Coli homeowners how stressful/ tedious is the home buying process

[paperbag]

Sellers market where you have financing and you're competing against cash offers= 6 months of hell. But at least when I was buying the prices were cratering, so i actually ended up with a better deal. In this market

 

[ThaBronxBully]

It’s Not Bad If You’re Prepared, Go Into Blindly It’ll Be A Headache

 

[Towlie]

The main piece of advice to keep closing on track is giving them the info they request ASAP. I was in situations where I was out of town and they asked for the docs and I got the email on my phone.

I was around a university at the time and I ended up using a printer there to sign a doc

 

[the bossman]

I would like someone to elaborate as well why is it booming? I was expecting a drop eventually but damn.

Because the interest rates are stupid low. My boy and his wife are under contract with 2.7%

When money is that cheap it will push prices higher

 

[Pseudonym]

It was fairly easy because we went with BofA because the stupid low interest rate, and we were building the house so we knew the total cost because we selected everything.

The most “stressful” part was providing over 70 letters of explanations because we have 5+ accounts and we help family members out a lot so they kept asking what was this $200 for? Where did this transfer go? Why was this deposited?

We got the money stop asking questions about shyt from last year. I don’t remember!!!


They were asking for letters of explanations up to the night before(10pm) we officially closed on the house. We had to send it at 6 am when we woke up.

 

[JayYoung713]

I just got the keys to my new house last night will be moving in this weekend. It was about a month long process definitely some very irritating points. there were also 2 other people interested in the house so there was a bidding process. I thought about just staying in my condo at least twice during this process lol

 

[JT-Money]

I’m in the industry and I’m at a loss for words. I was eyeing a new build right before the shutdown, price has increased 40k. It’s ridiculous.

Im guessing Covid has slowdown construction of new houses possibly so there is little inventory on hand causing prices to climb. Plus interest rates dropping is bringing in more buyers.

I just see a ton of mortgage servicing companies hiring like gangbusters. And real estate agents constantly posting sales they've made. So I'm wanting in on a piece of the action before the bottom falls out again.

 

[the bossman]

I'm going thru a refinance now and the process has been ridiculously easy. Highly recommend Better.com for refinance

Went from a 3.4% mortgage to 2.6%. PMI falling off, monthly payment reduced by $300, no appraisal needed, & they will cut me a check after

 

[beenz]

Tedious but worth it IMO. Just make sure your paperwork is all good

 

[BaldingSoHard]

It's pretty easy if you're a well qualified buyer.

Couple e-mails with your tax returns and pay stubs and bank statements is really all you need.

 

[BaldingSoHard]

I'm going thru a refinance now and the process has been ridiculously easy. Highly recommend Better.com for refinance

Went from a 3.4% mortgage to 2.6%. PMI falling off, monthly payment reduced by $300, no appraisal needed, & they will cut me a check after

Yup just refi'd a few months ago and it was like 3 e-mails and done. No appraisal... shyt was too easy.

 

[Pseudonym]

I'm going thru a refinance now and the process has been ridiculously easy. Highly recommend Better.com for refinance

Went from a 3.4% mortgage to 2.6%. PMI falling off, monthly payment reduced by $300, no appraisal needed, & they will cut me a check after

 

[eXodus]

Sellers market where you have financing and you're competing against cash offers= 6 months of hell. But at least when I was buying the prices were cratering, so i actually ended up with a better deal. In this market

Yea, I was tempted to give NACA a shot to pull off some 0.625 type interest rate on the buy down but dudes that actually did the program a 2-3 years back and got those kinda deals were like

“maaan with all the contingencies you’ll have to do w NACA.. it’s gonna be impossible to win a bid against a conventional buyer, let alone a cash offer”

So, I figured I’d try to use NACA and do new construction. Every builder I talked to was like naaaaw we good



so just decided to go conventional

 

[the bossman]

I just got the keys to my new house last night will be moving in this weekend. It was about a month long process definitely some very irritating points. there were also 2 other people interested in the house so there was a bidding process. I thought about just staying in my condo at least twice during this process lol

How did it feel when you got the keys breh?

 

[eXodus]

It was fairly easy because we went with BofA because the stupid low interest rate, and we were building the house so we knew the total cost because we selected everything.

The most “stressful” part was providing over 70 letters of explanations because we have 5+ accounts and we help family members out a lot so they kept asking what was this $200 for? Where did this transfer go? Why was this deposited?

We got the money stop asking questions about shyt from last year. I don’t remember!!!


They were asking for letters of explanations up to the night before(10pm) we officially closed on the house. We had to send it at 6 am when we woke up.

Damn!!

Let me get my paper work right now then smh..

My mom be wanting me to cash app her and shyt. Ima keep that to a minimum and keep a log of shyt like that in case it becomes a thing with my lender