Stupid mortgage company and things unrelated

[uebereinhorn]

So, Wells Fargo totally agreed to provide our home loan. They sent us paperwork and information, then our broker called on Friday, freaking out because Wells Fargo suddenly changed their mind. The guy from whom we're buying the house only owned it for three months, so Wells Fargo is requesting renovation receipts and work orders from the seller.

Comments

[ashesngolddust]

Unless you are absolutely in love with the house I would caution against "Flippers" and shady stuff like 3 month ownership, etc..

This generally does not turn out well. Being in the industry for as long as I have been, I can say with certainty it sounds like a mess you do not want to get involved in.

****

Where in NY are you going?

[uebereinhorn]

What sort of problems do you think we could have?

What industry are you in?

Buchanan, NY. It's on the Hudson, just north of Yonkers, Tarreytown, et cetera.

[ashesngolddust]

I am a real estate paralegal (when I have work

[uebereinhorn]

I think real estate laws might be different in NC than they are in VA.

Our inspector was so thorough, it was ridiculous. He flushed every toilet, tested every outlet, even crawled into the tiny attic and made notes and took pictures of every space. There were some things the seller had to fix, but the seller is also a contractor, so he did got permits and did the work and we'll have a walk-through on closing day to inspect again.

We have title insurance and their job is to investigate and research the title before closing, so that's taken care of.

It's considered fraud if the contract is changed without our approval. Also, my boyfriend is a lawyer, so it is his nature to read everything before he signs anything. Plus, we're good friends with the realtor, so he would tell us about any concerns.

I appreciate your advice though! Thank you for looking out for us!

[ashesngolddust]

You should be in good shape then. NC laws are simmilar to VA, but I am also drawing on NY experience.

If Todd is an attorney then I am sure he is well aware of Flipper issues and contractual issues.

I picked through our paperwork with a fine tooth comb at our closing, but "A's parents had a million issues with their closing inlcuding contractual changes they did not approve/were not aware of and had just found out at closing, but they signed anyhow so they cannot press charges. They also bought their house in NC and they bought their house brand new.

I am just leary of all brokers and banks and the whole process in general, but Flippers especially bother me.

Hope everything goes smoothly! You seem to be taking an educated approach.

[uebereinhorn]

Thank you! I tend to read and ask a lot of questions when I'm getting myself into something, especially long-term. :)