topic Re: I ride bicycles.... in Mortgage Loans

I ride bicycles....

StrateUp — Fri, 06 Apr 2012 04:03:22 GMT

....really serious ones. But my road bike was stolen 3 weeks ago. This nearly brings me to tears. Not only do I live, eat and breath for hiking, biking and backpacking but I lost about $2000 worth of bike in this theft. I commute 14 miles a day by bike. I ride 40 to 60 miles every weekend. The house I have in escrow is right next to the River Mountain Trail in Las Vegas and that trail is why I picked this house. Its like a surfer having beach front property.

OK. I'm flat disgusted with both the loss of my bike AND waiting on the sellers bank to approve the short sale. Here's the point...

I want a new bike. It is going to cost me $2000 just to replace my bike. If I keep the cash reserves I should keep in order to close on this house, I'm going to have to put about $1200 on a credit card that I can't immediately pay off. And all I've read here tells me not to make major expenditures until the house closes. But Spring is here and this is my life.

I need this bike. My middle FICO score is somewhere between 690 and 700. My DTI is 19% and 33% without the car. It is 19% and 39% if you count the last 7 car payments. Buying this bike is going to cause the mortgaging bank to see about $3000 in transactions between a credit card and my checking account. What could this mean to the purchase of this house? Right at this moment I'm just about done with the house thing.

Thanks all, in advance.

Re: I ride bicycles....

boomhower — Fri, 06 Apr 2012 12:24:03 GMT

What do your reserves look like after you take the $2k out? If you have enough left then go for it. It certainly sounds like biking is an integral part to your life but you may have to decide whether missing a couple months of bikiing is worth waiting to have a house right next to a perfect biking location for the next few decades is worth it. That's not anything we can tell you and you'll have to decide for yourself. Good luck.

Re: I ride bicycles....

StrateUp — Fri, 06 Apr 2012 12:40:41 GMT

boomhower wrote:
What do your reserves look like after you take the $2k out? If you have enough left then go for it. It certainly sounds like biking is an integral part to your life but you may have to decide whether missing a couple months of bikiing is worth waiting to have a house right next to a perfect biking location for the next few decades is worth it. That's not anything we can tell you and you'll have to decide for yourself. Good luck.

Is that the entire formula? My 401K is worth more than the house. Will that do it? I keep hearing "Don't spend money on anything."

I just an hourly wage earner but I've done some right things with my money in recent years. I didn't even think about the 401K.

Re: I ride bicycles....

IOBA — Fri, 06 Apr 2012 16:58:05 GMT

StrateUp - if you can wait, wait. My friends who are serious bikers usually have 2-3 bikes becuase they always need a back up bike. Do you have a back up bike you could use until you close? Can you borrow a bike from someone until you close?

If not, ask a family member or a friend to "borrow" the money from. Have them pay for the bike and you can pay them back with monthly payments until you close on the house. After you have signed and are in the house, then give the person a lump sum.

If you definitely have enough in reserves to pay for down payment, closing, and 2-6 months of reserves, then use some incoming money (don't pull from savings) to get a new bike.

Re: I ride bicycles....

StrateUp — Fri, 06 Apr 2012 18:38:17 GMT

IOBA wrote:
StrateUp - if you can wait, wait. My friends who are serious bikers usually have 2-3 bikes becuase they always need a back up bike. Do you have a back up bike you could use until you close? Can you borrow a bike from someone until you close?

If not, ask a family member or a friend to "borrow" the money from. Have them pay for the bike and you can pay them back with monthly payments until you close on the house. After you have signed and are in the house, then give the person a lump sum.

OR

If you definitely have enough in reserves to pay for down payment, closing, and 2-6 months of reserves, then use some incoming money (don't pull from savings) to get a new bike.

I've been waiting for months to hear something on this house. Anything. My realtor, if you can call her that, hasn't done a single thing she's said she was going to do and has lied to me on dozens of occasions. Buying this house is one of the mose miserable experiences I've ever experienced outside of death in family or divorce. And I eseriously don't want to move in the summer. I really don't care if this house flops or not. I'll start again in the early fall and with a real realitor. I bought a great new bike this morning and I'm going bike riding. Screw Real Estate. I hope all the banks close tomorrow and we go back the chucking spears for groceries.

Re: I ride bicycles....

StrateUp — Fri, 06 Apr 2012 18:42:48 GMT

If 700 scores and more money in the 401K then the house is worth won't get a house financed then I don't need a house, but then if this won't buy a house then nobody qualifies for a house.

Re: I ride bicycles....

FrugalRican — Fri, 06 Apr 2012 18:46:55 GMT

Sometimes you have to do what makes you happy, rather than what makes sense.

Re: I ride bicycles....

StrateUp — Fri, 06 Apr 2012 19:06:17 GMT

I'm sorry everybody. Probably nobody here thinks I'm a nice guy but I am. I'll be OK in an hour and I still think this house is going to happen.

Re: I ride bicycles....

FrugalRican — Fri, 06 Apr 2012 19:10:01 GMT

StrateUp wrote:
I'm sorry everybody. Probably nobody here thinks I'm a nice guy but I am. I'll be OK in an hour and I still think this house is going to happen.

I have absolutely no idea why you are apologizing. But I just wanted to remind you, it's Friday. :)

And I know all about short sales and how annoyingly painful they can be.

Re: I ride bicycles....

StrateUp — Sat, 07 Apr 2012 01:22:00 GMT

I bought my new bicycle today and I needed it. I spent all day fine tuning it and getting it ready for a 50 miler tomorrow. I'd much rather go througfh this kind of pain than worry about theives and sour real estate deals. I put in about 10 miles just now and feel like a million bucks.

Re: I ride bicycles....

IOBA — Sat, 07 Apr 2012 02:50:51 GMT

StrateUp - there should be a "get out of contract" clause regarding the short sale in your original offer. If not, then you should be able to write a letter asking to be released. In my house #2 situation, I had to send written notification (email was ok) to all parties involved saying I wanted out of the contract. The seller than had three business days to get the bank to approve the short sale. After three business days, I had to submit a realtor form saying to officially release me from the contract. It was sent to all parties. The sellers had to sign off on it. Then about a week later, I recieved my escrow funds back.

Check your contract. If your realtor won't help you, then send a CMRR letter to the sellers/sellers agent and email a copy to your realtor.

I hope you feel better after your bike ride. AND I hope your "release me" email/letter prompts a resolution to the house deal.

Re: I ride bicycles....

StrateUp — Sat, 07 Apr 2012 03:33:27 GMT

IOBA wrote:
StrateUp - there should be a "get out of contract" clause regarding the short sale in your original offer. If not, then you should be able to write a letter asking to be released. In my house #2 situation, I had to send written notification (email was ok) to all parties involved saying I wanted out of the contract. The seller than had three business days to get the bank to approve the short sale. After three business days, I had to submit a realtor form saying to officially release me from the contract. It was sent to all parties. The sellers had to sign off on it. Then about a week later, I recieved my escrow funds back.

Check your contract. If your realtor won't help you, then send a CMRR letter to the sellers/sellers agent and email a copy to your realtor.

I hope you feel better after your bike ride. AND I hope your "release me" email/letter prompts a resolution to the house deal.

I greatly appreciate your advice. I still really want this house and I was no longer ablieged to buy it 45 days after the seller accepted my offer. What makes me choke is my real estate agent just straight up lies to me and feeds my lines every time she talks to me, if she talks to me. I'm not suspecious, it's black and white. My townhouse is $52000. She gets half the commision pn that as she is not the listing agent. She just platantly is not interested in working on this deal and tells me all kind of hooey to brush me off. I not only want to fire her but I want to give my evidance to the real estate board but that will only reset the clock.

On top of this my bike was stolen. Ok, well, big deal. I bought another one. Not quite. I've been an outdoorsman all my life then one day a couple days ago I found out that I am now old enough to have a bicycle taken from me by force from somebody I would have crushed in my fingers for most of my life. It is bazzarre dealing with that and I've never been able to handle liars, cheats and theives, which both my agent and the bike theif are. Now, guess what? I'm just a regular Joe and these tjings just don't happen in my life.

Thanks for letting me spew. Tomorrow is another day.

Re: I ride bicycles....

notmyj — Sat, 07 Apr 2012 12:02:51 GMT

StrateUp wrote:
I've been waiting for months to hear something on this house. Anything. My realtor, if you can call her that, hasn't done a single thing she's said she was going to do and has lied to me on dozens of occasions. Buying this house is one of the mose miserable experiences I've ever experienced outside of death in family or divorce. And I eseriously don't want to move in the summer. I really don't care if this house flops or not. I'll start again in the early fall and with a real realitor. I bought a great new bike this morning and I'm going bike riding. Screw Real Estate. I hope all the banks close tomorrow and we go back the chucking spears for groceries.

Bold by me. I can't for the life of me understand why people will tolerate a realtor like this. YOU HIRED THEM, YOU CAN FIRE THEM. They work for you, if they dont, you fire them. I fired my first realtor after the first meeting. The one I kept was fantastic. He made me feel like I was his only client, always gotback to me, never left me hanging, and after we closed he took us to the bar to celebrate onhis dime, on Dec 24th.

By using a realtor, and closing on a house, you getting them a few thousand dollars in their pocket. Why would let them get that money and not work for it?? I never understand how people will complain about their realtor and do nothing about it, but still put a few thousand dollaras in thier pockets. If anyone can go through with a house purchase or sale, and has complaints about their realtor, IT IS YOUR FAULT. THEY ARE HIRED BY AND WORK FOR YOU. You are the boss, you can fire them if they arent doing their job. If you sucked at your job, would the boss still pay you a few grand for it???

Re: I ride bicycles....

StrateUp — Sat, 07 Apr 2012 13:05:57 GMT

notmyj wrote:
StrateUp wrote:
I've been waiting for months to hear something on this house. Anything. My realtor, if you can call her that, hasn't done a single thing she's said she was going to do and has lied to me on dozens of occasions. Buying this house is one of the mose miserable experiences I've ever experienced outside of death in family or divorce. And I eseriously don't want to move in the summer. I really don't care if this house flops or not. I'll start again in the early fall and with a real realitor. I bought a great new bike this morning and I'm going bike riding. Screw Real Estate. I hope all the banks close tomorrow and we go back the chucking spears for groceries.
Bold by me. I can't for the life of me understand why people will tolerate a realtor like this. YOU HIRED THEM, YOU CAN FIRE THEM. They work for you, if they dont, you fire them. I fired my first realtor after the first meeting. The one I kept was fantastic. He made me feel like I was his only client, always gotback to me, never left me hanging, and after we closed he took us to the bar to celebrate onhis dime, on Dec 24th.

By using a realtor, and closing on a house, you getting them a few thousand dollars in their pocket. Why would let them get that money and not work for it?? I never understand how people will complain about their realtor and do nothing about it, but still put a few thousand dollaras in thier pockets. If anyone can go through with a house purchase or sale, and has complaints about their realtor, IT IS YOUR FAULT. THEY ARE HIRED BY AND WORK FOR YOU. You are the boss, you can fire them if they arent doing their job. If you sucked at your job, would the boss still pay you a few grand for it???

Did you read the part where if I fire my agent the entire escrow process starts over and I'm in the 4th month of escrow> That and I'd loose the current house?

Re: I ride bicycles....

boomhower — Sat, 07 Apr 2012 13:42:46 GMT

Congrats on the new bike. Yes, your 401K counts as reserves so you have no worries there. Good luck on the house, hope it works out in the end.

Re: I ride bicycles....

StrateUp — Sat, 07 Apr 2012 14:07:53 GMT

boomhower wrote:
Congrats on the new bike. Yes, your 401K counts as reserves so you have no worries there. Good luck on the house, hope it works out in the end.

Thank you. You are very kind.

I'm getting ready to load up. I'm riding the River Mountain Trail which has access 167 yards from the house in escrow. The trail is 35 miles long and I will live closer to it than anybody else in Ls Vegas if the house ever closes. This will be my new backyard and why I put up with the garbage by staying in escrow on this house:

All this and $52,000 for new construction in a gated community. I just got to remember this.

Re: I ride bicycles....

IOBA — Sat, 07 Apr 2012 14:13:23 GMT

Nice.

Someone who is a realtor on here might be able to chime in and tell you how you can switch agents midstream. You would not loose your escrow money.

In my first house deal (argh!) the listing agent was not doing his job as he should. Details were posted at the time I went through this, so not repeating it. Almost from the beginning, I was going to the sellers direct and communicating. And in the end, the sellers were calling ME with updates. So it's a thought - you could call the sellers directly since you are getting nowhere. Or maybe contact the listing agent directly.

Um - are you buying a short sale that is new construction? Or just a regular short sale? Or just new construction??

Re: I ride bicycles....

StrateUp — Sat, 07 Apr 2012 14:49:20 GMT

"New Construction" was misleading. The house was built in 2007. It is in new condition.

I called the listing agent and she told me it was illegal for her to talk to me but she did say everything is going well and on track now.

I'm not even worried about the earnest money. I'd LOVE to get a new agent and keep my place in the escrow without starting over. Fact is, the real estate market is Las Vegas is broken and/pr corrupted from top to bottom. You've never seen anything like it.

Oh, yes, it is a short sale, oh yes indeed. My first and last.

Re: I ride bicycles....

StartingOver10 — Sun, 08 Apr 2012 15:07:36 GMT

StrateUp wrote:
"New Construction" was misleading. The house was built in 2007. It is in new condition.
I called the listing agent and she told me it was illegal for her to talk to me but she did say everything is going well and on track now.
I'm not even worried about the earnest money. I'd LOVE to get a new agent and keep my place in the escrow without starting over. Fact is, the real estate market is Las Vegas is broken and/pr corrupted from top to bottom. You've never seen anything like it.
Oh, yes, it is a short sale, oh yes indeed. My first and last.

I'm so sorry to hear you are having such an awful experience.

You are concentrating on the right things - the actual location and how it is the very best thing for your lifestyle once you get through this purchase.

I'm an agent and have been one for many years. It is difficult enough to purchase a short sale, but even more so when you have an agent that is not helpful or worse. Have you considered contacting the agent's broker or office manager? It is times like this when the broker or manager can step in to have another agent work with you.

1) You do not lose your escrow since your contract stays in place.

2) You don't jeopardize your contract at all.

3) You end up with a new contact person that can stay in contact with the Listing agent and keep you up to date on the day to day with your short sale.

4) Make sure to ask the manager for someone that knows short sales. Not all agents are familiar with the process. :(

I'm sorry your first experience in purchasing a home is miserable. I hope the broker or manager will be able to get someone in the office to work with you until you close. Your new place looks fantastic and will be worth the "short sale" wait. You should be getting close now.

Re: I ride bicycles....

StrateUp — Sun, 08 Apr 2012 16:03:28 GMT

I really appreciate your response. It never struck me to go to the manager and request a replacement agent. I'm not sure what kind of problems that might create, if any, between my existing agent and a co-worker in the same office when it becomes commission time. I'd give 3 teeth to replace this lady. She is very up on short sales but so am I and that is what kills me everytime she opens her mouth. She insults my intelligence on every communication. The evidence is ALWAYS in her last email. (she won't call me at all.) I walked into her office a couple weeks ago after days and walked into her office and told her face to face "You and I have problems." then she told me a string of actions she was going to do to correct them then hasn't done a single one. Instead she continues with a string of mindless dribble contrived from what she thinks we talked about last or just plain determined that I am clueless about the Las Vegas Real Estate market. In reality I could smoke 40% of the agents in town as far as being up to date on the evolution of this rapidly changing market.

You are so right. I need to just cool my jets. I really am a pleasant fellow. The location is dynamite. It is 1.5 miles from my place of work as well and I know this thing will move on to the banks sometime in the next year or two. :smileyhappy:

I appreciate the response.

BTW, this is my 6th house, not my first. Every other experience I've had buying a house has been an absolute thrill. One of life's great pleasantries.

If I ever buy a house in South Florida you will be my agent. And I'll send you chocolate at Christmas time.