All Forum Posts by: GL L.

Anybody gotten quotes from GR  and used their services  or backed away?   Their Fees and  closing cost estimate seam high.   1200 lender flat  fee , no matter price of loan,  and estimated closing cost  and other fees like appraisals  of at least  7,000 for 400k loan.  I did a  First American Closing cost calculation for my state and scenario  it worked out to be around 1400.    So wonder if anyone has had experience with them good or bad? 

 Yes that the way it should be but according to my agent it is not.  You lose money no matter what if financing falls through.  I agree if seller want to back out after deadline for closing they can but  buyer should not be paying EM if it was contengent on finaincing. 

 Thanks for the reply.  I definitely don't want to remove the contingentcy.  I think it was my agent trying to remove .   Any way I am working with somene who has more experiences in these areas. now.

 Thanks that is what I know as well  and have done.  Im  am not  sure why she wanted to add wording that would allow the seller to keep earnest money if bank bails.   I wanted it contingent on finacing which not what she wanted  to put in the cntract.  

Also my agent want to put in the contract  21-30 days for closing  and if bank did not come through  by then, she was wording  it  so that I would lose my  earnest money.  So much for "contengent on financing"  

If you must know (which you really shouldn't and has nothing to do with my question)  Is I have been waiting for a house to come on the market on that street for years!  And if you must know,  It will be used as a owner occupied, high end vacation rental investment not as a low income rental or a flip.  Please do not judge me or my knowledge just because I ask a question that should not require every detail of type of purchase.  Thanks

Yes I understand   I get the money back  if past terms of option fee.  But her terms of how  they get this option  money back  include :, "does not pass inspection past  the 14 day option deadline" and other crazy   terms  that she can come up with that only  benefit the seller. 

I also understand  I have the option to put zero  in the field but my real estate agent  all but told me she would not submit if less than $200.  Consequently She is not my agent anymore, for this and other reasons.   

Hello,

I have an agent telling me  that there is a time limit for financing and if bank does not come through or bails then I lose my   earnest money?   I told her I was going to find an agent who does not believe this.   Anyone heard of such an agreement?  

@Greg H thanks for the info, but it is not that kind of a deal where I need to double and triple check #s or getting it rented out. 

Also I have every intention in putting a decent amount of earnest money to show good faith.  I just don't like being nickeled and dime to death  

I wish I was where you were at in you REI portfolio and business where money is no object.

So do knowledgable TX REI's from Bigger Pockets play this game that Texas RE agents have set up?

@Greg H.

  Why is paying necessary?   Isn't it expected that it will take an amount of time  to get inspection?   Why are you paying to have that time?