Home buying thread

Crone

Crone

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Home inspections are a sham. It's not the inspectors fault, but making sure something is up to code, versus being useful, is 2 completely different things. Insulation for example. Sure, it meets code, but is that insulation that's 25 years old, and nasty going to help you? Nope. Anyone with a brain would tell you that it needs replaced, but it still passes inspection.
 
Khane

Khane

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Home inspectors for the most part do a piss poor job finding shit too. Plenty of things went wrong with my property within 6 months of moving in that, talking to the people who came in to fix the issues, anyone with a modicum of experience and know how would have spotted easily.

Things like the floor near the tub in my bathroom having sustained a lot of water damage and needing to be replaced asap (even the subfloor had appreciable water damage, and the subfloor was exposed and inspectable from the basement). I didn't realize it until water starting leaking into my basement from the first floor bathroom and because I was a layman not knowing what to look for at the time, but my home inspector should have noticed that easily and didn't.

I had a highly recommended inspector come in too, after vetting like 10 different companies/individual inspectors and it took him all of an hour to "inspect" the house. He didn't even bring a goddamn ladder, luckily I had one and let him use it so he could get on the roof.
 
Noodleface

Noodleface

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Good things for me to note.

I will say, having a friend as a buying agent has worked out really well. Maybe I'm blind to a lot of stuff, but he was really useful. We would walk into some houses and he would "nope" immediately. He knew what we wanted and even talked us out of a house that was more expensive. He's part time and looking to go full time, so I truly think he's just trying to build a name for himself rather than get crazy commissions.

Home inspection is a week from saturday, so we'll see how it goes.
 
Crone

Crone

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Here in Phoenix AZ I think part of the problem is that a lot of people think they can go into the home inspecting business, and do alright. Can't tell you how many home inspectors I've seen just out and about, that have the big magnet with their business name thrown on the side of their "work truck". Obviously not a professional assessment of their work, but it sure dilutes the quality out here I think.

With so many, and so many realtors along with them trying to cash in on the Phoenix housing boom, it's hard to trust any of them!
 
Noodleface

Noodleface

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So we have to write some letters of explanations for some stuff before closing. Some of it is simple, like they want a reason for us using a different mailing address than where we live (apartment was temporary, send all mail to her parents), copies of latest asset reports, explanation of low wages in jobs in previous years (LOL). There's one that I need to fill out though.

I had some credit cards that I let fall into collections many years ago when I first started school and was over my head. I paid them all of, but obviously had no idea what I was doing so they're still reported as being paid off in collections. I can explain those pretty easily, and I'm not too worried. However, I have one report on my credit report that is from Sprint as being sent to collections for $108. I believe it to be incorrect and want to dispute it (it says 2014, so it makes no sense - I had a Sprint phone that I cancelled about 6 years ago. My thought is it could be that, but 2014 makes no sense).

What's the best way to handle this? I am thinking about writing in my explanation that I am disputing this charge with the collection agency as I believe it to be false. I was then going to include a copy of the letter I am sending them to have it verified. Do you think that is enough? Is there a better way to handle it?
 
Joeboo

Joeboo

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The problem is, inspectors just can't possibly see many problems that might pop up. They can't see inside walls to know that your insulation is shit, or that your wiring is not up to code, or that your shower leaks through the floor after it's been on for 5 minutes.

It's basically like a mechanic diagnosing the condition of a used car without being able to look under the hood or get the car up on a rack and look underneath it. It's a lot of guesswork.

I hated the fact that our basement was finished when we bought our house, I couldn't see the basement/foundation walls a ALL to see if there had been any cracking, or water stains or anything of that sort. Sure the walls looked fine, but water issues could be easily covered up with some new drywall and paint temporarily, and who knows what kind of cracks are back there. Obviously passed inspection fine, just because no one can see anything. No problems in 3 years so far thank god, but it's still a gamble I wasn't real happy with at the time.
 
K

koljec_sl

shitlord
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2
Noodleface_sl said:
So we have to write some letters of explanations for some stuff before closing. Some of it is simple, like they want a reason for us using a different mailing address than where we live (apartment was temporary, send all mail to her parents), copies of latest asset reports, explanation of low wages in jobs in previous years (LOL). There's one that I need to fill out though.

I had some credit cards that I let fall into collections many years ago when I first started school and was over my head. I paid them all of, but obviously had no idea what I was doing so they're still reported as being paid off in collections. I can explain those pretty easily, and I'm not too worried. However, I have one report on my credit report that is from Sprint as being sent to collections for $108. I believe it to be incorrect and want to dispute it (it says 2014, so it makes no sense - I had a Sprint phone that I cancelled about 6 years ago. My thought is it could be that, but 2014 makes no sense).

What's the best way to handle this? I am thinking about writing in my explanation that I am disputing this charge with the collection agency as I believe it to be false. I was then going to include a copy of the letter I am sending them to have it verified. Do you think that is enough? Is there a better way to handle it?
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If it is the lender asking for explanations, keep the answers short and simple. If the Seller is asking for any financial information, you don't need to give them squat.

For the Sprint issue specifically, it might be easiest to pay the $108 and get a letter from Sprint showing the account paid. I don't think a lender would like to see an ongoing dispute, even if it's not your fault.

Keep in mind, the lower your credit score, the higher interest rate you pay. If you and your wife are on the mortgage, they will base the rate on the lowest scorer.
 
Noodleface

Noodleface

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It's the lender asking and I wouldn't owe money to Sprint. The money is due to a collections agency. We're already pre-approved, so I believe they just want an explanation of what it is and not an absolute resolution. If I pay it outright, it will show that the account was closed by paying collections.

The seller didn't really care, except for whatever reason our bank put all of this stuff on our pre-approval letter for all to see.
 
Brando

Asshat Brando

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Noodleface_sl said:
So we have to write some letters of explanations for some stuff before closing. Some of it is simple, like they want a reason for us using a different mailing address than where we live (apartment was temporary, send all mail to her parents), copies of latest asset reports, explanation of low wages in jobs in previous years (LOL). There's one that I need to fill out though.

I had some credit cards that I let fall into collections many years ago when I first started school and was over my head. I paid them all of, but obviously had no idea what I was doing so they're still reported as being paid off in collections. I can explain those pretty easily, and I'm not too worried. However, I have one report on my credit report that is from Sprint as being sent to collections for $108. I believe it to be incorrect and want to dispute it (it says 2014, so it makes no sense - I had a Sprint phone that I cancelled about 6 years ago. My thought is it could be that, but 2014 makes no sense).

What's the best way to handle this? I am thinking about writing in my explanation that I am disputing this charge with the collection agency as I believe it to be false. I was then going to include a copy of the letter I am sending them to have it verified. Do you think that is enough? Is there a better way to handle it?
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If your getting a conventional loan then all you have to do is explain it, nothing further. If you were doing FHA then they would probably make you pay it.
 
Crone

Crone

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1 year ago paid some dudes $1100 to haul away my entire back yard full of rock, with intent to do some concrete work and grass.

Just paid another dude $850 to fill it all back in with rock, because we are selling our house, and rock looks nicer than an empty dirt back yard.

Hindsight is 20/20. F wasting money.
 
Noodleface

Noodleface

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Brando_sl said:
If your getting a conventional loan then all you have to do is explain it, nothing further. If you were doing FHA then they would probably make you pay it.
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It's FHA. They've only requested explanation now. If they want me to pay it whatever, it's $100.
 
D

dolaan_sl

shitlord
62
0
When we did our recent home load the bank asked us, "Why do you have you gas and electric on auto-pay?" I spent a ton of time wondering why they would even ask that question, still never figured that out. I just answered, because I hate doing bills and it is easy. Never heard about it again so I guess my answer was "Correct" but what would be an incorrect answer?
 
lindz

lindz

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Our offer was accepted yesterday, yay! We ended up including some extra appliances and the agents will split a tiny bit of the closing costs (like $500) to cover what the buyer couldn't make up. Overall happy about the whole thing.

Our inspection is on Tuesday and if everything goes well, we'll close April 30th.
 
Brando

Asshat Brando

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Noodleface_sl said:
It's FHA. They've only requested explanation now. If they want me to pay it whatever, it's $100.
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For FHA loans the underwriter is in effect a signing authority for HUD. If they feel you are low risk then they won't require it, just don't be surprised if they do.
 
Brando

Asshat Brando

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dolaan_sl said:
When we did our recent home load the bank asked us, "Why do you have you gas and electric on auto-pay?" I spent a ton of time wondering why they would even ask that question, still never figured that out. I just answered, because I hate doing bills and it is easy. Never heard about it again so I guess my answer was "Correct" but what would be an incorrect answer?
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Nothing, this should never even come up as utility costs are not on a credit report and therefore play no part in a credit decision. The only time this would ever matter is if you have NO credit history and you need to do an alternative credit report where you get your payment history for rent, cell phone and another utility rated by a credit bureau.
 
Noodleface

Noodleface

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Brando_sl said:
For FHA loans the underwriter is in effect a signing authority for HUD. If they feel you are low risk then they won't require it, just don't be surprised if they do.
Click to expand...
I asked our mortgage coordinator, not sure her title.. the lady we go through at the bank. She told me usually they won't require you to pay it but not to be surprised if they do. I don't really care about the $100.. I care about it sitting on my credit report though.
 
Arative

Arative

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Noodleface_sl said:
So we have to write some letters of explanations for some stuff before closing. Some of it is simple, like they want a reason for us using a different mailing address than where we live (apartment was temporary, send all mail to her parents), copies of latest asset reports, explanation of low wages in jobs in previous years (LOL). There's one that I need to fill out though.

I had some credit cards that I let fall into collections many years ago when I first started school and was over my head. I paid them all of, but obviously had no idea what I was doing so they're still reported as being paid off in collections. I can explain those pretty easily, and I'm not too worried. However, I have one report on my credit report that is from Sprint as being sent to collections for $108. I believe it to be incorrect and want to dispute it (it says 2014, so it makes no sense - I had a Sprint phone that I cancelled about 6 years ago. My thought is it could be that, but 2014 makes no sense).

What's the best way to handle this? I am thinking about writing in my explanation that I am disputing this charge with the collection agency as I believe it to be false. I was then going to include a copy of the letter I am sending them to have it verified. Do you think that is enough? Is there a better way to handle it?
Click to expand...
Probably what happened is that the debt got sold and the new agency reported it as new debt. This is a violation of the FCRA. What State were you in when you got the debt? It could be out of the statue of limitations as well.

What you need to do is in writing, dispute the debt with the collections agency. Ask for debt validation. There are plenty of sample letters out there for you follow. Also dispute the debt with all three credit reporting agencies. If you really want to fuck with the collections agency, lodge a complaint with the CFBP that this agency is reporting old debt as new in violation of the FCRA.
 
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