Posts tagged ‘Foreclosure’

December 13, 2010

SWING and a miss…

by brandt

The pitch was high and tight, and we swung low.  Looks like we’re on the hunt again.

House #7 – Rochester appears to be off the table.  We got a response back from Fannie Mae saying they rejected our offer.  While that’s a sharp jab to the chin, it’s not a devastating knockout.  Our agent then said that it was a long shot to get Fannie to accept on the first offer, especially since we were offering way under the listing price.

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December 7, 2010

House #7 – Rochester Part 2

by brandt

Part 1 is here.

OK, so I said it was a Homepath house, right?  And you remember what it meant to be a Homepath house, right?

You forgot?

Oh dear…

OK, a Homepath house is a house that is foreclosed on and the Government (most notably, Fannie Mae) is selling the house with loads of incentives to get someone into it.

First, they offer lower down payment and lower sale prices than other homes.  Conventional loans typically want 20% down, FHA loans require 3.5% down, but Homepath homes usually are OK with as low as 3% down.  Less cash to put down on a house, more cash in pocket.  Second, they are great for people who have less-than-great credit (which isn’t an issue for us).  Third, NO PRIVATE MORTGAGE INSURANCE!  Talk to any homeowner who has to pay PMI, and it is one of the worst parts about home ownership.  Fourth, no appraisal fees (which can be upwards of $300-$500)…again, more cash in pocket.  Fifth, because of the real estate economy, they’re also willing to chip in 3.5% towards closing costs – which is what we’ve been asking every time we’ve made an offer on a house.

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December 2, 2010

Brandt’s Craziness and Other Issues

by brandt

Short version – I’m picky because I’m over analytical with life.

A few nights ago, one of my friends sent me about our housing situation.  During the ADD nature of our text conversations (between mutually agreeing that Detroit Lions suck, the University of Michigan needs to fire Rich Rodriguez, and Brock Lesnar will hold the UFC Heavyweight Title again), he asked an interesting question about our little situation with the houses.

“So…now what?”

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November 22, 2010

Thanksgiving Week 2010!

by brandt

We’re at an intersting point in our housing search.  We’ve got outstanding offers on 3 different houses, here, here, and here.  One of the houses is listed as a Homepath foreclosure, but seems to be up for auction, so we’re not too sure what’s going on with that one.  The two other houses are listed as short sales, and because we’re giving everything we’ve got to get into the houses, we’re asking them to pay 3% closing costs.  This has become a sticking point with both sellers, because neither seller wants to pay closing costs, and they aren’t sure if the bank will pick up the costs or if they will get stuck with it.  So they haven’t signed purchase agreements, and we’re still waiting.

So what’s a potential new homeowner to do when it comes time for the holiday season?  Well, some of the best overall general life advice I’ve been given is “Take it all in stride, and keep it all in perspective.”

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November 12, 2010

Wheelin’, Dealin’, and Stealin’

by brandt

It’s time for another Q&A Session with Uncle Brandt, where I type till my fingers are blistered trying to answer the deep soul-searching questions you all have sent in!  First, obligatory CAT PICTURE.  STORY TIME after the jump.

Thinking kitteh is….thinking of the answers to your questions.


After Ashley and I graduated college in Idaho, we moved out to Michigan.  The economy wasn’t the greatest, I didn’t want to be a farmer in Idaho, and Michigan is where I had the most networking contacts to find my first job out of college.  I was hired by a mortgage company, and my first job while I was there was to take the big packages of mortgage documents and be in a “quality control”-type role.  Basically, I sorted them, made sure all the forms were there, and passed the stack on to the next person.

From what I was told, the only way to learn mortgages, and the only way to learn the industry, is to be around it.  That was the extent of my first-day-on-the-job training.  And considering many people buy 2, maybe 3 houses through the course of their life, much of the details and paperwork are left to real estate agents and loan officers, with us the consumer taking their advice.

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October 18, 2010

Manic Monday

by brandt

Uh oh.

Bank of America might be in some big trouble.

Brandt might be in some big trouble.

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