Wednesday, August 25, 2010

Ugh. (LONGer than I intended)

That's it. Just ugh.

We are this close to pulling it all together. Having everything they need by the date they needed it. This close.

Actually feeling pretty good about ourselves. Bank thinks they can walk all over us? Ha! Watch us pull this trick out of our butt! Ha! Beat ya at your own game!

And then...

We get a phone call from our realtor. About our current home, which is under contract to be sold, right? Well, the buyer's underwriter is requiring an additional roof inspection (what is it with underwriters & roofs?). Requiring it to be done by a certified structural engineer. And requiring that the sellers (that's us) pay for it.


So... as the buyer, we have to pay for all the additional inspections that the bank is requiring on the house we're buying, and now you're telling us that as the seller we have to pay for all the additional inspections that the bank is requiring on the house we're selling?!?

I tell FireMan this is not acceptable. I call our realtor. Let's call him Mike.

Here's a very-much-shortened, clearly-my-sided version of what ensued:

Me: How is it that we have to pay for inspections as both the buyer & the seller? Why isn't the buyer having to pay for the inpections on the house we're selling?

Mike: That's just how it is

Me: That's not right.

Mike: Maybe, but that's just how it is

Me: Why isn't the buyer paying it?

Mike: Well, we can ask, but then there's a high likelihood that you won't sell your house

Me: This makes no sense

Mike: I know, but it's just how it is, you just have to do it

Me: This is wrong. Is it screw FireMan & FireWife day?

Mike: I sympathize, but it's just how it is. You have to do whatever they say, or you could lose both houses.

Me: This is wrong

Mike: It's because of FHA

Me: No it's not.

Mike: Yes it is

Me: No, I was on the HUD/FHA website yesterday, and was shocked to find out that they actually have very few requirements. It's the banks requiring all this stuff.

Mike: No, it's the FHA.

Me: No, really. I read it on the HUD/FHA website yesterday.

Mike: well, you're wrong, but what do you mean?

Me: Like the contractor. We don't have to sign an agreement with a contractor, provide contractor's resume, and all the additional documentation the bank is requiring. It's the bank that's making us do that.

Mike: No, it's the FHA.

Me: No, it's not. I just read it yesterday.

Mike: Listen. I am a licensed broker and am very fluent on the HUD website. That's not what it says.

Me: I'm fluent in English, and that is what it says.

Mike: No, it doesn't. (I am now insulted at his implication that I can't read & understand English)

Mike (I assume trying to change the subject): Besides, I'm the expert and I told you from the beginning that you should buy a newer home in a subdivision and then you won't have to deal with all these extra requirements (he has brought this up a bazillion times and doesn't seem to accept the fact that we don't want to live in a subdivision, and can't afford a brand new home on land, so kinda have to get a fixer upper in order to get our dream house)

Me: Listen, can I just read this to you?

Mike: What?
Me: I pulled up the HUD website. I have it in front of me.

Mike: I know what the HUD website says

Me: Maybe they updated something. Maybe you should know. I just want to read this to you.

Mike (very agitated): I told you, I am a licensed broker and I know what the HUD website says!

Me: I'm just trying to read this to you. Maybe they updated it.

Mike: NO! I am fluent in what is on the HUD website, and I know what it says!

Me: But what is on here is different than what you're telling me!

Mike: NO! This conversation is over!

Me: But I just want to read this to you!

Mike: NO!

Me: Maybe you're not as fluent as you think! Maybe they've updated their information or something!

Mike: Now you've insulted me! I am the broker and I know what I'm talking about! You have insulted me! You two have created your own problems by not buying the new house in a subdivision that I recommended! You created your own problems, you can deal with them yourselves! I am done!


Great. We may have just lost our realtor.

Of course, I'm not sure what he's done for us anyway. So maybe... not such a loss? Let's see. We found our own house. Have negotiated everything directly with the bank on our own. He did put our current home on the MLS and tell us to clean it up for showings. And sat next to us showing us where to sign documents. Ooooh... really? Sign at the "X"?

Seriously though. This is a problem.

I had the (apparently crazy) idea that part of the job of being our real estate agent was to represent our interests in the matter. Am I that far off  base? Because all we're being told is: yep, you're right. It's wrong. But you just have to do it. If you push back, you'll lose both houses. You just have to bend over & take it. No one is standing up for us.

I don't understand. How is it that we have a real estate agent, whom we're paying by commission, and we have a loan officer, whom we're paying by commission, and yet no one is actually representing our interests? How is that possible?

How is it that we're buying a home as is, we're fine with it, we don't want any inspections, but because the bank wants inspections to protect their interests, we have to pay for it? Shouldn't they have to pay for the inspections because it's for their peace of mind?
Same with our house: the buyer is buying our current hom as is. She's fine with it. But because the bank wants additional inspections to protect their interests, somehow we as the sellers have to pay for it?

How is that right? How is that ethical?

I tallied it up. By the time this is all said & done, we will have paid roughly $1000 for separate inspections. A thousand dollars. On inspections that we don't want or need. Because someone else wants them done to protect their interest. We have to pay something out of our pockets so that someone else can have peace of mind about their interests.

How is this the way it works?  How is it that no one is pushing back for us? That we're being told that if we push back at all, we'll likely lose both houses?

What is going on?!?

I told FireMan to call Mike back and tell him we'll bend over. Meaning that we'll pay for the inspection on our current home. Because we don't know what else to do, and our realtor certainly isn't gonna help us.

Who is representing our interests? We are. And certainly no one else.

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