My Real Estate Friends Again....

[AR182]

stevie,

sorry to read about your problems.....hope everything works out for the best for you & your family.


65,

i figured your first post was meant to be a joke.....

buying a house can be very stressful.

classy move on your part to apologize....well done.

 

[StevieD]

I am sorry I blew up. I was surprised to see that from you guys. I over reacted. I have been under a lot of stress with this purchase. Because of my own stupidity and a crooked comp I now find myself upside down in a mortgage. It is not the end of the world and I will still pursue legal means to help with this. Had I not gone for a 100 % mortgage this would not be an issue. But because I did, of course the bank wants to be able to get their money back if I default. I admit I was surprised when I saw the low comps. But my contract, with GMAC, was that the house had to comp out at or above the amount of the loan. I figured that was my protection. But I was wrong. They got a crooked comp and did some funny math.

On a somewhat comical note, which should show how my day went.

After passing papers this afternoon I took my 80 year old father to see the house. The house was supposed to be cleaned after they moved but that wasn't done. I knew that during the walk thru. As well as a few other surprises, none of which amount to anything. Just the type of crap I expect to come up and I just let it roll off my back.

So I have my father and he is all pissed off because the house wasn't cleaned, it is not filthy just not cleaned. He finds a couple of other things to complain about and he is really laying into me.

So we go to the store to pick something up and when we get back he says he has diarrhea. He has not been feeling well lately. Anyway I stop the car and he gets out and runs to the bathroom as fast as a 80 year old pissed off guy can run. The next I hear from him is when he yells out "There's no toilet paper!" The seller didn't leave any toilet paper in any of the bathrooms.

That just shows how my day went.

 

[ferdville]

Hopefully things will improve. Try to think about the positives like tax deductions and appreciation to help ease the anger.

 

[skulldog]

Upside Down!!! Are you saying that the LTV(loan to value) changed as a result of the "crooked comp", if that's the case, you didn't have to close or if you haven't closed, don't.

When a property comp changes the LTV, the borrower has to be notified and has to approve the change. Ex. if you were putting 20%dn and the comp was off 5%, then the ltv would be 85%, therefore you would have to pay PMI, and no way would that happen.

GL

 

[Franky Wright]

Skull,
I think by "passing papers" he means he closed on the deal. :scared
I to am a little shocked by all that has gone on here! But nothing really surprises me anymore after 24 years in this real estate "game"
There is another thread going on about real estate purchases and what can go wrong(names witheld to avoid mudslinging :mj07: ) This is just one more example...........

StevieD,
Thanks for your openess a keeping us up to date, if you need anymore help just holler or get my email from Jack

Franky