Page 2 of 2 FirstFirst 12
Results 26 to 41 of 41
  1. #26
    30 mpdb
    Reputation: beeristasty's Avatar
    Join Date
    Jan 1970
    Posts
    975
    Quote Originally Posted by No Time Toulouse View Post
    NO,NO,NO,NO,NO!!!!!!!!

    You are going to close on a house. The bank has an attorney there. You are signing a shitload of paperwork; do you know what the ramifications of each document is? An attorney is a small price to pay to avoid big problems.

    When I bought my first house, we got to closing, and the seller's attorney had screwed up a couple of documents. We walked out of the closing, and rescheduled a few weeks later. My attorney possibly saved me from signing on a title that was not clear, meaning that there may've been somebody else who had a claim on the property. Could you have spotted that error?
    Ditto on having a RE attorney. When purchasing my house, the person selling it was doing so on behalf of his mother's estate. Turns out, the RE attorney found out that the home was jointly owned by his mother and father, and the father had passed away in the previous year. The house never went through probate, so the estate technically only owned 50% of the home.

    So we waited about 6 weeks for the county to probate the father's interest in the property. If it wasn't caught, there could've been potential for a giant sh*tstorm. For me it was about $650 well spent on attorney fees and title insurance.

  2. #27
    RoadBikeReview Member
    Reputation:
    Join Date
    Aug 2013
    Posts
    1,233
    Assuming you are getting a mortgage - The bank will require all that title search stuff. You will not have any choice in that matter. The bank, mortgage broker, or agent will have a recommendation for title agency.

    Attorneys, agents, title insurance, title transfers, form of ownership, etc., are all beasts of jurisdiction. Each state is different. One person's experience in one state has little to do with someone else's in another state.

    As for down payment - VA loan. Zero down.
    Last edited by crit_boy; 4 Weeks Ago at 07:43 PM.

  3. #28
    RoadBikeReview Member
    Reputation: jason124's Avatar
    Join Date
    Jul 2006
    Posts
    356
    Quote Originally Posted by crit_boy View Post
    Assuming you are getting a mortgage - The bank will require all that title search stuff. You will not have any choice in that matter. The bank, mortgage broker, or agent will have a recommendation for title agency.

    Attorneys, agents, title insurance, title transfers, form of ownership, etc., are all beasts of jurisdiction. Each state is different. One person's experience in one state has little to do with someone else's in another state.

    As for down payment - VA loan. Zero down.
    Yes, there will be a mortgage. No, I didn't serve. If I do decide to move outside of city limits, I can do a USDA loan, but it makes bike commuting a bit of a stretch with bad routes and ~20 miles.

  4. #29
    We have met the enemy...
    Reputation: paredown's Avatar
    Join Date
    Oct 2006
    Posts
    7,865
    Quote Originally Posted by No Time Toulouse View Post
    2 things you absolutely must do:

    1: Have the house you choose inspected by a professional inspector that YOU hire.

    2: Find a good real estate attorney before making an offer on your house. You do NOT want to close on a house without legal representation.

    Also, have mortgage financing approved before you make an offer.
    In NY, you are required to have an attorney represent you--and I found the process no better or no worse than the states where we bought where everything was handled by the realtor. IMO, all that the NY requirement does is slow up transactions and raise costs. (And contributes to the fact that NY still has the most houses awaiting processing for foreclosure as a result of the "Great Recession".)

    The contracts are standard, most lenders (that I am aware of) require you to have a PPI done by a commercial company, and any transaction that I have been involved in involving a real estate company, a title search is done, and you (as buyer) pay for title insurance and that should cover you if the title insurance company has not done their job correctly.

    The only time I would involve a lawyer would be on a commercial transaction, a private transaction (like the probate example above) or if I was doing something fancy. Still though if you are not comfortable reading the contract yourself, or if your realtor seems like he/she is unresponsive to your desire to change some part of the contract's boilerplate language (should you need to), then I would involve a lawyer.

    For the OP--really take a good look at the house yourself (as others have suggested). After the "Great Recession" shake-out, it seems that a lot of the decent inspectors left the biz, and the guys that are left are underpaid and not that competent. If they fail to find serious flaws with the house the extent of their liability is that they will refund their fees. That tells you how much they stand behind their service. If you know someone who is in construction/remodeling who has skills, I would get them to look too. I speak from experience--ours was "inspected", I looked at it as well, and it had a lot of problems that were not disclosed, not found by the inspector and not found by me...
    Last edited by paredown; 4 Weeks Ago at 03:51 AM.
    "There are two novels that can change a bookish fourteen-year old’s life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs."
    John Rogers

  5. #30
    pmf
    pmf is online now
    RoadBikeReview Member
    Reputation:
    Join Date
    Feb 2004
    Posts
    4,385
    Quote Originally Posted by crit_boy View Post
    Assuming you are getting a mortgage - The bank will require all that title search stuff. You will not have any choice in that matter. The bank, mortgage broker, or agent will have a recommendation for title agency.

    Attorneys, agents, title insurance, title transfers, form of ownership, etc., are all beasts of jurisdiction. Each state is different. One person's experience in one state has little to do with someone else's in another state.

    As for down payment - VA loan. Zero down.
    Yeah, that's pretty much been my experience. The lender basically owns the house so it'll want to make sure the title is clean. The buyer pays for that. There's no need for an attorney. The closing/title outfit will arrange everything. The whole process has become so regulated since the housing implosion s decade ago.

  6. #31
    Non non normal
    Reputation: bigrider's Avatar
    Join Date
    Jun 2002
    Posts
    9,947
    You decide what you can afford. Don't let the realtor tell you what you can afford by a formula. You will be house poor.

    Decide what is important to you. (example- I told our realtor a geographic area I required and no split levels and a price limit)

    Know what the market is and if you see a deal pounce on it.

    Don't fret. If you buy a house and lose your job and lose the house, it is no worse than renting if you were lived there a few years.
    "There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle." --A. Einstein

  7. #32
    RoadBikeReview Member
    Reputation: jason124's Avatar
    Join Date
    Jul 2006
    Posts
    356
    Well, some good news and bad news. Good news: I am enrolled in LegalShield through work and one of the features they provide is Real Estate Attorney services.

    The bad news... I am an authorized user on a credit card and well, that card is maxed out at the moment (not by me). This has screwed up my credit utilization ratio and 2/3 credit scores are now in the "poor" rating. I have voiced to the owner's to have me removed as an authorized user, but it seems like they can't be bothered... not sure how to go about getting this resolved.

  8. #33
    Russian Troll Farmer
    Reputation: No Time Toulouse's Avatar
    Join Date
    Sep 2016
    Posts
    962
    So, I assume you co-signed for somebody else's credit card, and now that has come back to bite you hard? Hard lesson learned, there. Contact the credit card company. I think if you pay off their debt then close the account, you can resolve this quickly.
    "L'enfer, c'est les autres"

  9. #34
    RoadBikeReview Member
    Reputation: jason124's Avatar
    Join Date
    Jul 2006
    Posts
    356
    Quote Originally Posted by No Time Toulouse View Post
    So, I assume you co-signed for somebody else's credit card, and now that has come back to bite you hard? Hard lesson learned, there. Contact the credit card company. I think if you pay off their debt then close the account, you can resolve this quickly.
    No, its not a co-signed card. I was added as an authorized user but it seems Experian and TransUnion weighs the debt on the authorized user as much as the cardholder. Equifax does not weigh it as heavily and that credit score is excellent as a result.

  10. #35
    Russian Troll Farmer
    Reputation: No Time Toulouse's Avatar
    Join Date
    Sep 2016
    Posts
    962
    I'm still trying to imagine what this means. Do you ever USE this card? If not, have yourself removed from it. FWIW, the credit reporting agencies are only supposed to use those things in which you are responsible for paying. If your credit was not used as a guarantor for the card, then it should not be held against your credit. Time for an attorney if it was.

    If, OTOH, you were a co-signor, oh well, that's what being a co-signor entails.
    "L'enfer, c'est les autres"

  11. #36
    RoadBikeReview Member
    Reputation: jason124's Avatar
    Join Date
    Jul 2006
    Posts
    356
    Quote Originally Posted by No Time Toulouse View Post
    I'm still trying to imagine what this means. Do you ever USE this card? If not, have yourself removed from it. FWIW, the credit reporting agencies are only supposed to use those things in which you are responsible for paying. If your credit was not used as a guarantor for the card, then it should not be held against your credit. Time for an attorney if it was.

    If, OTOH, you were a co-signor, oh well, that's what being a co-signor entails.
    Right, I get the co-signer part which this is not. Generally this is done for someone who either has no credit or very little credit history as a way to get into a credit card and start building credit. Normally this is for a spouse or a child.

    I did use the card occasionally out of convenience when I needed to pick things up for the owner of the card. It was more convenient than settling the debt in cash as they simply paid for it. During a recent spat expenses (and no emergency fund, but that's a different story), they have maxed out said credit card.

    I haven't tried calling to get myself removed yet, since most cards explicitly state only the main account holder has access to make said changes. I guess it doesn't hurt to try.

  12. #37
    RoadBikeReview Member
    Reputation:
    Join Date
    Oct 2013
    Posts
    2,169
    Guess it is not so convenient now. Your going to have to resolve this conflict or live with it forever. That account will never be payed off.
    BANNED

  13. #38
    Russian Troll Farmer
    Reputation: No Time Toulouse's Avatar
    Join Date
    Sep 2016
    Posts
    962
    Quote Originally Posted by jason124 View Post
    Right, I get the co-signer part which this is not. Generally this is done for someone who either has no credit or very little credit history as a way to get into a credit card and start building credit. Normally this is for a spouse or a child.

    .....
    Not true. If you had to sign paperwork for the card, guess what? You became a co-signor. Now you are 'jointly and severally' responsible for all the debt, and until it's paid off, you're all screwed. Once again, if you offer to retire the debt and close the account, your credit will improve over the next 3 years or so. Do nothing, and it will be a blot on your credit for a lot longer.

    BTW, it always amazes me how fiscally naive the younger generations are today.
    "L'enfer, c'est les autres"

  14. #39
    RoadBikeReview Member
    Reputation:
    Join Date
    Aug 2002
    Posts
    656
    I don't quite understand how the 2 credit agencies are looking at this. I can see if the card has a large (unused) credit limit, then that certainly can be looked as 'accessible credit' (which you can easily draw on) but since you are NOT the owner and it's already max'd out, you can't really access any of that. Now, you're screwed either way.

    I wonder if the card owner would do the right thing and promptly remove you as an authorized user, once you tell them you're trying to buy a house. I would imagine he/she would understand.
    Last edited by config; 2 Weeks Ago at 07:55 AM.

  15. #40
    RoadBikeReview Member
    Reputation: jason124's Avatar
    Join Date
    Jul 2006
    Posts
    356

    Much ado about nothing

    So I learned 2 things this morning. Turns out CreditKarma doesn't actually show your FICO score, but only shows "your" accounts and assumes any charges made are made by you. Hence my credit score was "poor" due to credit utilization.

    I did get my actual FICO scores and all of those show my credit is "Very Good" (740-799).

    Additionally, Citi has changed their policy and I was able to remove my name from the account as well. Their old policy was only the account owner can and and/or remove additional authorized users.

  16. #41
    Russian Troll Farmer
    Reputation: No Time Toulouse's Avatar
    Join Date
    Sep 2016
    Posts
    962
    Quote Originally Posted by jason124 View Post
    .... Turns out CreditKarma doesn't actually show your FICO score, but only shows "your" accounts and assumes any charges made are made by you. Hence my credit score was "poor" due to credit utilization.
    ...
    OK, now things are starting to make sense; you were expecting a sales-driven website like Credit Karma to be giving you a true FICO store. They don't, they are only there to sell you their over-priced 'services'. In the investment and banking services industry, such things are referred to as "Fake-O" scores.

    FWIW, you neglected to do the FIRST thing that a prospective home buyer has to do, namely get a pre-approved mortgage BEFORE you start looking. This way, you know what you can afford, and you don't waste time looking at those you can't. Also, a situation like you just described would probably cause you enough time to resolve that any offer you made would likely expire before you had the issue cleared up
    "L'enfer, c'est les autres"

Page 2 of 2 FirstFirst 12

Similar Threads

  1. Colnago in the House! Colnago in the House!
    By Mapei in forum General Cycling Discussion
    Replies: 41
    Last Post: 07-11-2011, 12:57 PM
  2. not looking good (house sale)
    By Andy69 in forum The Lounge
    Replies: 31
    Last Post: 03-07-2011, 06:06 PM
  3. Looking for cyclist to rent room in Newcastle house
    By Tahoe_Rocks in forum Northern California
    Replies: 0
    Last Post: 07-02-2009, 12:03 AM
  4. Looking for my first SS (first post too)
    By slozoff in forum Fixed/Single Speed
    Replies: 13
    Last Post: 12-26-2007, 01:31 PM
  5. Our house is a very very very fine house
    By thinkcooper in forum The Lounge
    Replies: 91
    Last Post: 10-22-2005, 02:09 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •