Lol. I hope you don’t genuinely feel that a 200 page contract presented to you in a time sensitive environment during one of the most stressful times of your life is an actual fix the convoluted process of home buying.
It presents no real options. You just have to sign 50 random pages of shit you don’t understand and nobody explains or walk away from the purchase often with sizable financial losses at that point.
I agree with the sentiment of your concern as it is a shit load of info. Only part I would disagree with is that nobody explains it. Depends on your realtor of course but mid-pandemic lockdowns my realtor sat down with my wife and I and went page by page, all printed out, and explained everything. Stopped periodically to see what questions we had, and even light heartily quizzed us. He showed us where he was making money, where the bank makes money, what was likely to happen the moment we signed with the mortgage (sold to a different lender), and where our risks were.
It was a lot. And I don’t look forward to it. But in a day and age where anything can be searched online at your fingertips due diligence is expected by both parties and I felt comfortable going into the closing feeling we had covered most everything.
You can search online for years. Some knowledge only comes from experience. My second time was 1000% better because I knew what to expect and roughly knew where I’ll get fucked and how much it will cost me.
Even with the best realtor, the whole experience is still one of “let’s just get this shit over with”. Been at this for likely months at this point. A bunch of people breathing down your neck between realtors, escrow company, loan broker, sellers, other buyers, etc.
What will happen if you discover you’re getting screwed by ~$4-7K in today’s market with properties going well over asking, ~$50k in escrow account and a day left on your fourth extension that seller begrudgingly accepted. Nothing - you’ll sign the paperwork like a good boy and shell out the extra money. No alternatives at this point.
Fun fact: one of the big plusses of the EU was a unified consumer protection law that gives customers extensive rights to fight back against malicious hidden clauses they didn’t have to expect if they weren’t explained to them explicitly. Was a surprisingly pro-consumer legislation, that.
Lol. I hope you don’t genuinely feel that a 200 page contract presented to you in a time sensitive environment during one of the most stressful times of your life is an actual fix the convoluted process of home buying.
It presents no real options. You just have to sign 50 random pages of shit you don’t understand and nobody explains or walk away from the purchase often with sizable financial losses at that point.
I agree with the sentiment of your concern as it is a shit load of info. Only part I would disagree with is that nobody explains it. Depends on your realtor of course but mid-pandemic lockdowns my realtor sat down with my wife and I and went page by page, all printed out, and explained everything. Stopped periodically to see what questions we had, and even light heartily quizzed us. He showed us where he was making money, where the bank makes money, what was likely to happen the moment we signed with the mortgage (sold to a different lender), and where our risks were.
It was a lot. And I don’t look forward to it. But in a day and age where anything can be searched online at your fingertips due diligence is expected by both parties and I felt comfortable going into the closing feeling we had covered most everything.
You can search online for years. Some knowledge only comes from experience. My second time was 1000% better because I knew what to expect and roughly knew where I’ll get fucked and how much it will cost me.
Even with the best realtor, the whole experience is still one of “let’s just get this shit over with”. Been at this for likely months at this point. A bunch of people breathing down your neck between realtors, escrow company, loan broker, sellers, other buyers, etc.
What will happen if you discover you’re getting screwed by ~$4-7K in today’s market with properties going well over asking, ~$50k in escrow account and a day left on your fourth extension that seller begrudgingly accepted. Nothing - you’ll sign the paperwork like a good boy and shell out the extra money. No alternatives at this point.
Fun fact: one of the big plusses of the EU was a unified consumer protection law that gives customers extensive rights to fight back against malicious hidden clauses they didn’t have to expect if they weren’t explained to them explicitly. Was a surprisingly pro-consumer legislation, that.