Mortgage advice, if you please

Confused where you think you will save money with no agent as a buyer. The seller pays the commission and their own closing costs.

 

I was better off putting less down and putting my liquid cash elsewhere. Depending on your taxbracket it’s also something to consider. Messed up they reward you in a way for being it debt. That being said where I put my liquid money is easily accessible with minimal penalties and it’s still making $. Not what it would it other avenues but I transfer x amount over as I pay x amount of my mortgage. That way if something were to happen I still have what I originally intended to as my safety net.

 

Yep, all he's doing is knocking his realtor out of their cut.

 

Ya, you aren’t going to get a discount. People think they will but rarely is this the case.

 

If the seller isn't using an agent, or if that agent is charging a reduced commission and won't split it, then yes he could be saving a fee. The seller won't pay buyer agent commissions in those cases.

 

720 IS NOT as good as 800. Middle credit score is used with 1 applicant, lowest middle score used with mulitiple applicants. 740 IS as good as 800. Every 20 points under 740 is a risk factor hit, so 721 credit and 739 would provide the same risk hit and provide the same result. I'm a banker but probably not liscensed in your state, but happy to simply provide answers/resources.

 

There are people that eat, sleep and breath that shit though. It is pretty funny. Especially the pompous assholes that think they are special because they wasted countless hours trickfucking the system to get a higher score. But I guess that makes them the "cool kids" in their pathetic little credit score obsessed world.

 

It’s 750 square feet. I was a confirmed bachelor when I bought it. GF has been living with me for four years, we’re on top of each other. It’s just time. I’m not looking at anything crazy, it’s just a 1200sq ft brick ranch in an awesome neighborhood with a shop that’s actually a little bigger than mine, and mine is 24x30 which is considered huge for the city I’m in.

 

Where are some of you buying that closing costs (all of it, both agents, escrow, a try, etc) aren't up for negotiations?
In hot markets I've seen buyers offer and have to pay ALL closing costs...when I bought in GA in 2008...I didnt pay squat.
If they wanted to sell in a crappy market then they paid the costs.

Buy not using a buyers agent I was hoping to be able to negotiate closings costs down and put most of it on the seller.
The market I'm looking at is fairly small and doesn't seem very hot right now, so this may work.
I'm curious about any potential value using an agent (and paying 5-9k) brings.
Last house I bought she showed me a lot of houses and basically was there to ooene the door, offer opinions, help with inspections etc...
Also since there would only be one agent does the buyers agent usually expect more $$$ since they may have to do extra crap or deal with the buyer directly?

Thanks

 

Nice. Big shops in cities are hard to get.
I'm looking at a 1800 sq ft, plus basement, garage and 23x40 pole barn. Across the road from a 200acre lake with private beach and deeded dock rights. So lots of the Benny's of lake life but a little more room and some space.

 

I wasn't trying to be 'exact' with my score ranges. But, that's what i said somewhat in my 1st post...."If your scores are 720-740+, you'll get the lowest rate possible across all the banks."
Different banks have different thresholds no doubt.

With DCU for instance, if you have a 672 EQ 5, that will qualify you for their lowest interest rate. Always gotta be aware of what FICO score is being pulled since there are about 6 different variations for each CRA....That's nearly 20 different types of FICO scores. .

Somebody can have a $1,000,000 income, only have 2 positive tradelines reporting, 3% utilization, and a credit history of only 2 yrs with an AAoA of 1 yr, and only have a 739....and, somebody can have a $100,000 income, have a 6 yr AAoA, 12 yr credit history, 52 positive tradelines reporting, and have a 740. You're saying the guy with the 740 is going to get a better rate than the practically debt free millionaire? Possible i suppose.

Obviously, score isn't everything.

 

Well you are not paying your agent anything, the agents (buyer/seller) split the commission that the seller is paying. Closing costs minus the commission are always negotiable

 

Yup

 

Right....so the typical amount of commision is 4-6% split between the sellers agent and buyers agent, so 2-3% each. Lets assume the usual 6% split to 3% each. The house im looking at is asking 275k...thats $16,500 that has to come from somewhere.

My question is....is the full 6% usually written into the contract so the sellers agent gets it all if a buyer with no agent comes on....or if I as a buyer come up and say hey seller...i dont need an agent for this transaction so we area saving $8,250 that ONE of us doesnt have to pay. So lets talk turkey on the price and the rest of the closing costs.
This is what I dont have a answer for and was hoping someone could help with.

 

Like you anything about negotiating big deals....

Kind of what i thought but wasnt sure if there was an 'industry standard' on that and varied the contracts would be by location, etc.

I dont know what part of the process i hate more..trying to not get a$$ raped by everybody and their brother on fees or the actual moving....

 

It's not about getting the highest scores....It's more of preserving your score and doing things that can lower your overall utilization by increasing credit limits without taking a hard inquiry, thus lowering your score. That's one example.

Some tradelines don't report to credit bureaus at all....You want that $30,000 John Deere lawn tractor but also want to buy a new house, without screwing up your DTI?....go finance it through John Deere, establish another bank acct to pay the loan or pay it through a credit card then immediately pay the credit card so to not accrue interest....the mortgage company will never know.

Or Paypal credit....Buy something for $2000, and have 24 mos interest free to pay it off without that tradeline/debt reporting to the bureaus.

Wanna do MS? Manufactured Spending....can't talk about it, it's the like the Masons super secrecy type shit.

Wanna know who soft pulls you on the 3 bureaus all the time/most frequent, the 'big brother' of credit that's watching you...? There's a backdoor way to do that too....

and on and on and on....

My scores have been in the mid 700's for 8 yrs. I have so many accts, my AAoA suffers and that is a big part of your score. That's why i'm done with new credit....Unless i keep watching those RSV4 1100 factory vids.

 

I do not believe the commission is negotiable since it is part of a signed contract between the seller and their agent. Put yourself into the shoes of the selling agent concerning the commission “adjustments” you are contemplating and get back to me with your answer.