Today was the scheduled date for the closing on our new house.
It didn’t happen.
Some pinhead in Texas can’t get some scrap of paper until some arcane information is provided. Worse, I can’t provide that information is has to come from the appraiser.
Now, I understand that the mortgage companies are having a hard time of late with all the foreclosures and all, but for the love of all that is right and good in the world why choose me to dick around?
If there was anyone in the entire world that a mortgage lender should lust after, its me. I have a credit rating that is off the charts, a 20% down payment that was in a money market account for a long time (growing until large enough for the down payment), and a history of making mortgage payments when other people would have just walked away.
What the hell?
The best information I have gotten is that because there have been so few home sales in the area, there isn’t a track record for home values. The appraiser thought my price was well below the value in the home, but some pinhead in Texas can’t let the deal go through until he sees some “comps”. Let’s not mention that the same house sold for quite a bit more than I am paying just 3 years ago. Even if the value has gone down, I’m still buying 20% up front. The risk is so low to them that it doesn’t even bear mentioning.
I guess this means this area is forever doomed to not have a sale. If I can’t buy a house, nobody can. Classic chicken and egg issue. That is just plain stupid. If the mortgage company doesn’t want to, you know, issue mortgages, why not just go out of business.
No wonder this sector of the economy is so fracked up.
Update: I can haz house? plsthx
Oh Sinner, that so sucks. I’m sorry . . . what are they wanting you to do? Can you work with a different lender?
Comment by Starry Fruit — May 5, 2008 @ 7:14 pm
So typical. Lenders are not in trouble because they lent more than property was worth, they lent more than people could pay. The properties dropped in value below what they had lent on them. They should be worrying about good borrowers, like you, rather than under appraisals. These foreclosures were properly “comped” at the time the loans were made. As you say, how will they ever get comps if houses can not be sold without comps.
I’me sorry you have to deal with this BS.
Comment by Machinist — May 5, 2008 @ 7:20 pm
yeah. that pisses me off for you, Sinner. sorry to hear it. you and Mrs. Sinner are in my thoughts (and i’ll say some prayers, too).
Comment by Ottavarima — May 5, 2008 @ 7:37 pm
Ever notice that
mostalmost all mortgage lenders don’t rely on repeat business? It’s time to tell the commissioned salesperson (both mortgage and real estate) that they had better get off their duffs and fix this non-problem problem or you will give your money to someone who wants it.Comment by Paddy O'Furnijur — May 5, 2008 @ 7:41 pm
I’m prett stuck Paddy. My landlord has rented my current residence for June 1st. I have to make this work with the current players.
That doesn’t mean there will not be repercussions.
Comment by Sinner — May 5, 2008 @ 8:17 pm
Crikey, Sinner…almost nobody puts 20% down on a house anymore; why do they even care about getting comps? (Rhetorical query, but still…)
I wish you the best in getting this sorted out.
Heh. I almost feel sorry for…eh, who am I kidding; give ‘em hell!
Comment by Fatwa Arbuckle — May 5, 2008 @ 8:26 pm
D’oh…guess I didn’t do the blockquote cite correctly; tarnation!
Comment by Fatwa Arbuckle — May 5, 2008 @ 8:28 pm
Fixed it BroFat
Comment by Sinner — May 5, 2008 @ 8:33 pm
That’s teh suckage, Sinner.
But to echo my friend, Fatwa:
Remember, “cogent” can be a very powerful, if subtle word.
Comment by X_LA_Native — May 5, 2008 @ 9:13 pm