got my loan today

[benevolance]

So now it is up to waiting to see if the offer has been accepted...What a pain in the arse it is trying to borrow money....Argh....Especially with me being self employed...I make twice what my wife does and they love her...Hate me...

Anyone have any good tips for negotiating so I can get the closing costs included in the asking price? Someone mentioned to me that I need to hire an agent....I do not currently have one...We were just in contact with the selling agent of the house... I would love to haggle them a little more and get the title search appraisals and other closing fees ($3000 ) included....

So yes advice is greatly appreciated.

[Amanda_931]

Real estate people are supposed to work for thems that hired them.  

I.E., not you in this case.

So it might not be a bad idea to at least ask how much having your own agent is going to cost, what she will do, etc. etc.

If it's likely to run to $6500 then you've got your answer as to whether you need one.

[benevolance]

Amanda

Thanks for responding...The house was a bank repo that I found...I did not hire an Agent I just contacted the Selling Agent who is working for the bank...

I asked a few people and as I understand it..The comission is about 5% and if I have a agent then the Selling agent and the buying agent split the comission..Is this accurate?

If this is the case I have nothing to lose by hiring an agent...as their fee will come from the comission on the house that has nothing to do with me...

I just thought that maybe I could low ball and haggle a little more with the listing agent as she would want the whole comission cheque....She might be more lenient with the Banks property and allow the closing fees to be included in my offer... That or allow a really low offer to be accepted...Either way I would save a bundle...

And as a lowly Auto Mechanic I need to save all the money I can :-/

[glenn kangiser]

I don't know how you would come out on this, Peter.  Like PEG says, Depends. :-/

[benevolance]

Glenn

Can you be a little more specific than Depends? *LOL* It is good to know I got the money I needed...I would like to save a few thousand more if I could...

More money for working on the Hot Rods....

Or improving the yard at the new house if the wife happens to read this

[CREATIVE1]

I'm a tax accountant who started doing mortgages out of frustration with the brokers my clients were using, since they're mostly self-employed.

Occasionally you can get a low-documentation or no-documentation loan at the same rate as conventional financing.  THAT APPROACH SAVES TONS OF HASSLE.  Don't know your situation, so can't be any more specific here.  Brokers usually take part of their commission by increasing the interest rate, and it that's happening here, you may be able to negotiate by 1/8% or so.

Rule of thumb in any deal:  it never hurts to ask.  If the bank repossessed the property, and the owner was required to carry PMI, or mortgage insurance, because they financed more than 80% of the appraised value, the bank is probably making money there, too.

[benevolance]

I would say the broker tagged a extra point onto our Mortage...It is okay I do not plan on taking that long to pay for it...Luckily South Carolina allows you to pay off early without penalty...

So instead of paying the minimum of $400 a month the plan is to chuck down $1000

The point about the bank is duly noted though...I suspect that they could give the house away and still make money on it... One thing I learn as I go is that no matter what the bank's end is always covered...They do not gamble or take chances...It is all about the money.

I have specifically asked the listing Agent for a rundown of closing costs...I have yet to hear back to the exact figure. My loan manager went through looked at my house and said to expect about $3000 in closing costs...

So if I get the figure under that amount I will be partially pleased.

[glenn kangiser]

Too many unknowns for me.  I have sold and bought a couple pieces direct just using the title company to keep me safe.  You get away from the broker fees and still get the protection you need.  My wifes dad is retired military so we get go through USAA for financing and insurance (they extend services to family members).  Hard to beat them on almost anything like that.  Was paying $800 per year insurance on my old truck -- switched to them it dropped to $80 per year for part time use.  

For financing they have good rates but are a bit frustrating for her to deal with at times -hard time getting things sttraight once in a while.  We got the property at such a good deal they didn't require a survey - septic check - appraiser or anything like that as I remember -  we bought it as is and saved all of the fees.

[PEG688]

#1: whole comission cheque....


#2:     And as a lowly Auto Mechanic I need to save all the money I can :-/

#1 Your not in Canada anymore Toto, it's check

#2: Who you kidding mechanic generally charge to much

[CREATIVE1]

You may want to ask if you can make biweekly payments on the mortgage, if that suits your cash flow.  Or,make one nice lump sum payment shortly after getting financed.  If you can somehow do that, get an amortization schedule and look how much you can save--astounding!

It sounds like you're dealing with a local bank, but with anyone out there who isn't, it's often a good idea to take some pictures and send them off to the bank.  If the house needs alot of repairs and the bank isn't aware of that, they will often reduce the price by several thousand dollars.

[glenn kangiser]

Good tips, Creative.  See - everyone has their day here at Countryplans.

PEG ---- wanna arm wrestle? :-?

[PEG688]

Good tips, Creative.  See - everyone has their day here at Countryplans.

PEG ---- wanna arm wrestle? :-?

Sir NO SIR ! The Petty officer does not wanna arm wrestle  

[benevolance]

Creative...Yes a local bank had to foreclose on the place and it is a repo...It does need a few repairas...The asking price has been reduced by 30,000 in the last 3 months....

I called the listing agent this morning here is a rundown of the fees Not counting the Mortage:

Attorney:    400
Inspection:  200
Appraisal:   300
Title:           150
Survey:      300
Other:        450

Total:       $1800

The other is the homeowners taxes and inspection fees, whatever that means.

I have to find out what the closing costs are for the Mortage now...I will spend some time on the phone this afternoon.

I only have a limited amount of money so I have to try to get it all done with what I have.

Peg...It will always be Cheque, just as it will always be trouble, colour etc...

And I don't know about Washington State....But around here it is hard to make $5-600 a week clear..I do a little better than that....But not a lot...

Considering I work usually 80 hours a week...I do not consider the $50k a year to be huge money. I might be better off working for someone else?

I charge $25 an hour ....Which means there is half of that for me... I don't know many other people that will work for what I work for... I have tried to hire someone to work along side of me as a maintenance person...Answer the phone sweep the floor pick up parts in town....For $10-12 an hour and I cannot get anyone not named Juan Valdeez....I refuse to hire an illegal....I just don't believe in that sort of thing.

Maybe I am wrong, maybe I charge way too much.... I don't think so.. but I have been wrong before....Just not about Bush and the Iraq War

[PEG688]

So do you take twice as long to make a repair   Your working to cheap if your charging $25.00 per hour , is that Canadian? Might be worth the trip to your shop if it is .

On the subject of Colour / check / cheque etc . When my family came to the states in the late 1800 from Canada , Quebec MTL they intergrated into US terms / language ASAP or so the storey goes . Today due to PC ness I guess thats no longer a way to do it .

As far as the Iraqi deal time will tell who is wrong or right , 20 years from now , if we get that far will be the true test of success or failure , IMO , which BTW doesn't mean spit, in the vast grand idea / outlook.

Have a nice day Peter , enjoy what freedom you have , it wasn't free.

Ok Glenn we return to your normally regulated wave length, AE-1 Out , Roger  ;DYou wouldn't arm wrastle fair anyway

[CREATIVE1]

Benevolance, the whole money thing is certainly a complicated issue.  This from an always-hippie who became an IRS Enrolled Agent and a Certified Financial Planner!  I also taught business classes and developed seminars on the psychology of money.  But--never made much money, working more as a mentor and a teacher.  That does NOT pay the bills, but does earn you lifelong friends.  The hugs and gifts usually mean more to me.

Even though barter is a dirty word to the IRS, I have really come to appreciate the "Underground Economy".  

Your value as a human being doesn't have anything to do with what you are paid.  But it's hard not to feel a little uncomfortable when you hit a life event like scrambling to buy a house.

An interesting lesson:  Several years ago, one of my trucker clients died on the road of a massive heart attack.  He was only in his 40's, didn't own anything except his financed truck  The guy was so nice that I took him with me to the tax audit--he came out with a refund mainly because he exuded honesty.  In the process of the audit, I had to call some of his employers to complete his records, and EVERYONE bent over backwards and told me story after story of his kindness and generosity.  He had two funerals, one in Florida and the other in his hometown, and both were packed.

Tell someone this story and see if they consider him a successful man.  I do.

[benevolance]

Peg,

Veitnam has proven to be a waste of human life and in 30 years I am sure that Iraq will prove to be more of the same.

Freedom isn't free...But I refuse to accept the scare tactics that our government would use to force our young men into service to "protect freedom"

Big difference between something like the  entire world getting together to stop Hitler...And 2 countries (England and America) Going into Iraq.

The bulk of the entire world was and still is against the United States going into Iraq or Occupying Iraq...They did so without UN Approval...And Technically they have  violated international law and committed war crimes.

So excuse me if I scoff when I hear phrases like...The men and women in Iraq are fighting for our freedom...That makes me want to puke...

Life is precious and if there ever arises WWIII Every young able bodied man may have to go... Bad enough to lose a loved one...To lose someone you love over nothing, a invasion that means absolutely nothing to americans, or their safety....Is pretty hard to understand and accept.

[benevolance]

Peg,

As for the Repair rates I am thinking of increasing the wages to $35 an hour...I charge what it says in the repair manuals....The flat Rate....For better or worse I charge what it says a qualified technician should charge in terms of time spent on the car.... If I can fix it faster hooray for me...If not I have to absorb the loss.

I do a lot of jobs for a flat fee to simplify things...Rear wheel drive older cars for things like Automatic transmissions I will Change them out  for $150 plus materials... If it is an easy one I charge $100 flat fee....Most motor swaps run around $200 - $250..If it is a really easy one and there was no other issues like Exhaust bolts broken or twisted off...I can sometimes charge as little as $150... The front wheel drive 4 cylinder aluminum head cars....I usually do a head gasket every week it seems...Replace the timing belt when I am in there and it is $200 plus materials...But that includes the cost to get the head checked to make sure it is not warped or cracked...

I prefer to work on classic cars and to that end I have started to shy away from general repairs and focusing on restoring classic cars for people and restoring a couple cars a year to sell for myself.

It is a living...And I have all the business I can handle by myself...If I could ever find someone who wanted to work I would expand....But as it is now I am about maxxed out as I am

[glenn kangiser]

Ok Glenn we return to your normally regulated wave length, AE-1 Out , Roger  ;DYou wouldn't arm wrastle fair anyway

I think I have been giving too many clues away --you are onto my thinking.  My poor nephew tried me wrestling at the family reunion - it was over in about three seconds -- he also thought I didn't play fair -- as a matter of fact I didn't play fair.  But it was a shrewd move. :-/

[benevolance]

Glenn

Did ya kick him in the balls? That is a three second move... :'(

[glenn kangiser]

Peter, mechanic shops at car dealers here are usually over $80 per hour if I recall correctly.  Seems my airplane mechanic went up to $60 a couple years ago - cars were costing more than airplanes for a mechanic.

Your prices would be extremely low out here even for a country shop -- but this is California -- we're supposed to get ripped off.  General contractors here in the foothills generally run $25 to $45 per hour - I try to stay within that for general contracting.  $80 per hr for the Big Bobcat -- $60 per man hour for Structural steel and certified welding plus equipment and supplies including travel time.

Insurance just went up to a floating $20000.00 per year subject to audit and adjustment for working insurance only -- Contractors G/L . Autos and trucks and tools and equipment and health are on top of that -- this is for a small business.

[glenn kangiser]

Glenn

Did ya kick him in the balls? That is a three second move... :'(

I did that to a Navy boxer in 1973 -- also a 3 second fight --- maybe 3 minutes---Wife says I should explain so you don't think ill of me.  I needed to cash a check because my boss was broke down 200 miles away - I had to go get him.  I walked into the Beacon service station to cash the check and a drunk was in there with a quart of beer picking on all the customers.

I was wearing a fuzzy Russian looking type hat because it was freezing out.  He said "Anybody who would wear a hat like that must be pretty f***ed up."  

I said "Why don't you shut your mouth."

I remember it like it was yesterday.  He said "What'd you say?"  The place got totally quiet.  Now it was just him and me.

I said, "I said shut your mouth-- I'm tired of taking crap from dirty old drunks."

He said "Who's a dirty old drunk?"

I said "You're a dirty old drunk."

He said "When's that last time you've been really hurt."

I immediately replied -- no kidding --- "When I walked in here and saw your ugly face."

He didn't like that I guess and said he'd wait for me outside.  His old junk beige Cadillac had been idling outside the door for a couple hours.  I thought he'd left - finished my conversation and was putting my money in my wallet -- I opened the door and saw his fist coming at me.  He hit me in the forehead above the left eye-- just took a little skin off.

I'll let you in on a little secret here.  If you ever want to really hurt me---- don't even think of hitting me in the head,  The most you will get out of it is bruised knuckles.   :-/

I stepped back - quickly put my wallet in my pocket and caught his next swing in the air with my left hand.  I held on to it so as  he was struggling to get free I grabbed his other hand - the one the quart of beer was in, with my right and pushed him back against his car.  While he was occupied with getting his hands loose I swiftly brought my knee up between his legs, lifting him off the ground a few inches and causing him to drop his beer, breaking it on the ground.  I tripped him with my right leg and pushed him onto his back on the concrete.  I was on him like flies on stink, quickly sitting on his chest.  He kept trying to take punches at me so I put each of his arms under my knees, grabbed his hair and began slamming his head on the concrete.  

No one would do anything until my co-worker from the phone company showed up -- i told him to call the cops.

Try as I did, I couldn't knock him out.  He begged - "OK -- OK ---Ok" - he was too drunk and doped up to pass out.  I told him I would let him up if he would behave himself.  He got up and walked back into the store like a whipped pup.   Police showed up at that time and  took over from there -- they grabbed me and I said "It wasn't me -- it was him.  A cop who knew me acted like he didn't as his friends questioned me -- I said --ask him -- He knows me ---- so they got onto the right guy finally.

He resisted the cops so one of them started kicking him into the car while holding onto the top of the car for leverage --- His buddies pulled him off the guy and warned the drunk that if he didn't co-operate they would turn Pete back loose on him.

They got him for drunk in a public place, resisting arrest - assaulting a police officer, posession of marijuana --- didn't even need me to file charges --- but his buddy  - the store clerk was mad at me for a long time.  His drunk friend had been harassing customers for about 2 hours I heard.

The telephone co. cable splicers wife was the police secretary or clerk.  She told him to let me know the guy was a Navy boxer and I should watch myself.  Never did see him again though.



Nephew -- no --took it easy on him -- resisted him for just a second then  I just continued to push him in the direction he was pulling - he lost his balance and I just used him for a soft landing on the ground -- spread eagled over him and kept him smashed to the ground until the fight was gone out of him --- not the life though---

[benevolance]

Glenn is our enforcer....I think it is all agreed.

[benevolance]

I know what you mean about hard heads...I had a guy mad at me one time for dancing with this girl he had his eye on back in my younger days...I was at a friends party...I went outside to urinate in the back bushes and he came up from behind and busted a beer bottle on my head....

I bled a little cursed a little and kicked the ever living sh*t out of the guy...Just made me more mad than anything...Broke a knuckle smashing him the the mouth...teeth are hard man....If at all possible aim for soft and cushy...It sucks not being able to take your wallet out of your pants for a week ..Hands looking like bean bags

I can count my tussles on one hand or near enough.... not much of a fighter.. try to avoid it whenever possible

[glenn kangiser]

I don't go looking for trouble but don't walk away from it if it comes to me.  (Unless it positively looks like the best thing to do, or if it looks like there may be a better way to go about winning).

Sometimes sleeping on it will reveal a much more devious, covert and effective method of resolving the situation safely and without repercussions.  (Usually don't have to resort to this though).

[benevolance]

Glenn

I would love to pick your brain...I have a deadbeat customer that owes me money and they are a punk to boot...Called me to inform me they were not paying the money they owed me and if I did not like it they told me they would be down to lick my arse....

I do not usuallywant to actually pound someone into the pavement...Man that got me hot...So all week I have been thinking about some way I could get this jerk

You cannot just go hit someone now....Unless you like getting charged with assault and having the wife come visit you in lock up on Sundays

Like a fool I allowed a repeat customer to  owe me money...Foolish thing to do I know... I was so mad the other say I wanted to drive up to his house...But I know that nothing good can come of it...I can get shot, or charged...Neither is worth the $600 he owes me.

Some people have so much nerve they need a good ass whooping..Sometimes I wish I had no conscious...Did not care and had nothing to lose...I would be all too willing to beat the smugness out of that deadbeat.

And even if you win a fight your hands are sore for weeks...And it does not get you your money back....So anyway you want to slice it I got screwed... :-/