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SD Realtor
ParticipantYou should absolutely shop around. One thing you may want to do, if you are a seller, check who previously issued your title insurance policy, go to them first and let them know as they may cut you a better deal then any new provider.
Also many providers will compete in a pretty fierce manner. Your agent may have some good connections as well. Tell your agent that you want the provider they recommend to meet or beat any written estimate you get from other vendors. If they cannot meet or beat then you will go with the other vendor.
SD Realtor
ParticipantYou should absolutely shop around. One thing you may want to do, if you are a seller, check who previously issued your title insurance policy, go to them first and let them know as they may cut you a better deal then any new provider.
Also many providers will compete in a pretty fierce manner. Your agent may have some good connections as well. Tell your agent that you want the provider they recommend to meet or beat any written estimate you get from other vendors. If they cannot meet or beat then you will go with the other vendor.
SD Realtor
ParticipantHLS –
You pretty much did indeed answer my question.
Basically the fundamental question that many people always ponder have to do with tracking mortgage rate movements. That is, what is the best index to track the movements of mortgage rates. As you know, there are so many programs out there, it is a loaded question and difficult to answer. Many people do not even know that lenders send out rate sheets all the time, espcecially when bond yields are moving.
I have to admit the question was somewhat selfish in nature as I have been looking for myself lately.
So what index would you advise people to look at in order to get a general idea which way mortgage rates are trending. The 30 year bond?
Also yes I am in total agreement with you regarding the qualification process. Unfortunately it is about 5 years late in coming but better late then never. In the end it will lead to a financially healthier brand of homeowner barring a major recession and substantial loss of jobs, (which of course could very well happen)…
ParticipantHLS –
You pretty much did indeed answer my question.
Basically the fundamental question that many people always ponder have to do with tracking mortgage rate movements. That is, what is the best index to track the movements of mortgage rates. As you know, there are so many programs out there, it is a loaded question and difficult to answer. Many people do not even know that lenders send out rate sheets all the time, espcecially when bond yields are moving.
I have to admit the question was somewhat selfish in nature as I have been looking for myself lately.
So what index would you advise people to look at in order to get a general idea which way mortgage rates are trending. The 30 year bond?
Also yes I am in total agreement with you regarding the qualification process. Unfortunately it is about 5 years late in coming but better late then never. In the end it will lead to a financially healthier brand of homeowner barring a major recession and substantial loss of jobs, (which of course could very well happen)…
ParticipantAll recorded documents will be on file with the county.
SD Realtor
ParticipantAll recorded documents will be on file with the county.
SD Realtor
ParticipantAgreed HLS.
As someone who is renting, I have found that whenever there has been an intent to sell, from any of my LLs, I never stuck around to see the results and I felt it was an intrusion on the life of my family. Thus I bailed regardless of the financial situation of the landlord, or now nice they were… I am simply more distrusting of people by nature then most I guess… (Yes I am a landlord as well!)
In fact not only are there no signs of distress, but if there is not a disclosure of a short sale on the MLS, it may be that indeed they will come in with cash on the shortfall.
ParticipantAgreed HLS.
As someone who is renting, I have found that whenever there has been an intent to sell, from any of my LLs, I never stuck around to see the results and I felt it was an intrusion on the life of my family. Thus I bailed regardless of the financial situation of the landlord, or now nice they were… I am simply more distrusting of people by nature then most I guess… (Yes I am a landlord as well!)
In fact not only are there no signs of distress, but if there is not a disclosure of a short sale on the MLS, it may be that indeed they will come in with cash on the shortfall.
ParticipantHLS –
Generally with short sales I have found that
a – The property has to be on the market at least 3 months before the lender will even look at a short sale offer
b – The purchase offer on a short sale has to be accompanied by the required documentation package that the sellers must need to fill out. (Financial statement, proof of hardship, tax returns, w2 etc…)
c – The lenders I have worked with respond within 6 weeks, to a short sale offer.
Section c usually is the driving reasons why buyers agents hate to submit offers for short sales.
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Most lenders servicing loans for distressed homeowners I have worked with, seem to give a somewhat random answer as to when the notice of default will be recorded. There seems to be this sort of ether that occurs from when the loan is actually passed to the loss mitigation group for notice of default recordings as well as the initiation of foreclosure proceedings. More of less it appears to me that the timeframe is approximately 3 consecutive missed payments. Although it could be more… which would seem obvious if the loss mitigation groups are flooded with work.
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Sakina99 make no mistake about it, you will have to move someday. Your landlord of course will want you to stay and rent up to the day they close escrow with the buyer, or the day they hand the keys over to the bank because you are essentially making his payment for him. If you keep the home clean and showable then all the better for him. You are essentially doing him a favor. If your landlord has not missed payments then you are in good shape. However if they have missed 3 payments then I would start looking. Most people do not miss 3 payments then start paying again. Once they stop, they have a new strategy and will move forward with it because it is essentially throwing more money away and prolonging the inevitable. So that is what you really need to find out, are they missing payments. Once a notice of default is recorded you have a little over 3 months, (closer to 4) unless your seller cures the default.
As a renter who has had to move 3 times in 2.5 years, twice due to landlord decisions, I would advise any tenant to be wary once the landlord puts a home on the market. Especially if they are behind in payments. I don’t like doing any favors for landlords selling their homes and I don’t like to subject my family to agents showing the home I am living in so the second I was told they were selling I left. I am especially happy to see the home I left in February is still on the market today. That landlord begged us to stay.
Sakina99 I am not saying something is imminent… but I would be willing to bet that within 9 months the home will have a different owner.
ParticipantHLS –
Generally with short sales I have found that
a – The property has to be on the market at least 3 months before the lender will even look at a short sale offer
b – The purchase offer on a short sale has to be accompanied by the required documentation package that the sellers must need to fill out. (Financial statement, proof of hardship, tax returns, w2 etc…)
c – The lenders I have worked with respond within 6 weeks, to a short sale offer.
Section c usually is the driving reasons why buyers agents hate to submit offers for short sales.
******
Most lenders servicing loans for distressed homeowners I have worked with, seem to give a somewhat random answer as to when the notice of default will be recorded. There seems to be this sort of ether that occurs from when the loan is actually passed to the loss mitigation group for notice of default recordings as well as the initiation of foreclosure proceedings. More of less it appears to me that the timeframe is approximately 3 consecutive missed payments. Although it could be more… which would seem obvious if the loss mitigation groups are flooded with work.
******
Sakina99 make no mistake about it, you will have to move someday. Your landlord of course will want you to stay and rent up to the day they close escrow with the buyer, or the day they hand the keys over to the bank because you are essentially making his payment for him. If you keep the home clean and showable then all the better for him. You are essentially doing him a favor. If your landlord has not missed payments then you are in good shape. However if they have missed 3 payments then I would start looking. Most people do not miss 3 payments then start paying again. Once they stop, they have a new strategy and will move forward with it because it is essentially throwing more money away and prolonging the inevitable. So that is what you really need to find out, are they missing payments. Once a notice of default is recorded you have a little over 3 months, (closer to 4) unless your seller cures the default.
As a renter who has had to move 3 times in 2.5 years, twice due to landlord decisions, I would advise any tenant to be wary once the landlord puts a home on the market. Especially if they are behind in payments. I don’t like doing any favors for landlords selling their homes and I don’t like to subject my family to agents showing the home I am living in so the second I was told they were selling I left. I am especially happy to see the home I left in February is still on the market today. That landlord begged us to stay.
Sakina99 I am not saying something is imminent… but I would be willing to bet that within 9 months the home will have a different owner.
Participant92129 has been added 2 weeks ago and I will add 92127 and 92128.
SD Realtor
Participant92129 has been added 2 weeks ago and I will add 92127 and 92128.
SD Realtor
ParticipantCheck the representation agreement that you signed with them.
When I work with sellers and take listings I explain transaction coordination up front and even write it into the listing agreement. That way it is fully explained what the coordinator does, what the cost is, and when the fee will actually get paid. For buyers the same is true. If I do choose to have the buyer pay for coordination, it gets written into the buyers representation agreeement or into the Residential Purchase agreement, explained and everyone is on the same page.
Of course if you are using a “full service” agent that is getting 2-3% commission and not giving you any rebate, it goes without saying that they should pay.
SD Realtor
ParticipantCheck the representation agreement that you signed with them.
When I work with sellers and take listings I explain transaction coordination up front and even write it into the listing agreement. That way it is fully explained what the coordinator does, what the cost is, and when the fee will actually get paid. For buyers the same is true. If I do choose to have the buyer pay for coordination, it gets written into the buyers representation agreeement or into the Residential Purchase agreement, explained and everyone is on the same page.
Of course if you are using a “full service” agent that is getting 2-3% commission and not giving you any rebate, it goes without saying that they should pay.
SD Realtor
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