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It's been discussed a million times before but....

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Originally posted by: krunchykrome
Originally posted by: Capt Caveman
10 day lock? All of the mortgages I've received had 30-90 day rate locks. Wow, you really got taken advantage by this developer.

Did you ever get a home inspection clause put in so that you have the opportunity to pull out of the deal if there's something wrong?

You so needed a lawyer to protect your rights.
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wait, im sorry, I think you misunderstood me. We can lock anytime within 45 days as long as it's at least 10 days before settlement

Our contract includes warranties, and holds them liable if anything is wrong with the house. And we also have a final walkthough with the project manager. I think it would be a good idea to hire an independent home inspector to come with us as well. They also signed an agreement to immedietly fix anything upon moving in, including dings and dents from furniture. I was never worried about issues with the house itself because I read the entire contract when we signed and I was comfortable with it.

The thing I was always uncomfortable with and that I never liked since the begining was the fact that we had no date of completion set in stone, and until that date was given, we could not lock in a rate. My fear was that they could essentially wait as long as they wanted, years if they wanted, and we could not lock in a rate until then. We had no recourse if that was the case; I argued my point until they couldn't stand me anymore but that was their firm policy and if we wanted the house, we had to accept that risk. It's not an issue now though.
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Dude, I know you don't like taking our advice. BUT I highly recommended that you hire an independent home inspector to inspect your home prior to closing. Any issues then need to be listed as an amendment to the P&S with cash holdbacks. Do not expect the developer to be prompt or perform quality work when addressing any punch list issues if the developer doesn't have any incentive(cash hold back) to correct any issues.

edit - when I bought my new townhouse, I also had the standard warranty crap in the contract but after a home inspection I had a number of items added to my P&S. Upon the final walk-thru prior to the closing, I discovered a number of items were not completed. I had my closing attorney add a several cash hold-backs including money that was to go to the developer's attorney to ensure I would get my issues addressed.

If you haven't gotten one, I would highly recommend having a closing attorney to assist you if discover anything during your home inspection and final walk-thru.
 
Originally posted by: Capt Caveman
Originally posted by: krunchykrome
Originally posted by: Capt Caveman
10 day lock? All of the mortgages I've received had 30-90 day rate locks. Wow, you really got taken advantage by this developer.

Did you ever get a home inspection clause put in so that you have the opportunity to pull out of the deal if there's something wrong?

You so needed a lawyer to protect your rights.
Click to expand...

wait, im sorry, I think you misunderstood me. We can lock anytime within 45 days as long as it's at least 10 days before settlement

Our contract includes warranties, and holds them liable if anything is wrong with the house. And we also have a final walkthough with the project manager. I think it would be a good idea to hire an independent home inspector to come with us as well. They also signed an agreement to immedietly fix anything upon moving in, including dings and dents from furniture. I was never worried about issues with the house itself because I read the entire contract when we signed and I was comfortable with it.

The thing I was always uncomfortable with and that I never liked since the begining was the fact that we had no date of completion set in stone, and until that date was given, we could not lock in a rate. My fear was that they could essentially wait as long as they wanted, years if they wanted, and we could not lock in a rate until then. We had no recourse if that was the case; I argued my point until they couldn't stand me anymore but that was their firm policy and if we wanted the house, we had to accept that risk. It's not an issue now though.
Click to expand...

Dude, I know you don't like taking our advice. BUT I highly recommended that you hire an independent home inspector to inspect your home prior to closing. Any issues then need to be listed as an amendment to the P&S with cash holdbacks. Do not expect the developer to be prompt or perform quality work when addressing any punch list issues if the developer doesn't have any incentive(cash hold back) to correct any issues.
Click to expand...

No, it's good advice and I'm going to take it. I'm going to hire an independent inspector to accompany us during our final walkthrough.
 
I went thru this a couple months ago. couldve locked in at 5.75 but waited and the rates climbed to 7. came down a bit and held steady at 6.5-6.75. locked in at 6.75 a week before closing and as soon as I did, rates started dropping and eventually went as low as 6.375 the day of our closing. I ended up buying the rate down to 6.5 since BoA only charged me around $1K for the the buydown.

let me tell you right now, once all this is over and you have the house you want, all this wont bother you that much anymore. I dont even think about the rate I got anymore.
 
Originally posted by: Aharami
I went thru this a couple months ago. couldve locked in at 5.75 but waited and the rates climbed to 7. came down a bit and held steady at 6.5-6.75. locked in at 6.75 a week before closing and as soon as I did, rates started dropping and eventually went as low as 6.375 the day of our closing. I ended up buying the rate down to 6.5 since BoA only charged me around $1K for the the buydown.

let me tell you right now, once all this is over and you have the house you want, all this wont bother you that much anymore. I dont even think about the rate I got anymore.
Click to expand...

Earlier today, I was actually reading that thread that you created a while ago. lol

I know after this is all over, it won't matter; there's a first time for everything

 
Originally posted by: Capt Caveman
Dude, I know you don't like taking our advice. BUT I highly recommended that you hire an independent home inspector to inspect your home prior to closing. Any issues then need to be listed as an amendment to the P&S with cash holdbacks. Do not expect the developer to be prompt or perform quality work when addressing any punch list issues if the developer doesn't have any incentive(cash hold back) to correct any issues.

edit - when I bought my new townhouse, I also had the standard warranty crap in the contract but after a home inspection I had a number of items added to my P&S. Upon the final walk-thru prior to the closing, I discovered a number of items were not completed. I had my closing attorney add a several cash hold-backs including money that was to go to the developer's attorney to ensure I would get my issues addressed.

If you haven't gotten one, I would highly recommend having a closing attorney to assist you if discover anything during your home inspection and final walk-thru.
Click to expand...

ditto. cant stress the importance of a home inspector enough. krunchy, i know you're buying a new property so you may think inspection doesnt matter as much, but even if for the peace of mind, that $400 is worth it. Find your own inspector; definitely dont go with one recommended by your realtor, or the developer, or anyone else who has something to gain by you closing on the house. A good inspector wont mind you hanging around over his shoulder and will explain everything he is doing. Make sure he gives detailed descriptions in his report and not just tick mark of a checklist. Our inspection report was over 20 pages with detailed description and pictures with arrows pointing out things in question.

My inspector was extremely thorough and saved me a bunch of cash when he detected that the ventilation system doesnt have proper airflow. Ended up that the condenser was near death and actually died 2 days before closing. Seller had to get us a new AC unit - got lucky as hell on that one
 
Originally posted by: krunchykrome
Originally posted by: AkumaX
Originally posted by: krunchykrome
Originally posted by: AkumaX
5% in jan 07 🙂
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jesus joseph mary
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we had good credit 🙂
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ahhaha, you jerk

the thing that really irritated me was that my fiancee and I have stellar credit. I have something like a 770 and she's 800+. We have zero credit card debt. And we both have great jobs. It was my assumption that we were prime candidates for a mortgage and the lender even assured us that given our situation, we would have zero problems.

The thing about the FHA rate is that 6.5% was the lowest they could go for anyone, and people with bad credit, debt, etc would receive a higher rate

We were dissapointed because we've done well for ourselves and it was still possible someone with not as good "attributes" could essentially receive the same rate as us
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Haha, didn't mean to sound mean 😉 But on the bright side, you're probably paying $100k-$200k less than if you bought that same house 2 years ago.
I don't know what our credit score was then, but we both have 800+ NOW
 
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