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Before you EVEN attempt to buy a house move all your money into one account that will be doing the buying.. My Zeus it's been a pain in the neck getting all our weird accounts to transfer or communicate with each other effectively in the last week or so before settlement.
Not so simple Scott. Once you start moving money around the bank treats you like a money launderer.My mortgage company told me to send them a bank statement when my balance was highest. Then they asked for a signed and dated letter asking me to explain why my current balance was so much higher than my average balance!
Settled on the house yesterday! at 3.25% soooo nice. They almost make it worthwhile to not pay the mortgage off early at that rate since you can probably invest money and make more.
My mortgage company told me to send them a bank statement when my balance was highest. Then they asked for a signed and dated letter asking me to explain why my current balance was so much higher than my average balance!
You can't just claim it a "fixer upper" and say you'll paint it yourself? I don't get it, peeling paint doesn't seem like a big deal... *again, knows nothing about buying houses*
My Realtor suspects that because the appraisal came in low ($117K) that the lender is trying to get out of the deal by throwing up insurmountable obstacles. I don't see how appraisal could have come in that low the house is assessed for over $170K and that is only 70% of expected sale price.
Question is; did appraisal come in low due to collusion between appraiser and lender or did low appraisal lead to lender making things difficult for me?
Still, complaining about peeling paint is stupid. I don't understand how a low appraisal would offend/worry them. Maybe that they would give you the loan and somehow the house would fall apart and they'd not get their money back... or something? I dunno, I'd say "Ok buttface, say goodbye to all my moneys" and walk away :-P
Edit: I know I'm eventually going to buy a house one day, so I try to pay attention to this stuff. HGTV makes it seem so easy. :-P
When I get to work I'm going to look at my 401K and the rules it has on using the money to buy a home.