Real Estate agents/offers/financing ect

[ultrarunner]

I know our underwriters would have made an exception for that.

Always wonder if that was the reason or excuse?

Lot size was clear on every doc and listing.

What I will never understand is why Wells Fargo nor anyone else making money on the deal contacted me?

 

[Torvy]

Wells has a very poor reputation in the business. If people had a Wells loan and tried to refinance with someone else Wells would drag their feet or do any of a number of tricks to delay or prevent the customer from switching lenders.

 

[ultrarunner]

My only other experience was as a relatively new Wells Fargo customer I went to a Wells branch to deposit a security deposit check drawn on that Wells Branch.

I was told since my account was at another Wells Branch I would have to pay a $2 transaction fee as each branch is independent???

I did like their stage coach themed credit card but not enough to pay transaction fees.

When I closed out the account my branch manager said she can waive and/or credit the $2 fee…

Said it’s more work then I want to do as I need a Business Bank for property management banking.

 

[TractorReliefTool.com]

It took me two months to set up a LLC new biz account with Wells Fargo, which should have been done in two days. I'm a lifelong customer with them, that's the reason why I went with them to link my other accounts. Now days they suck!! Disgusting. They don't want business. Use and support your community local bank.
Also use a mortgage broker over a bank for a loan.

 

[paulsharvey]

We actually where ready to put in an offer, but we didn't pass the credit check. I was worried about my credit, but wife's was worse. It's not unpaided bills, it's percentages of utilized unsecured debt... Kinda annoying... but maybe for the best. That same property, owner is willing to owner fiance, 20% down, 8%, for 5 years basically; but what they want to do, rather than an intrest rate, is 20% of the cash sale price down, and then flat payments on a higher sum. Which screws you for paying extra, or later getting a conventional loan to pay it off.

There was 1 30 day delinquent payment last year, which was stupid... call for pay off amount on a car, send check, and the intrest between call and check cashing was like $4.11; which we kinda missed, so that showed as a missed car payment, over $4...

Also, the land loan company, 1st was surprisingly awesome, open by 8:30am, and I could stop by and discuss in person, drop off application at 2p, and have call at 4:55pm, all same day. Even if they wouldn't give us the loan, I was still impressed

 

[sea2summit]

I’ve bought and sold five houses now due to work moves. IMHO real estate agents are a scam for the most part. Not that their services don’t have value, but they don’t have that much value. Say a buyer drives around with an agent for four days then goes back another time to do a final look then makes an offer. You’re talking about what, 80 hrs of work for the agent? And you buy a 400k home so that agent is getting 10k at 2.5%, ohh and the listing agent who did even less is also getting 10k. That’s ~$125/hr for the buyers agent. Very frustrating, I’ve probably given 100’s of thousands to agents for less than that because I do my own research.

In other news.

https://www.cnn.com/2023/11/05/homes/nar-verdict-real-estate-commission-fee/index.html

 

[2manyrocks]

IDK, rates may stay where they are or go up more while they try to get inflation under control. But I feel like the current real estate market prices are like Wile E Coyote suspended in mid air for that split second before he crashes to the ground.

 

[ultrarunner]

More than half of my transactions have been without agents or brokers.

In a lot of ways Real Estate is one of the last frontiers where one can put their negotiating skills to use... not counting casual garage on craigslist sales.

 

[paulsharvey]

IDK, rates may stay where they are or go up more while they try to get inflation under control. But I feel like the current real estate market prices are like Wile E Coyote suspended in mid air for that split second before he crashes to the ground.

The piece we are looking at is pretty close to asking prices 10 years ago; 7 acres, mixed scrub woods in the sand hills; on a small pond; for $69k. It's a compromise property; it's oddly shaped (2 large connected triangles), pond is pretty small, and the piece touching the pond has 25 ft of fall in 200 ft; and I would like more than 7 acres; county maintained dirt road; will need driveway, we'll, septic, fencing, selective clearing, ect; all before building. The original idea was; buy now; get financial stuff in order over next 18 months, and then construction loan (wrapping land back into single mortgage).

We haven't messed with a buyers agent yet, heck, we toared the property twice, before talking to sellers agent at all (it doesn't have no trespassing signs, and it's an out of area seller)