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SD Realtor
Participanthehehehheh
Participantwait for it….
ParticipantIn general you have everything about right. What you are missing are the lenders fees with regards to origination charges, prepaid points etc…
When you get your good faith estimate those amounts should be on there.
Inspections vary with the size of the home. If you are talking a 900k home that is around 3500 sf then you are looking at 450-600 for a good home inspection. Appraisal will run 350 – 450.
You can call any escrow company to get an estimate for escrow, title insurance, recording charges. In general the cost for escrow and the title insurance will grow with the cost of the transaction. I don’t want to say it will be exactly x% of the cost. It takes two minutes to call an escrow company and get an estimate for those items.
Also don’t forget that you will also pay some recurring fees at closing such as homeowners insurance and some property taxes as well.
However with regards to non recurring expenses you got most of them. If you want to do secondary inspections like spore testing for mold, or more intrusive HVAC inspections or having someone come out and scope the drains then estimate a few hundred for each of those tests.
ParticipantSimply call the agent let her know that you would like to terminate the listing. You can have the agent send you a cancellation of contract. The agent will most likely resist. You can contact the broker and ask for that same cancellation. If you are firm, they will comply.
A few questions:
What do you expect the listing agent to do?
Frequently sellers use the term lack of representation because they are not satisfied with the number of showings that they have had. So did you agree with the price that your realtor recommended? Does the home show well? Was the home priced in line with recent SOLD comps?
I have a pretty standard policy I like to recommend to sellers. If you don’t get an offer in the first 10 days along with at least 10-15 showings then something is wrong. More then likely the price needs to be slashed by at least 5%. Rinse and repeat in the next few weeks unless you plan to renovate to remedy the problem.
How many showings have you had? What kind of feedback did you get from the showings?
Generally there is not some fancy advertising solution that will sell your home. You can pretty up pictures all you want, send out mailers, have a buzillion open houses. The fact of the matter is that if the home is on the MLS, and it shows well, and you have made it easy to show, then the house will sell if it is priced well. If there are environmental factors like the neighborhood or noise, or crappy neighbors then price it better. Either way, you need to get some feedback on the showings you had so you can adjust.
Basically any home can sell…
It all depends on your motivation.
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I am not saying your realtor is good or bad. Undoubtedly your realtor should have had a strategy that they very clearly explained to you up front prior to agreeing to take the listing.
If you have been on the market for 2 months without an offer then you need to make some serious adjustments. A new realtor may help but a new price will more then likely be needed.
Participant“This is the biggest money waste and these companies rely on people’s laziness to profit.”
I think if there is one thing you can count on, it is laziness. Seems like a pretty smart business model to me.
February 29, 2012 at 9:11 AM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738904ParticipantGood thing there are some Mira Mesa experts here. I forgot is that one of those far flung areas as well? AN do you need to take the train to work?
ParticipantSeasoning is usually 60 days. Why would you want to put a limit of what you report. Again, talk to a qualified mortgage broker rather then an internet posting site. The more that you can also prove to a lender that you have as reserves the better off it is as well.
Lenders don’t report your application data to the irs.
February 28, 2012 at 8:27 PM in reply to: Fantastic article explaining what’s REALLY happening: #738873ParticipantSorry pr_dk…I sent a pm showing her your credentials as president of the shep smith fan club…
ParticipantMaking sure your financial plans are in order is essential to do prior to searching for a home. Understanding what sort of requirements you will need for your lender is important. This includes w2 requirements, (being able to show proof of w2 income for 2 years) or (being able to show self employment income for 2 years) if you have a downpayment making sure it is seasoned, etc… Getting preapproved before you start your search will help define your parameters so you do not waste you time, or your realtors time searching for a home only to find there are mitigating circumstances that will prevent you from buying it. Understanding the cost of your loan (how much closing costs will be approximately) is also important. Preapproval letters indeed do expire after a short time. Some listing agents are okay with a preapp letter that is less then 90 days old, some want one that is less then 30 days old. It all varies. Answering your question, yes getting preapproved for a given amount now will help you realize how much lenders are willing to commit to you. Understand this value will vary as interest rates change but unless those changes are substantial, that amount will not change a whole lot.
Also understanding exactly what your house payment will be including insurance, property taxes and any other homeowner expense is important before you do your search as well.
Once you have all of the financial stuff in order and estimated you can then start to look for a home with the confidence that there will be no surprises down the road.
February 28, 2012 at 12:17 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738852ParticipantGot ya sdr.
ParticipantReally good advice from FLU and Ren.
It really is about the math. If you are going to be transient then don’t count on cash flow unless you make a significant downpayment.
February 28, 2012 at 11:13 AM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738845ParticipantThe home was purchased using FHA financing the first time around. It was just recently short sold. My guess is that this had nothing to do with investors. It was purchased, and now it just completed the short sale process. The people who bought it went FHA and then lost it… surprise surprise.
February 27, 2012 at 6:54 PM in reply to: Fantastic article explaining what’s REALLY happening: #738807ParticipantMy man crush just got deeper…
I better watch out… soon you will have me voting for Obama…
ParticipantIt is 2T that is being backstopped for Europe in general.
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