Coli homeowners how stressful/ tedious is the home buying process

[Pseudonym]

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 then with my lender

keep track or make memos on the transfers... the even questioned a car insurance payment to fix one of our cars ... we had to do some hardcore investigating to figure out where that deposit came from....

I’m much more organized with my finances now and I put a memo or notation on ALL transfers

 

[Orange cream shake]

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.

When the bottom falls out there will still be money to be made as a realtor. Be prepared to be a listing and selling agent so you can take advantage. There will be plenty investors that will swoop in and take advantage of “bargains”.

 

[Orange cream shake]

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

Their interest rates are the best but I don’t like being told where I can move because I make more than the median income but I’ll def check with them when I’m ready to purchase. Ive gotten a qualification from them but I let it expire. If you do go with naca I was told to just go with new build and the process is a little easier and use an in-house agent.

 

[Kap Kapperson]

What city are you in? I am a REALTOR and would be happy to help officially or unofficially.

 

[paperbag]

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

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.

Someone I know is refinancing right now and they have to get an appraisal, it make no sense. They had to take all the family pictures down in the house so it wouldn't negatively affect the valuation.

 

[zayk35]

Tedious process and lots of back and forth with your lender. But if you got everything they ask for you'll be fine. Nothing like getting them keys, especially if it's your first house like it was for us.

 

[eXodus]

keep track or make memos on the transfers... the even questioned a car insurance payment to fix one of our cars ... we had to do some hardcore investigating to figure out where that deposit came from....

I’m much more organized with my finances now and I put a memo or notation on ALL transfers

Ahhh ok gotcha! Thanks sis!

I’ve already set things up where all of my debits/bills come out of the same account that my pay goes into so I’ll mostly just have to account for that one checking account. Savings will be pretty static until i transfer another lump sum over to it.

But I do need to start getting tighter with my notations. I don’t do any cash withdrawals so it’s literally identifying the cash app money that goes to fam and having Letters of Explanation typed up in advance in case they ask for them.

 

[Software]

The best thing you can do is be 100% ready before you even start preapproval.

That means have all the funds + extra readily available in an account that can write checks
Have all your work history for at least the last 2 years
Be able to explain any large transfers in your bank account
Have all your tax info (of course)

Also, know what power you have and what you can ask once you execute a contract.
See a tree hanging too low near the roof? You can have the owner cut that before you buy
See a broken tile in the kitchen floor? You can have the owner repair that
etc etc


However... some people just really have a hard time actually finding a home they like. They'll look at 100 homes and only like 3. If that's you... it will be a difficult process regardless

Lot of houses be ugly as fukk on the outside then on the inside be perfect

Or

Perfect in the outside and got some "what the fukk" design decisions on the inside

shyt irritating as fukk

 

[eXodus]

Their interest rates are the best but I don’t like being told where I can move because I make more than the median income but I’ll def check with them when I’m ready to purchase. Ive gotten a qualification from them but I let it expire. If you do go with naca I was told to just go with new build and the process is a little easier and use an in-house agent.

Yeaa.. ima still finish the program just in case some weird shyt happens with the move I’m trying but I signed a new build contract already who would not do a NACA deal. The builder was reluctant because they got jammed in the past where the financing on the NACA side wasn’t ready at close and were left sitting on the house. At least that’s what he said. I heard Ryan Homes wasn’t fukkin with it and this Revitalization project called Henderson Crossing said nope too (I wasn’t really feeling those though)

But yea between the restrictions when you’re above median income and how disorganised the mortgage consultants can be.. shyt would either be a dream come true or a nightmare. Lol

 

[Don'tCallMeLuckyB]

I bought my first house earlier this year and I can tell you the most stressful shyt is getting the contract accepted. Man I fell in love with like three house before this one I’m in and even sending out the max offer and still not getting chosen. That shyt will make you want to say fukk it lol.

Second is the appraisal coming back. You want it to be just about the same amount they signed the contract for. My house came back 15k less and my realtor was like “ shyt now I gotta convinced this woman to sell me the house for 15k cheaper. “ in the end, she said fukk it and took the new offer but man I went like 2 weeks without hearing from the bytch selling but Once my realtor called me and said get ya shyt packed I was happy af lmao.

But getting my contracts accepted was stressful.

 

[JayYoung713]

How did it feel when you got the keys breh?

bro Ima be honest it didn't even fully hit me til I woke up this morning and I realized Im a home owner. I had the biggest smile on my face and I feel lighter now that Im done with the process. Last night I was stressing out about moving, getting new furniture for the crib all while tryna see to it that my kids have a merry Christmas.

 

[Gold]

Someone I know is refinancing right now and they have to get an appraisal, it make no sense. They had to take all the family pictures down in the house so it wouldn't negatively affect the valuation.

I mean.. that's common if its been a long time since it was last appraised. Or if they purchased a foreclosure that shyt gonna get reappraised with the quickness.

Banks always on some shyt

 

[MrRDU]

Buying is no comparison to building

 

[ThiefyPoo]

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

Can I DM you questions about your condo ?

 

[xiceman191]

shyt was easy for me the hardest thing is the wait for it to be done. Wife and I looked for a while to get an idea of what we want. We ended up buying a brand new house in a neighborhood. I'm a bit salty cause the house i originally wanted got sold a day after it was posted