency funds. As far as loaning money goes, I think the banks are a pretty safe risk. On the other hand if the government had loaned the money to the assetless, deadbeat home owners it truly would have been a giveaway.
I’ve noticed over the years that deadbeats always rationalize not paying back money that they borrowed in good faith. They delude themselves into thinking that they are justified in stiffing the lender. I’m not saying you’re a deadbeat, but I could see how someone might get that impression reading the rationalizations in some of your posts. You are entirely responsible for your predicament. The situation you are in is a very difficult one, but I think some of the posters here are unsympathetic because they think you may be a whiny deadbeat who blames others for his problems. Walking away from the home when you can still make payments is not the “right” thing to do, but it may be the best decision for you and your family. If you do it I recommend you don’t blame the “greedy” banks, realtors, etc. I think you will get a lot more moral support and respect from friends and family if you if you shoulder the blame. Good luck.
ParticipantThe government did not GIVE anything to the banks. The funds were loaned to them at relatively high interest rates of 5-10% ( see: http://www.forbes.com/2009/01/02/gmac-tarp-capital-markets-equity-cx_md_0102markets09.html) or exchange for stock.
Most of these institutions have huge assets, but were experiencing self inflicted liquidity problems. Bank of America alone has 2.3 trillion in assets (not including customer deposits), but received only a tiny fraction of that (45 billion??)in emergency funds. As far as loaning money goes, I think the banks are a pretty safe risk. On the other hand if the government had loaned the money to the assetless, deadbeat home owners it truly would have been a giveaway.
I’ve noticed over the years that deadbeats always rationalize not paying back money that they borrowed in good faith. They delude themselves into thinking that they are justified in stiffing the lender. I’m not saying you’re a deadbeat, but I could see how someone might get that impression reading the rationalizations in some of your posts. You are entirely responsible for your predicament. The situation you are in is a very difficult one, but I think some of the posters here are unsympathetic because they think you may be a whiny deadbeat who blames others for his problems. Walking away from the home when you can still make payments is not the “right” thing to do, but it may be the best decision for you and your family. If you do it I recommend you don’t blame the “greedy” banks, realtors, etc. I think you will get a lot more moral support and respect from friends and family if you if you shoulder the blame. Good luck.
ParticipantThe government did not GIVE anything to the banks. The funds were loaned to them at relatively high interest rates of 5-10% ( see: http://www.forbes.com/2009/01/02/gmac-tarp-capital-markets-equity-cx_md_0102markets09.html) or exchange for stock.
Most of these institutions have huge assets, but were experiencing self inflicted liquidity problems. Bank of America alone has 2.3 trillion in assets (not including customer deposits), but received only a tiny fraction of that (45 billion??)in emergency funds. As far as loaning money goes, I think the banks are a pretty safe risk. On the other hand if the government had loaned the money to the assetless, deadbeat home owners it truly would have been a giveaway.
I’ve noticed over the years that deadbeats always rationalize not paying back money that they borrowed in good faith. They delude themselves into thinking that they are justified in stiffing the lender. I’m not saying you’re a deadbeat, but I could see how someone might get that impression reading the rationalizations in some of your posts. You are entirely responsible for your predicament. The situation you are in is a very difficult one, but I think some of the posters here are unsympathetic because they think you may be a whiny deadbeat who blames others for his problems. Walking away from the home when you can still make payments is not the “right” thing to do, but it may be the best decision for you and your family. If you do it I recommend you don’t blame the “greedy” banks, realtors, etc. I think you will get a lot more moral support and respect from friends and family if you if you shoulder the blame. Good luck.
ParticipantThe government did not GIVE anything to the banks. The funds were loaned to them at relatively high interest rates of 5-10% ( see: http://www.forbes.com/2009/01/02/gmac-tarp-capital-markets-equity-cx_md_0102markets09.html) or exchange for stock.
Most of these institutions have huge assets, but were experiencing self inflicted liquidity problems. Bank of America alone has 2.3 trillion in assets (not including customer deposits), but received only a tiny fraction of that (45 billion??)in emergency funds. As far as loaning money goes, I think the banks are a pretty safe risk. On the other hand if the government had loaned the money to the assetless, deadbeat home owners it truly would have been a giveaway.
I’ve noticed over the years that deadbeats always rationalize not paying back money that they borrowed in good faith. They delude themselves into thinking that they are justified in stiffing the lender. I’m not saying you’re a deadbeat, but I could see how someone might get that impression reading the rationalizations in some of your posts. You are entirely responsible for your predicament. The situation you are in is a very difficult one, but I think some of the posters here are unsympathetic because they think you may be a whiny deadbeat who blames others for his problems. Walking away from the home when you can still make payments is not the “right” thing to do, but it may be the best decision for you and your family. If you do it I recommend you don’t blame the “greedy” banks, realtors, etc. I think you will get a lot more moral support and respect from friends and family if you if you shoulder the blame. Good luck.
ParticipantThe government did not GIVE anything to the banks. The funds were loaned to them at relatively high interest rates of 5-10% ( see: http://www.forbes.com/2009/01/02/gmac-tarp-capital-markets-equity-cx_md_0102markets09.html) or exchange for stock.
Most of these institutions have huge assets, but were experiencing self inflicted liquidity problems. Bank of America alone has 2.3 trillion in assets (not including customer deposits), but received only a tiny fraction of that (45 billion??)in emergency funds. As far as loaning money goes, I think the banks are a pretty safe risk. On the other hand if the government had loaned the money to the assetless, deadbeat home owners it truly would have been a giveaway.
I’ve noticed over the years that deadbeats always rationalize not paying back money that they borrowed in good faith. They delude themselves into thinking that they are justified in stiffing the lender. I’m not saying you’re a deadbeat, but I could see how someone might get that impression reading the rationalizations in some of your posts. You are entirely responsible for your predicament. The situation you are in is a very difficult one, but I think some of the posters here are unsympathetic because they think you may be a whiny deadbeat who blames others for his problems. Walking away from the home when you can still make payments is not the “right” thing to do, but it may be the best decision for you and your family. If you do it I recommend you don’t blame the “greedy” banks, realtors, etc. I think you will get a lot more moral support and respect from friends and family if you if you shoulder the blame. Good luck.
-
AuthorPosts