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View Full Version : Money Closing on a home tomorrow


Cave Johnson
08-16-2009, 08:33 PM
I represented myself, which may or may not have been a good decision, but I was able to negotiate 3%+ off of the asking price. The house was on the market less than a month, so it wasn't a typical soft-market listing. I also negotiated $3K off for non-urgent roof repairs.

Anyway, any recs on whether I get extended/owners title insurance? From what I can tell, it's a good idea if your house was foreclosed on but is otherwise unnecessary. FWIW, I found the seller/agent to be pretty trustworthy. Her dad is a developer and did a lot of the updating, so I'm not really concerned about violations on the plumbing and electrical.

Also, anything else about the closing process I should be aware of?

Baconeater
08-16-2009, 08:44 PM
Never trust anyone that you're buying something from.

Gonzo
08-16-2009, 08:48 PM
Get the seller to pay for the home warranty. That's the only way it will be worth a fuck to you.
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GoHuge
08-16-2009, 08:48 PM
I represented myself, which may or may not have been a good decision, but I was able to negotiate 3%+ off of the asking price. The house was on the market less than a month, so it wasn't a typical soft-market listing. I also negotiated $3K off for non-urgent roof repairs.

Anyway, any recs on whether I get extended/owners title insurance? From what I can tell, it's a good idea if your house was foreclosed on but is otherwise unnecessary. FWIW, I found the seller/agent to be pretty trustworthy. Her dad is a developer and did a lot of the updating, so I'm not really concerned about violations on the plumbing and electrical.

Also, anything else about the closing process I should be aware of?Before the "closing process" is complete have a termite inspection done. Have the guy doing the inspection say there are termite problems real or not and that has to be addressed. See if you can come up with some type of way she can remedy the problem in sexual favors.

In all seriousness if the house is old enough to need some roof attention in the near future a termite inspection is a really good idea along with an agreed upon (in writing) warranty.

Coach
08-16-2009, 08:51 PM
If you are a first time homeowner, meaning you haven't owned a home before, you may be eligible for the First Time Home Buyer Credit.

Cave Johnson
08-16-2009, 09:01 PM
Before the "closing process" is complete have a termite inspection done. Have the guy doing the inspection say there are termite problems real or not and that has to be addressed. See if you can come up with some type of way she can remedy the problem in sexual favors.

In all seriousness if the house is old enough to need some roof attention in the near future a termite inspection is a really good idea along with an agreed upon (in writing) warranty.

Already did, it came back clean. The house is in really, really good shape for being built in 1947.

Are we talking a third-party home warrantly.... any recs on a company?

2bikemike
08-16-2009, 09:01 PM
If you are talking about a home warranty plan that is either hit or miss as to wheter that is a good purchase. Same as an extended warranty on a car.

However Title Insurance is highly reccommended and I would not go with out it. Title insurance covers defects in the title of the property. In fact if you have a loan it is probably required to have by the lender.

Cave Johnson
08-16-2009, 09:04 PM
Get the seller to pay for the home warranty. That's the only way it will be worth a **** to you.
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Excuse my lack of knowledge, but why is that important?

Mojo Rising
08-16-2009, 09:18 PM
If you can choose the escrow company that you use then you should ask about the fees they will charge before you are sitting at their desk.

There are a lot of BS fees that appear on the closing statement. Countrywide (BofA) wanted to charge me $40 for a fax fee. $40 to recieve the fax that stated the payoff statement. They reversed it when I called them about it.

I used the theory that every BS fee was a dinner out. Do I want that dinner out or do I want to give it to the loan officer/title agent.

The escrow company that was getting a fee to process the transaction wanted $150 to notarize the paperwork. I got that down to $25.

People think that they are done negotiating when the sale is agreed upon. The fees that are taxes and government can not be negotiated down.

Good luck. Be tough.

Gonzo
08-16-2009, 09:21 PM
Excuse my lack of knowledge, but why is that important?

Speaking from experience, the home warranty is not that great of an investment. I had the a-coil go out on my air conditioner and they didn't pay a cent.
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Tribesman
08-16-2009, 11:45 PM
If you can choose the escrow company that you use then you should ask about the fees they will charge before you are sitting at their desk.

There are a lot of BS fees that appear on the closing statement. Countrywide (BofA) wanted to charge me $40 for a fax fee. $40 to recieve the fax that stated the payoff statement. They reversed it when I called them about it.

I used the theory that every BS fee was a dinner out. Do I want that dinner out or do I want to give it to the loan officer/title agent.

The escrow company that was getting a fee to process the transaction wanted $150 to notarize the paperwork. I got that down to $25.

People think that they are done negotiating when the sale is agreed upon. The fees that are taxes and government can not be negotiated down.

Good luck. Be tough.
Yep, they definitely like to ding you with all kinds of BS fees. A Good Faith estimate from the lender will itemize all of the individual fees.

I'm in the process of closing on a VA loan w/ Wells Fargo and they do require Title Ins.

cdcox
08-17-2009, 12:00 AM
You're going to see all kinds of fees on the closing. Unless you have done all kinds of preparation, you are going to be wondering if they are all legit. You are also going to have to sign a bunch of papers that amount to 30 pages or so of fine print. You won't have time to read it all there. You'll walk out of there tomorrow wondering if you've been taken advantage of or signed something you shouldn't have. On a first time closing, I'd have an agent there representing your interests, just for peace of mind. See if you can hire a real estate or title agent to represent you at closing for a hundred or two.

Mojo Rising
08-17-2009, 12:31 AM
I don't know if a realtor would help you weed through the fine print. A Realtors job is to close a sale. They do not bring up issues that get in the way of a closed sale.

I believe that the buyer chooses the escrow/title service. Before you go call them and ask them what their fees are. They do need to make money so don't ask them to do it for free. However, if they bring up a fee that sounds like BS (document preperation fee) then ask them if that can be waived.

If they dont waive enough BS fees call other title companies. Title insurance is another cost that you need to shop.

nstygma
08-17-2009, 12:57 AM
what does extended title insurance cover that normal insurance doesn't?

kepp
08-17-2009, 08:52 AM
This has probably already been said, but DEFINITELY get title insurance. I am one of the few instances where it actually had to be used. The previous owner had an equity line of credit of $30K and paid it off when we bought the house. However, the previous lien holder neglected to close the HELOC account. When the previous owner figured this out, she maxed it out again and they came after me - threatening to auction the house on the courthouse steps to settle the loan. The title insurance company's lawyers pounced on the situation and had it taken care of quickly. If I hadn't have had title insurance, I would have been totally screwed.