Housing Blues.....Need Advice

LadyT said:
No $hitsherlock. Didn't I just say "I knew the agent was a sheisty (sp?) SOB.He's still showing the house and not mentioning that its in attorney review."?
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Are you going to just lie there and take it, or are you going to fight back?

What's with the "attorney review" nonsense? If he strings you along for another few weeks (because of the immovable attorneys overwhom he has no control - the higher authority sales tactic) and there are no other offers, it will mean that you have paid too much. I don;t want to see that happen. Right now you are his insurance policy.

I'm trying to be supportive and helpful, not critical.
 
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Troglodyte27 said:
Are you going to just lie there and take it, or are you going to fight back?

What's with the "attorney review" nonsense? If he strings you along for another few weeks (because of the immovable attorneys overwhom he has no control - the higher authority sales tactic) and there are no other offers, it will mean that you have paid too much. I don;t want to see that happen. Right now you are his insurance policy.

I'm trying to be supportive and helpful, not critical.
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You've got a warped sense of 'supportive'. Anyway The attorney review process typically takes under a week. My attorney made addendums (sp?) to the contract that we both signed and sent it to their alleged attorney's office somewhere in Georgia. We were waiting on them to return the agreement with their stipulations and then if we were all in agreement, we'd sign. Apparently the office that my attorney sent it to wasn't even the attorney's office and their agent allegedly didn't know that. So in response my agent's manager called him and reemed him out and told him they better have an attorney by the end of the say. If they don't we will probably rescind the offer and report him.
 
LadyT said:
You've got a warped sense of 'supportive'. Anyway The attorney review process typically takes under a week. My attorney made addendums (sp?) to the contract that we both signed and sent it to their alleged attorney's office somewhere in Georgia. We were waiting on them to return the agreement with their stipulations and then if we were all in agreement, we'd sign. Apparently the office that my attorney sent it to wasn't even the attorney's office and their agent allegedly didn't know that. So in response my agent's manager called him and reemed him out and told him they better have an attorney by the end of the say. If they don't we will probably rescind the offer and report him.
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Just curious, but why did you need addenda?
 
He changed the dates, got rid of some waiver language and put a clause in about extraordinary repairs. Just to cover our as$es if something happened. A few more things, I can't remember.
 
LadyT said:
He changed the dates, got rid of some waiver language and put a clause in about extraordinary repairs. Just to cover our as$es if something happened. A few more things, I can't remember.
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Ok, it sounds like they've been out of the house for a while.

Are you going to get an engineer's report?
 
sounds like you have pretty much had a nightmare of a time. Too bad, it shouldn't be that way. Having attorneys involved cracks me up. Here we just go under contract have an inspection done and .... Done! We don't need attorneys to work out differences. :D
 
Superfreak said:
sounds like you have pretty much had a nightmare of a time. Too bad, it shouldn't be that way. Having attorneys involved cracks me up. Here we just go under contract have an inspection done and .... Done! We don't need attorneys to work out differences. :D
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Well, so far I like the attorney's input. I think the biggest rip off is from the title insurance and all the state and county fees associated with changing a title. Plus I have prepaid legal so its not such a big deal to me.
 
I suppose it isn't much different from my reliance on my real estate agent. Just don't really see the need for both. Just me though....and apparently I am just a knee-jerk reactionary... so pay me no never mind. :burn:
 
LadyT said:
Well, so far I like the attorney's input. I think the biggest rip off is from the title insurance and all the state and county fees associated with changing a title. Plus I have prepaid legal so its not such a big deal to me.
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Got to have the Title isurance though. You could ask for the seller to pay it, it's (here anyway) around $3-4 per thousand.

remeber - it's just a house - be willing to walk away.
 
Superfreak said:
I suppose it isn't much different from my reliance on my real estate agent. Just don't really see the need for both. Just me though....and apparently I am just a knee-jerk reactionary... so pay me no never mind. :burn:
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I like that she's using the Attorney. With pre-paid legal, she's already bought the service, so she is making good use of it.
 
$3000?????!!!!!!! for title insurance? WTF?? Ours costs <$2000. And I'm still complaining about that. I'd never shut up if we had to pay $3K for it. That ridiculous.
 
LadyT said:
$3000?????!!!!!!! for title insurance? WTF?? Ours costs <$2000. And I'm still complaining about that. I'd never shut up if we had to pay $3K for it. That ridiculous.
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In my area it's about .003 times sales value, so a $100,000 house would be ~$300. $3000 title insurance would be a $1,000,000 house. Did you move a decimal by accident?

Look on your HUD-1 statement, it would be included in the good faith estimate of the closing costs.
 
Troglodyte27 said:
In my area it's about .003 times sales value, so a $100,000 house would be ~$300. $3000 title insurance would be a $1,000,000 house. Did you move a decimal by accident?

Look on your HUD-1 statement, it would be included in the good faith estimate of the closing costs.
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No, I left out the "per"
 
Latest update:

They have an attorney we sent the agreement to them, they sent one back and it stated that their selling the house was contingent on bank approval of a short sale. Which basically means that they are trying to negotiate with the bank how much they are going to give them. My lawyer was saying that it sounds like they may be in foreclosure. It would have been nice to know that earlier. Which is quite amazing that it would even be an issue considering the place only cost them $185K 10 years ago and we are paying over $372K for it now. If they even suggest that we pay more for it, I'm out.
 
How are the home inspectors in Jersey ? I have bought homes in 4 states and 1/2 of the inspectors were good the other half could not tell their butt from a hole in the ground.
Pretty lax standards in most states apparently.
 
LadyT said:
Latest update:

They have an attorney we sent the agreement to them, they sent one back and it stated that their selling the house was contingent on bank approval of a short sale. Which basically means that they are trying to negotiate with the bank how much they are going to give them. My lawyer was saying that it sounds like they may be in foreclosure. It would have been nice to know that earlier. Which is quite amazing that it would even be an issue considering the place only cost them $185K 10 years ago and we are paying over $372K for it now. If they even suggest that we pay more for it, I'm out.
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WOW, a short sale means they're upside down on the loan(s) and probably facing foreclosure. A short sale is a form of voluntary foreclosure in which the bank accepts less than owed, but records it as full payment and satisfaction. The foreclosure does not show on the credit report and the property never hits the banks non-performing assets sheet. Typically a bank will not accept a short sale unless the seller can show that the house is worth less than is owed. In likelihood, they're probably trying to work a short on a second mortgage who will not get full money back if they let it go to foreclosure.
 
Troglodyte27 said:
WOW, a short sale means they're upside down on the loan(s) and probably facing foreclosure. A short sale is a form of voluntary foreclosure in which the bank accepts less than owed, but records it as full payment and satisfaction. The foreclosure does not show on the credit report and the property never hits the banks non-performing assets sheet. Typically a bank will not accept a short sale unless the seller can show that the house is worth less than is owed. In likelihood, they're probably trying to work a short on a second mortgage who will not get full money back if they let it go to foreclosure.
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I'm curious as to what the hell they did? I know they put in a new kitchen and added an addition to the house, but evidently they didn't do anything else to it. Even if they took out $60K on that (which I doubt they did), they are still getting way above what they owed on it. They had to have taken out a shit load of equity. And if they did, I'm really curious as to what they did with it?!?! If they were that SOL with money, I'm also surprised that they waited this long to accept an offer considering taxes are well over $500 a month and they obviously are paying a lot more than their original mortgaged amount.
 
LadyT said:
I'm curious as to what the hell they did? I know they put in a new kitchen and added an addition to the house, but evidently they didn't do anything else to it. Even if they took out $60K on that (which I doubt they did), they are still getting way above what they owed on it. They had to have taken out a shit load of equity. And if they did, I'm really curious as to what they did with it?!?! If they were that SOL with money, I'm also surprised that they waited this long to accept an offer considering taxes are well over $500 a month and they obviously are paying a lot more than their original mortgaged amount.
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They used the house like an ATM.
 
My lawyer's an idiot. He said to me, "all home sales are 'as-is'" Oh really? Then why is there a distinction if every home is that way. It was funny because a few weeks ago when we got something back from their attorney's there was a type of sale they included that when my boyfriend looked up said was not a good one. When he asked my lawyer about it, he goes, "noooo, that's the best kind, they're all like that.........." I chalked it up to him getting bad info on the net, but I think he was right and my lawyer was wrong.

So basically this is what's going on. Yesterday I got a message saying that the bank wanted $20K more than what we offered, naturally we were like, "no....deals off" Two hours later I get call saying the bank will do the deal at our original price of $372, but they want to do it as an "As-Is". The slimy agent knows what we said about as-is and the price we said we'd do an as-is at. We just lowered our price by $11 if they want to do an as-is. If they don't we've decided to walk.
 
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