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House hunting — the highs and lows and Hoozahs (an update)

Discussion in 'Anything goes' started by JayFarrar, Aug 23, 2010.

  1. Stitch

    Stitch Active Member

    The seller was broke when she bought the house.
     
  2. maberger

    maberger Member

    so the PMI is secured against the house? Hmm, that's new. Chase your agent for the $250 -- that kind of pitfall is EXACTLY what you're paying the agent to find.
     
  3. Pancamo

    Pancamo Active Member

    It is surprising that the primary lien holder would allow a deal to fall through because of $7500 to the PMI company. Your realtor should contact the primary lender and see if they are willing to pay the PMI company off.

    One of the major problems with short sales is multiple mortgages and mortgages that originally had PMI.
     
  4. BTExpress

    BTExpress Well-Known Member

    PMI falls right behind credit card interest as something I'll slit my wrists before I ever pay.

    Both are flushing money down a toilet.
     
  5. mustangj17

    mustangj17 Active Member

    This moronic homeowner paid it because she put 0 percent down. And when we originally signed the paperwork, the disclosure said she had no private mortgage insurance. The woman was so dumb, she didn't even know she was paying it.
     
  6. mustangj17

    mustangj17 Active Member

    And do you guys think I actually have a chance to get that $250 back? I had the inspection based on the assumption that there was no PMI for the home. It said nothing about it in my purchase agreement. The inspection was more of a good faith effort to tell them I was interested not only in the house - but in moving the process along quickly. I also deposited $1,000 that day (which I will be getting back). I guess the $250 isn't the end of the world, but it would be nice to have back if things completely fall through.
     
  7. Pancamo

    Pancamo Active Member

    I would say the $250 is gone.
     
  8. mustangj17

    mustangj17 Active Member

    I figured as much. When the property ends up going into foreclosure (I know it will) I'm going to tell the real estate agent that anyone who wants the place can shoot me a $100 for a detailed report of the inspection with the photos. If not I guess it was a nice little learning experience.
     
  9. LongTimeListener

    LongTimeListener Well-Known Member

    If you are going to continue to search for a house, you can talk to the agent about deducting the $250 from his commission on your eventual sale, the implication being that you might otherwise just go and find yourself a different agent.
     
  10. maberger

    maberger Member

    this is kind of what i meant -- altho now that you say the owner disclosed no PMI, can't fault your agent.
    sorry about your aggravation.
     
  11. nmmetsfan

    nmmetsfan Active Member

    You're right, but if it were only that easy
     
  12. mustangj17

    mustangj17 Active Member

    The buyer said she was able to negotiate closing costs with the bank and HUD and combined with the $1,500 I was willing to contribute and her $1,000 we have $5,000 to offer the PMI company.

    I was CC'd on the e-mail to the PMI company that says they can either accept $5,000 as a compromise or they can they can go into foreclosure. And if it goes into foreclosure, the homeowner is selling off her stuff and moving to her native country in Eastern Europe (and the bank will basically never see her again).

    Sort of ballsy by the real estate agent. I hope it works.
     
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