The American Dream: Buying a home and bitching about it ITT

Re: The American Dream: Buying a home and bitching about it

Postby Bill McNeal » Thu Aug 30, 2018 12:22 pm

No way they will remove your parents from the loan. No bank will do that, because they qualified you based on that income/credit/assets, so even though you no longer need their income/credit/assets, the servicer would never remove them as they are someone else to go after if you stop paying. You'll have to refi in order to remove them.
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Re: The American Dream: Buying a home and bitching about it

Postby Grotewold » Thu Aug 30, 2018 12:27 pm

Bill McNeal wrote:No way they will remove your parents from the loan. No bank will do that, because they qualified you based on that income/credit/assets, so even though you no longer need their income/credit/assets, the servicer would never remove them as they are someone else to go after if you stop paying. You'll have to refi in order to remove them.


That's what I had read, but the servicer (CMC Funding, on behalf of Fannie Mae) said it is technically possible. We were prequalified based on just my wife and my financials, for a home more expensive than the one we bought; my parents were only added so we could make a non-contingent offer.

At this point, I'm hoping it's worth more to my lender and the bank he sold to for us to not refinance elsewhere.
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Re: The American Dream: Buying a home and bitching about it

Postby PTOITWCFTPP » Thu Aug 30, 2018 1:03 pm

Bucky wrote:4 grand?? Are you getting 4 or 5 of them??? :lol: :lol: :lol:

How much are they? I googled to and saw anywhere from 3-5k. What am I looking at?
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Re: The American Dream: Buying a home and bitching about it

Postby TheAAGuy » Thu Aug 30, 2018 1:35 pm

PTOITWCFTPP wrote:
Bucky wrote:4 grand?? Are you getting 4 or 5 of them??? :lol: :lol: :lol:

How much are they? I googled to and saw anywhere from 3-5k. What am I looking at?

Are you referring to a traditional hot water heater, or one of those new-fangled tankless ones? It sounds like that 3-5k price you found may of been referring to a tankless HWH. An old fashioned HWH should be around 1K or so.
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Re: The American Dream: Buying a home and bitching about it

Postby PTOITWCFTPP » Thu Aug 30, 2018 1:54 pm

Yeah I just want an old fashioned gas water heater. Looks like they start at 400. Thats nice. So we are 99% moving to this place. Feeling good
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Re: The American Dream: Buying a home and bitching about it

Postby Uncle Milty » Thu Aug 30, 2018 2:31 pm

PTOITWCFTPP wrote:Inspection today.

Our guy was awesome. Very thorough.
Bunch of small stuff, roof is great, foundation is great.

Things that were problems:
Hot water heater is on its last legs. Brown water was coming out of faucets.
Fireplace doesn’t work right now. Needs some maintenance.
AC is brand new but doesn’t get to temp.
Showers don’t work, the switches from Bath to Shower head don’t work.

The last three things are easy fixes. Hot water heater is a big deal. I’m not buying a house then immediately having to put 4 grand in for a new water heater. Negotiating this plus all the odds and ends things that need to be fixed should be fun

Do you know the material used for the plumbing?
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Re: The American Dream: Buying a home and bitching about it

Postby TenuredVulture » Thu Aug 30, 2018 2:44 pm

I'd be more concerned about the AC than anything else--if the unit is brand new, but it's not working properly, that could mean a crappy installation or problems with the ducts or something.
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Re: The American Dream: Buying a home and bitching about it

Postby Bill McNeal » Thu Aug 30, 2018 2:45 pm

Grotewold wrote:
Bill McNeal wrote:No way they will remove your parents from the loan. No bank will do that, because they qualified you based on that income/credit/assets, so even though you no longer need their income/credit/assets, the servicer would never remove them as they are someone else to go after if you stop paying. You'll have to refi in order to remove them.


That's what I had read, but the servicer (CMC Funding, on behalf of Fannie Mae) said it is technically possible. We were prequalified based on just my wife and my financials, for a home more expensive than the one we bought; my parents were only added so we could make a non-contingent offer.

At this point, I'm hoping it's worth more to my lender and the bank he sold to for us to not refinance elsewhere.


Seriously, that would be awesome if they would do that. I've not worked anywhere that would, but that doesn't mean it couldn't' happen. Good luck!
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Re: The American Dream: Buying a home and bitching about it

Postby Uncle Milty » Thu Aug 30, 2018 2:48 pm

TenuredVulture wrote:I'd be more concerned about the AC than anything else--if the unit is brand new, but it's not working properly, that could mean a crappy installation or problems with the ducts or something.

Undersized unit? (Not a problem I've ever had!)
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Re: The American Dream: Buying a home and bitching about it

Postby Grotewold » Thu Aug 30, 2018 2:51 pm

Bill McNeal wrote:Seriously, that would be awesome if they would do that. I've not worked anywhere that would, but that doesn't mean it couldn't' happen. Good luck!


Thanks man. I trust you completely and am keeping expectations low, but it's nice that they didn't completely rule it out.

Talked to my original lender to see if he can exert any influence. I totally get why a bank wouldn't want to do it, but then again my lender and the bank are going to lose commission and the loan (respectively) if they don't
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Re: The American Dream: Buying a home and bitching about it

Postby PTOITWCFTPP » Thu Aug 30, 2018 3:08 pm

Uncle Milty wrote:
TenuredVulture wrote:I'd be more concerned about the AC than anything else--if the unit is brand new, but it's not working properly, that could mean a crappy installation or problems with the ducts or something.

Undersized unit? (Not a problem I've ever had!)

Inspector thinks something wasn’t installed properly. Since it’s new, it’s under warranty and they need to have that fixed before final walkthrough.
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Re: The American Dream: Buying a home and bitching about it

Postby TheAAGuy » Thu Sep 13, 2018 8:23 am

Well I made the final payment on my mortgage this month. I now own my condo free and clear. I had a 15 year mortgage at 5.00%. My monthly cash flow now improves by $1644/month, that's the amount of P+I on the mortgage.
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Re: The American Dream: Buying a home and bitching about it

Postby Uncle Milty » Thu Sep 13, 2018 8:57 am

Congrats. Gotta be a great feeling.
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Re: The American Dream: Buying a home and bitching about it

Postby Bucky » Thu Sep 13, 2018 5:13 pm

Congrats!
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Re: The American Dream: Buying a home and bitching about it

Postby PTOITWCFTPP » Fri Sep 14, 2018 2:04 pm

Sellers agent requested the Due Diligence period be extended to accommodate all the things they agreed to fix. This works out great for us because it pushes closing back a week into a new month so we don’t have to pay double rent. Hopefully they agree to that date.

Sticking points
-Hot water heater (or a thousand dollars off closing)
-Screen missing in one window
-Garage door seal
-Side door has mold on frame

Looking pretty good though. The sellers have been pretty receptive on most things.
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Re: The American Dream: Buying a home and bitching about it

Postby Woody » Fri Sep 14, 2018 3:47 pm

We decided to buy new construction. Delivery Aug/Sept of next year. Hopefully the whole world economy does not fall to #$!&@ before then. This is not at all stressful! House is gonna be really nice, the mortgage payment less so.
you sure do seem to have a lot of time on your hands to be on this forum? Do you have a job? Are you a shut-in?
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Re: The American Dream: Buying a home and bitching about it

Postby Bucky » Fri Sep 14, 2018 3:50 pm

congrats! where?
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Re: The American Dream: Buying a home and bitching about it

Postby PhillieMooDo » Fri Sep 14, 2018 3:56 pm

Not sure where else to put this, and the endgame is to buy a house and move back home, so:

One thing Microsoft is pretty generous with is the stock buying program, and they also give lots of stock at bonus time. In just a few years, my wife has accrued a lot (well, a lot for us). Our fear is starting to become, what if we wait too long and dingus in the WH tanks the economy. Stock options alone, we've got a pretty sizable down payment.

My question, for you fine folks: Do we sell our stock options and put it in a nice, safe savings account, and wait for the eventual housing tumble to pounce on our next home?
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Re: The American Dream: Buying a home and bitching about it

Postby Woody » Fri Sep 14, 2018 4:02 pm

Bucky wrote:congrats! where?


only a couple miles from where we are now. kids don't even have to change schools, which is great
you sure do seem to have a lot of time on your hands to be on this forum? Do you have a job? Are you a shut-in?
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Re: The American Dream: Buying a home and bitching about it

Postby Woody » Fri Sep 14, 2018 4:13 pm

PhillieMooDo wrote:Not sure where else to put this, and the endgame is to buy a house and move back home, so:

One thing Microsoft is pretty generous with is the stock buying program, and they also give lots of stock at bonus time. In just a few years, my wife has accrued a lot (well, a lot for us). Our fear is starting to become, what if we wait too long and dingus in the WH tanks the economy. Stock options alone, we've got a pretty sizable down payment.

My question, for you fine folks: Do we sell our stock options and put it in a nice, safe savings account, and wait for the eventual housing tumble to pounce on our next home?


This has nothing to do with stock markets or housing tumbling, but it were me, just given the fact MSFT is at all-time highs, I'd sell at least a portion of it and sock it away. I'm in a similar situation at my job, but it's with quarterly restricted stock bonuses (taxed and treated like regular income), not vested options. I'll probably sell as soon as it vests each quarter and sock it away for new housing expenses.
you sure do seem to have a lot of time on your hands to be on this forum? Do you have a job? Are you a shut-in?
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