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Updated over 6 years ago, 06/11/2018
NEGOTIATED SALES PRICE $754,498...and $98? Really?
Why would the price have not been negotiated up $2.00 to $754,500 or down $98.00 to $754,400, a round number?
Do you know how much chaos and extra time and effort throughout the loan process correcting the sales price and possible delays such a number can cause on the Mortgage side?
To all Investors: do yourselves and everyone on the mortgage as well as on the title side a huge favor and simply round your sales price up or down to the nearest round 100 number.
Good morning BP,
BTW- My head is pounding this morning.
To the BP Investors who have been following this thread, look back thru all 5 pages of posts, and what don't you see? People who are Currently in the mortgage industry, who have commented on this topic. Their silence is deafening on this subject!
So this can only mean one thing, they ALL agree with me or they would have jump in and on me like a hobo on a jelly sandwich to prove me wrong in front of everyone!
ADVICE to BP Investors: do yourself a favor, when possible, round up or down to the nearest 100. Its not about making the lender's job easier, its about helping your loan make it thru the Bank's processing, U/W and closing without one of the many people who touch the file making a mistake that can delay your loan funding.
Any like Forrest Gump said...That's all I got to say about that!
Originally posted by @Account Closed:
Good morning BP,
BTW- My head is pounding this morning.
To the BP Investors who have been following this thread, look back thru all 5 pages of posts, and what don't you see? People who are Currently in the mortgage industry, who have commented on this topic. Their silence is deafening on this subject!
So this can only mean one thing, they ALL agree with me or they would have jump in and on me like a hobo on a jelly sandwich to prove me wrong in front of everyone!
ADVICE to BP Investors: do yourself a favor, when possible, round up or down to the nearest 100. Its not about making the lender's job easier, its about helping your loan make it thru the Bank's processing, U/W and closing without one of the many people who touch the file making a mistake that can delay your loan funding.
Any like Forrest Gump said...That's all I got to say about that!
First of all, current lenders have responded not agreeing, but you seem to be ignoring that.
Secondly, why does your logic assume that no response means people are supporting you? You are saying if people disagree, they will attack you but if they support you, they will stay silent and leave you to the wolves? You are assuming the worst in people. That is not how the BP community works.
I have also raised valid points about insurance, taxes, etc. all not being even numbers. You ignore the facts that don't support your argument. Look who is the flat earth guy is now.
Side tracking question from a newbie... what steps in the loan process are disrupted from an unusual sale price number?
@Chad Michael, none, but since I'm not actively in the mortgage industry, my comments do not count.
the more likely scenario.... they don't want to be associated with this nonsense.
Or they're stuck keying in unfriendly numbers...
Originally posted by @Account Closed:
Maybe I should take my act on the road and do seminars on Real Estate Investing Strategies, you think I would do well?
No, I don't think you would do well. How many investment properties do you own? Do you have a portfolio of properties such that your advice on these matters would be valued?
I'm not trying to belittle what you do, but you're just a loan originator. You're not a lender. You add no value. You're a necessary but soon to be obsolete middle man between buyer/seller/lender.
Steve McRory
You keep saying odd numbers make things more difficult - how?
You haven’t stated what the actual problem is or given a reason as to how an odd number is any more work than a round even number.
Please help us understand how to help you. If it genuinely makes a difference then I and I’m sure others will be receptive to it.
To everyone else - if Steve (or anyone else)can’t or won’t answer this question then please kill this thread.
Originally posted by @Eric Delcol:
Steve McRory
You keep saying odd numbers make things more difficult - how?
You haven’t stated what the actual problem is or given a reason as to how an odd number is any more work than a round even number.
Please help us understand how to help you. If it genuinely makes a difference then I and I’m sure others will be receptive to it.
To everyone else - if Steve (or anyone else)can’t or won’t answer this question then please kill this thread.
He said it leads to typos. He is saying it is harder to type $754,498 than it would be to type $754,500. From my perspective, the 9 and 8 are next to each other on the keyboard, so it is not much harder than typing 00. His claims this little difference leads to number entry errors that results in closings being delayed. His outrage implies this is a common problem with his customers. It would be interesting to get more details, like how many times it has happened with his customers in the last year. Did it happen once or is it a weekly occurrence, there is a big difference.
My point to him is that regardless of whether the number has 0's or any other number, that typos can occur. This is an issue with entry accuracy by the person processing the loan. I have seen typos but not due to the negotiated price not ending 0's. I strongly believe any capable data entry person should be able to enter any number equally accurate.
Originally posted by @Account Closed:
Good morning BP,
BTW- My head is pounding this morning.
To the BP Investors who have been following this thread, look back thru all 5 pages of posts, and what don't you see? People who are Currently in the mortgage industry, who have commented on this topic. Their silence is deafening on this subject!
So this can only mean one thing, they ALL agree with me or they would have jump in and on me like a hobo on a jelly sandwich to prove me wrong in front of everyone!
ADVICE to BP Investors: do yourself a favor, when possible, round up or down to the nearest 100. Its not about making the lender's job easier, its about helping your loan make it thru the Bank's processing, U/W and closing without one of the many people who touch the file making a mistake that can delay your loan funding.
Any like Forrest Gump said...That's all I got to say about that!
Has it ever occurred to you that no one is saying anything because they think you are wrong? Maybe they just don't feel like wasting their time? Maybe they don't want to call out someone else in their profession? Maybe they think you are being ridiculous but no reason to bring it up.
I'm sure you are getting tons of super secret cyber high fives that no one else can see lol
Originally posted by @Cody L.:
Originally posted by @Account Closed:
Maybe I should take my act on the road and do seminars on Real Estate Investing Strategies, you think I would do well?
No, I don't think you would do well. How many investment properties do you own? Do you have a portfolio of properties such that your advice on these matters would be valued?
I'm not trying to belittle what you do, but you're just a loan originator. You're not a lender. You add no value. You're a necessary but soon to be obsolete middle man between buyer/seller/lender.
And boom goes the dynamite!
Still no Current Mortgage Industry people disputing what I'm trying to convey to BP Investors on this topic discussion?
Why? Again, because they have to ALL agree with my advice.
The only ones disputing are those who have zero involvement in the Mortgage Loan process, who seem to be oblivious as to what all really goes on at lenders these days behind the scenes.
Post Dodd Frank Act, HVCC and TRID, the mortgage side is a lot different than reading off a menu called the MLS, having a lockbox code and GPS, driving around doing the fun part of walking thru homes and making offers.
Anyone that can flash an online FICO (Fako) score of 700 and willing to put down a deposit and with nothing more than a "desire" to buy a home can get a sales contract on a property.
However, when a mortgage loan is required and they don't meet the guidelines in these 1350 pages of Fannie Mae guidelines...
...in order to actually close the deal...well, we all know here in 2018, that's where the skill of a Mortgage Broker is required.
or
the deal is dies!
Am I spot on or not?
You still won’t throw in the towel huh?
Multiple people in the mortgage business replied.
Not one single person has agreed with you.
At this point you just seem desperate for attention.
@Brian Garrett, what mortgage people have replied?
The one person who is a private lender? (doesn't count)
Or the other person who "Used" to be in the mortgage industry, who wouldn't verify when or what lenders he worked for? (doesn't count)
Looking for CURRENT mortgage industry people to comment.
How about any CURRENT title industry people?
Any mortgage people who are Currently in the 2018 Mortgage Industry wanna comment?
Anyone?
@Brian Garrett the argument itself, "no evidence, so it must side with me" is one that holds so little merit it's embarrassing to respond to. Does anyone want to tackle what a logical fallacy this is? or maybe the lack of response leaves this tiny corner of hope as the last remnant for him to save face on this issue.
to @Account Closed you have tried to make your point, repeatedly, but you have resisted attempts to explain further or deliver more context on the issue. You don't want a conversation you're just repeating the same original post over and over again and saying everyone else is crazy. Not once have you seriously made an effect to consider that you might actually be wrong, zero humility.
The point of this site is to get better, it doesn't work if you're fully resistant. That's a hard way to go forward imo I wish you luck my friend
"It's a Mortgage business thing, you wouldn't understand" is what every lender, processor, U/W and LO reading this is thinking as a response to your comment above.
Originally posted by @Account Closed:
"It's a Mortgage business thing, you wouldn't understand" is what every lender, processor, U/W and LO reading this is thinking as a response to your comment above.
I'm a full time underwriter for commercial bank..........
@Account Closed lets try an analogy here. You and I were both Marines. In the Marine Corps the main effort is the Infantry. They are SUPPORTED. Everyone else, from Artillery, Recon, Supply, Admin, Pilots, is SUPPORTING the grunts to close it and destroy the enemy. Right?
In Real Estate investing, the supported group is the home buyer (whether owner occupant or investor). Everyone else, Mortgage Brokers, Agents, contractors, title companies.. are SUPPORTING.
I can't tell you how many times I told my Company/Battalion commander. "Sir, the best was I can support you in this op is if we do A,B,and C" They would look at the situation and sometime they did A,B,and C. Other times they did X,Y,Z, often times for other reason's or sometimes because they were dumb. No matter what option they picked I made sure I did everything to ensure my end, while maybe not ideal for me, supported the plan as best I could.
This is a similar case. You give advice the best you can given your expertise, but at the end of the day, once the decision is made, you focus on mission accomplishment.
@Alexander Felice the logical fallacy you mention is called Argument from Ignorance.
Originally posted by @Bill F.:
@Account Closed lets try an analogy here. You and I were both Marines. In the Marine Corps the main effort is the Infantry. They are SUPPORTED. Everyone else, from Artillery, Recon, Supply, Admin, Pilots, is SUPPORTING the grunts to close it and destroy the enemy. Right?
In Real Estate investing, the supported group is the home buyer (whether owner occupant or investor). Everyone else, Mortgage Brokers, Agents, contractors, title companies.. are SUPPORTING.
I can't tell you how many times I told my Company/Battalion commander. "Sir, the best was I can support you in this op is if we do A,B,and C" They would look at the situation and sometime they did A,B,and C. Other times they did X,Y,Z, often times for other reason's or sometimes because they were dumb. No matter what option they picked I made sure I did everything to ensure my end, while maybe not ideal for me, supported the plan as best I could.
This is a similar case. You give advice the best you can given your expertise, but at the end of the day, once the decision is made, you focus on mission accomplishment.
@Alexander Felice the logical fallacy you mention is called Argument from Ignorance.
thank you bill
I understand your other reference as well: 4 years, Army.......support ;)
I already assumed, and mentioned it last month on a post that because you are from JAX, NC and standing in front of a red brick background, what looks like a headquarters building or chow hall on CL, that you were.
Therefore, I'm not going to engage with you on a subject like this as I would feel bad if I made you look bad, so you get a pass.
Well I learned that I've been making offers all wrong, with far too many zeros. Thanks investors!
Again and again no current mortgage people posting comments.
Their silence is deafening !
Ok lets clear somethings up. That's the third time you said something to the effect "that looks like a chowhall on Camp Lejeune... so I'll take it easy on you"
I've let it slide the other two times, but enough is enough.
1. The picture is not of any building on a military base and I don't see how that is germane to anything I have ever posted.
2. I earned my EGA just like you. I neither need nor want a pass from anyone, least of all a fellow Marine. I say what I mean and mean what I say. You should know how insulting even mentioning that is.
3. I engaged you on this subject with a well thought out post. Do you have anything to say about my statement or can I take all this talk about chowhalls and passes as proof you've dug yourself a hole which you can't get out of and you lack the courage to admit you made a mistake?
Even if I agree with your premise that having a non-rounded purchase price makes the loan process more difficult (I don't cede this point at all btw because you have not provided any objective proof of its impacts) It is a minor problem at best, that any professional should be able to over come. You had an opportunity to demonstrate to BP your detailed knowledge of the loan origination process and through that educate people on your profession. Instead you squandered that time by engaging in petty squabbles riddled with logical fallacies about how no one who has replied is in the industry, talk about emailing brokers to take a poll, and how we all just don't get it. You became a Marine because you wanted to be different. What has changed since then? If every other loan broker shares your thoughts and has a hard time with odd numbers you should have a bias for action and exploit their weakness. If not, get a straw and suck it up, because no one cares about your problems. Do your job.
Since you care so much about my profile picture, let me share my thoughts on yours; The Marine Corps War Memorial. You've have undoubtedly earned the right to display it with pride. With that right comes responsibility, for now your words don't just represent Steve McRory; now they cast a shadow the lives of every Marine who has, is, and will earn the EGA.
S/F
Whether you are on the mortgage side or the sales side, we are in the business of providing a service for your clients. Every client has a specific sets of needs. No two clients will be the same, especially with investors. Some are a lot more difficult to deal with than others (80/20). If you are not comfortable with client or how they do business, don't work with them. If the client makes your job too difficult, let it go and move onto bigger and better things. Whether you are a lender, mortgage broker, real estate agent, investor, etc in the real estate business, we all have different roles in the game. I believe it is important that we all have a basic understanding of each others industry, but at the end of the day you get paid to do what you are supposed to do. Provide the service you were hired to provide. No one needs a sob story. No one needs immature provoking comments or cheap shots. We all put up with a lot of crap in real estate from all sides. Embrace it. If not, I know a very nice national restaurant chain that is always hiring, and just raised the minimum wage to $17/hour. You even get Sundays off.
Still none?
After all these comments from so many "experienced" real estate Professionals, yet still not one?
Not even one from a Current Mortgage Industry person?
How bout this, everyone commenting on this topic, pause MSNBC and send this topic link to 3 of your "preferred" lenders and Mortgage Brokers and tell them I'm ask them to join the discussion.
My lenders are busy entering non standard numbers they can't respond
But their silence demonstrates clearly they agree.