All Encompassing Mortgage and Real Estate Thread

[Sbbruin 22142]

33 minutes ago, Gil Bang said:

hey BTW Bruin, I know a guy...well, about 15 years or so ago, he was ready to buy, but he worked long hours and couldn't handle a long commute.  He needed to be reasonably close to Century City.  

He had to buy in Silver Lake.  It was pretty much a shithole 15 years ago, but it was more agreeable to him than Highland Park, the other neighborhood he considered. 

 

 

Was a shithole.  He's made a fucking fortune. 

 

 

 

Yep.  One of my best friends bought there about the same time and sold out about 8 years later.  Made a ton.  Basically every neighborhood within 20 miles of DTLA is ultimately going to get gentrified to some degree over the next 20 years.

[Onboard 2.0 9083]

33 minutes ago, Gil Bang said:

@Onboard 2.0 please pick up the burnt-orange courtesy phone.

Yeah, that probably varies from region to region tied to seismic zones. Here in Va. you typically see vertical expansion joints on large commercial buildings with long spans of brick. 20' is sort of the rule of thumb for lengths of unbroken brick. Also remember we use brick as a veneer over wood or metal wall framing, not as a true structural item today. Its only 3 5/8" thick, and not tied back into the masonry of a 12" thick wall since about the 60's and beyond.

I've used expansion joints on some brick houses when they've been large, and used it on houses where I've used stucco and or EIF's (dryvit/ synthetic stucco) to control cracking at floor lines and at window and door corners.  Those expansion joints on stucco houses become [part of the design detailing.

[Gil Bang 26229]

Yep.  One of my best friends bought there about the same time and sold out about 8 years later.  Made a ton.  Basically every neighborhood within 20 miles of DTLA is ultimately going to get gentrified to some degree over the next 20 years.

except Boyle Heights, of course.

Inglewood is headed in the right direction.

[SDG 3335]

Anyone else notice the volume increase of real estate “price drops” recently?  Given that interest rates haven’t increased this looks like a correction is about to take place....  

 

(I’m only looking at AZ data so may be way off base)

[Gil Bang 26229]

Well, not so much out here in Southern California, but a lot of times that’s just a result of sellers getting greedy.

 

People in my profession are fucking whores. They will do anything imaginable for a listing.

 

If some greedy fucking seller wants to ask the moon for their shit box house, I can guarantee you that some agent will tell that seller “sure, we can get that”.

 

About six or eight months ago I gave a listing presentation right around the corner from where I live. The old lady had died, and her three children were selling the house. It was in a nice neighborhood, but it was a tiny shit box and hadn’t been as much as painted in 45 fucking years. Zero updates. Just a horrible house, but on a nice lot in a nice neighborhood.

 

So, I told the folks that if they arent willing to spend any money on the house, the best they could hope for was $460,000. They wouldn’t get a penny more than that based on the condition of the house.

 

A week later, they listed with somebody else for 575,000. After three or four months of marketing time, and several price reductions the house finally sold for 450,000.

 

My point here is, yes, that price was reduced several times, but only to where it should’ve been in the first place

 

[Gil Bang 26229]

On 6/26/2019 at 9:22 PM, Gil Bang said:

Allow me to bitch a little bit. I’m in the Pacific Time zone. I have a client I’ve been working with for several months now. She’s a young widow with two kids.

Her husband died of natural causes and had a little bit of an insurance policy. She wants a condo in a certain part of town. I’ve shown her 20 or 30 units minimum. She’s finally settled on one specific development, but there’s nothing in there for sale.

Well, I just got an angry text from her. “There is a unit available in that complex and why didn’t I tell her about it?”

I panicked a bit and logged into my multiple listing service. As I type this post, it’s about 9:20 pm out here. The newly listed unit went into my MLS at 8:37 PM.

It hadn’t been listed a half hour before my client is busting my balls about it.

This is the world we real estate agents work in nowadays. Particularly with younger buyers. Most of the folks that are retirement age o over our checking their phones every five fucking minutes, but the young people, they are.

Update:  so, the condo was listed at $359,000.   I told her to offer full-price, but she listens to her dad, the retired truck driver (no hate there, my dad is also a retired truck driver) and her brother, a flooring guy.    She wants to write at 350, I tell her it's a waste of time and she agrees to write at 355.   Listing agent calls me today and says hey gil, I want to work with you on this, but you are way off.  We are at 365.   If you write at 368 you can get this deal.     So, I call my buyer who has stewed on this for a few days, and she's decided that she really wants it.  So, we re-write at 368 and get the deal, and I'm betting that the appraisal won't come in over 360, based on a week-old comp; the only sale in this complex in a year. 

So, here's the dilemma we face;  do I advise my client to walk away from a place she really loves that's perfect for her because she may overpay to the tune of 50 bucks a month?

 

[Pato del Muerto 53448]

You advise her that you think the appraisal will be lower than the sales price. Let her make an informed decision if you are trying to decide within option period. 

No reason to tell her what she should do, unless you have an obligation as a realtor to do so. 

[Gil Bang 26229]

Oh, and if anybody's curious, this is about the bottom of the market out here.  I did sell a mobile home in Poway (a fabulous town) on a rented space (750/mo) for 165,000 for a family friend, but other than that, IIRC this is the lowest-price deal I've done.  San Diego housing ain't cheap. 

[Gil Bang 26229]

14 minutes ago, Pato del Muerto said:

You advise her that you think the appraisal will be lower than the sales price. Let her make an informed decision if you are trying to decide within option period. 

No reason to tell her what she should do, unless you have an obligation as a realtor to do so. 

yeah, I've done the comps for her.   But I'm the "expert" and she works for a school district.   That's the rub.

[Pato del Muerto 53448]

You’ve had a lot more experience dealing with buyers in the last 10 years than me, but here’s one story. 

Friend of my wife was buying a house from either KB mortgage or countrywide, neither of whom are in business any longer for the same reasons. 

Since we are in the business she asks us to look over her application. She is a school teacher and they have her on a subprime stated wage earner program and put her income at twice what it really is I’m order to get an app to able dti. 

Her prospective piti is approximately her monthly take home pay. 

We inform her of this.  Her reply was that they couldn’t do that if it was illegal and they wouldn’t approve her if she couldn’t afford it. 

She was worried about excessive fees and high apr but there was never a doubt in her mind that she would take the deal because she was approved. 

First payment default I believe, and technically on the hook for fraud for signing a 1008 that she new to have false information. 

Anyway, in my opinion when a buyer wants something so badly, they ignore all logic and move forward, and she’s already shown this when she went from trying to bid under asking to over asking when told she wouldn’t get it. 

[Lobwedgephil 1146]

2 hours ago, Gil Bang said:

Update:  so, the condo was listed at $359,000.   I told her to offer full-price, but she listens to her dad, the retired truck driver (no hate there, my dad is also a retired truck driver) and her brother, a flooring guy.    She wants to write at 350, I tell her it's a waste of time and she agrees to write at 355.   Listing agent calls me today and says hey gil, I want to work with you on this, but you are way off.  We are at 365.   If you write at 368 you can get this deal.     So, I call my buyer who has stewed on this for a few days, and she's decided that she really wants it.  So, we re-write at 368 and get the deal, and I'm betting that the appraisal won't come in over 360, based on a week-old comp; the only sale in this complex in a year. 

So, here's the dilemma we face;  do I advise my client to walk away from a place she really loves that's perfect for her because she may overpay to the tune of 50 bucks a month?

 

I mean, I think you do a great job, but I wish you would have told your client that her offer might not meet appraisal. Now that is harsh, as I know zero other information on the deal, financing, etc. But I still think think you should have explained it better, maybe you did. You said deal at 368, but might not appraise, or something like that. Yes, that probably doesn't matter, but something that bothers me, not trying to offend you and hope you get a deal. 

[Pato del Muerto 53448]

Also if someone is shopping the bottom of the local market, I’ll assume that she is not cash heavy. And unless California has different regs due to the high value increases, the LTV is based on the lesser of appraisal or sales price, which means she would need to bring an additional $8000 to closing. Could be a deal killer in some instances. 

[Gil Bang 26229]

1 hour ago, Pato del Muerto said:

Also if someone is shopping the bottom of the local market, I’ll assume that she is not cash heavy. And unless California has different regs due to the high value increases, the LTV is based on the lesser of appraisal or sales price, which means she would need to bring an additional $8000 to closing. Could be a deal killer in some instances. 

Our contract has an appraisal contingency which allows the buyer to cancel without penalty if the appraisal comes in lower than the contract price.  The majority of the time, the price gets reduced when there is a low appraisal.  

This particular buyer has lots of cash from a life  insurance policy.  She's putting down more than 20%

[Gil Bang 26229]

13 hours ago, Lobwedgephil said:

I mean, I think you do a great job, but I wish you would have told your client that her offer might not meet appraisal. Now that is harsh, as I know zero other information on the deal, financing, etc. But I still think think you should have explained it better, maybe you did. You said deal at 368, but might not appraise, or something like that. Yes, that probably doesn't matter, but something that bothers me, not trying to offend you and hope you get a deal. 

In this case, if the property doesn't appraise, it's to my clent''s advantage, because it's highly likely that the price would be renegotiated to the appraised amount. 

[UTPhil2006 3930]

2 hours ago, Gil Bang said:

In this case, if the property doesn't appraise, it's to my clent''s advantage, because it's highly likely that the price would be renegotiated to the appraised amount. 

This is my line of thinking.

[UTPhil2006 3930]

10 year currently down to a 2.5 year low of 1.94

[Gil Bang 26229]

Purplebricks just closed up shop.

Arrivederci, cocksuckers

/crazy alice

[UTPhil2006 3930]

On 7/3/2019 at 2:42 PM, Gil Bang said:

Purplebricks just closed up shop.

Arrivederci, cocksuckers

/crazy alice

[Pato del Muerto 53448]

How did they operate?  Did they call a local agent and offer a few bucks to show a property?  Website says local expert. 

[Gil Bang 26229]

I think agents signed up with them, similar to redfin, hoping to make it up on volume.

There are a lot of struggling agents out there.  Some are perfectly competent folks that just can't get any traction in their local market.

[UTPhil2006 3930]

On 7/6/2019 at 11:55 AM, Gil Bang said:

I think agents signed up with them, similar to redfin, hoping to make it up on volume.

There are a lot of struggling agents out there.  Some are perfectly competent folks that just can't get any traction in their local market.

We just finished up with Redfin deal where there was listing coordinator and a transaction coordinator.  They needed a being a pain in the ass coordinator because they apparently barely talked to each other and kept asking for shit twice.  Pain in the butt.

[Gil Bang 26229]

a few weeks back, I wrote an offer on a condo, and redfin not only had the listing, they were also the seller.  It was a flip.  So, I guess they're doing the "we'll buy your house" thing now. 

 

I don't use any coordinators.   I do it all myself.  I know exactly what's going on with my files all the time. 

[Gil Bang 26229]

I think I told the story on the shag.  Had a client a few years back.  I sold him a house and the seller carried the note.  He was a straight-arrow dude.  Worked for the Department of Homeland Security.

Not long after buying the house...maybe a year or two, the house gets raided by the feds.   My client is the guy that's in charge of transporting seized drug cash in the San Diego region.   In one case,  the San Clemente Border Checkpoint catches a smuggler with a shitload of money.  Per their procedure, they call my guy, and he speeds over to pick it up and gets there quickly.   So, the border patrol dudes don't have the time to count the cash, but somebody throws the duffel bag on the scale, and it weights over 50 lbs.   When my guy gets it back to the office, it only weighs about 30 lbs. 

There were several such instances.

My guy plead guilty to 17 counts a few weeks back.

Of course, I'm trying to get the listing.  He won't be needing the house. 

[UTPhil2006 3930]

12 hours ago, Gil Bang said:

I think I told the story on the shag.  Had a client a few years back.  I sold him a house and the seller carried the note.  He was a straight-arrow dude.  Worked for the Department of Homeland Security.

Not long after buying the house...maybe a year or two, the house gets raided by the feds.   My client is the guy that's in charge of transporting seized drug cash in the San Diego region.   In one case,  the San Clemente Border Checkpoint catches a smuggler with a shitload of money.  Per their procedure, they call my guy, and he speeds over to pick it up and gets there quickly.   So, the border patrol dudes don't have the time to count the cash, but somebody throws the duffel bag on the scale, and it weights over 50 lbs.   When my guy gets it back to the office, it only weighs about 30 lbs. 

There were several such instances.

My guy plead guilty to 17 counts a few weeks back.

Of course, I'm trying to get the listing.  He won't be needing the house. 

Ha.  Crazy.

[HRSchenker 2340]

On 7/1/2019 at 9:41 PM, Gil Bang said:

Update:  so, the condo was listed at $359,000.   I told her to offer full-price, but she listens to her dad, the retired truck driver (no hate there, my dad is also a retired truck driver) and her brother, a flooring guy.    She wants to write at 350, I tell her it's a waste of time and she agrees to write at 355.   Listing agent calls me today and says hey gil, I want to work with you on this, but you are way off.  We are at 365.   If you write at 368 you can get this deal.     So, I call my buyer who has stewed on this for a few days, and she's decided that she really wants it.  So, we re-write at 368 and get the deal, and I'm betting that the appraisal won't come in over 360, based on a week-old comp; the only sale in this complex in a year. 

So, here's the dilemma we face;  do I advise my client to walk away from a place she really loves that's perfect for her because she may overpay to the tune of 50 bucks a month?

 

You said that SD is at the bottom of the market so I say fuck it just bite the bullet. About the bolded stuff, man I deal with that on a daily basis. You'd be surprised how many people think they're experts at things they know nothing about. The classic example from my line of work is an elderly patient who is very compliant with her medications until a younger family member comes back into their life and totally screws it up. I had one lady who gets 9 meds every month but they're synced up so instead of picking up 1 here, 2 there, 2 here, or 2 another day she gets all 9 on one day. Then her daughter in law (an electrician) comes into her life and sends everything to Walmart. Supposedly going to save her money. Well Walmart doesn't give a fuck about her or her meds and they split everything up over a month. Daughter in law goes back home and then the patient transfers back so I have to start the process all over again. You know this kind of stuff happens all over the country and I wonder how many people have died because granny couldn't find her warfarin thanks to the non-expert family member. 

Anyway back on topic. Chase is offering me 4.05% to refinance my mortgage. I'm at 4.375% right now and just hit my mark for no more PMI. Is it really worth it to refinance or should I wait for rates to drop even more?

[Pato del Muerto 53448]

How many years would you be adding or taking off of your note?

can you get the pmi removed by asking your current servicer?

[Gil Bang 26229]

1 hour ago, HRSchenker said:

You said that SD is at the bottom of the market so I say fuck it just bite the bullet. About the bolded stuff, man I deal with that on a daily basis. You'd be surprised how many people think they're experts at things they know nothing about. The classic example from my line of work is an elderly patient who is very compliant with her medications until a younger family member comes back into their life and totally screws it up. I had one lady who gets 9 meds every month but they're synced up so instead of picking up 1 here, 2 there, 2 here, or 2 another day she gets all 9 on one day. Then her daughter in law (an electrician) comes into her life and sends everything to Walmart. Supposedly going to save her money. Well Walmart doesn't give a fuck about her or her meds and they split everything up over a month. Daughter in law goes back home and then the patient transfers back so I have to start the process all over again. You know this kind of stuff happens all over the country and I wonder how many people have died because granny couldn't find her warfarin thanks to the non-expert family member. 

Anyway back on topic. Chase is offering me 4.05% to refinance my mortgage. I'm at 4.375% right now and just hit my mark for no more PMI. Is it really worth it to refinance or should I wait for rates to drop even more?

That's not that great of a rate IMO.   How long do you intend to stay in your home?   I just had a client get a 3% fixed for 7 years, then adjustable.  I think @Sbbruin got in the high 2's on a 15 year Jumbo a while back. 

[Sbbruin 22142]

2 hours ago, Gil Bang said:

That's not that great of a rate IMO.   How long do you intend to stay in your home?   I just had a client get a 3% fixed for 7 years, then adjustable.  I think @Sbbruin got in the high 2's on a 15 year Jumbo a while back. 

Yeah, I just checked my statement.  My loan origination date was 9/18/16.  2.75% 15 yr fixed.  But it was a refi of a loan I'd had for 14 yrs already so it was conforming, not jumbo.

[Gil Bang 26229]

Sorry, I must have had you confused with Vic.

[UTPhil2006 3930]

23 hours ago, Pato del Muerto said:

How many years would you be adding or taking off of your note?

can you get the pmi removed by asking your current servicer?

These + length you may be staying in the home would be the biggest factors.  And loan amount.  Half a point on 150k vs half a point on 600k is a whopping difference.

[Gil Bang 26229]

Yeah, the "new model" for buying and selling sounds great.    My agent is 3500 miles away?  No problem...I'm sure he's an expert in my market.

Home Bay is looking for exceptional Florida Licensed Agents to join our team here in San Diego, CA.  Agents at Home Bay are part of an innovative new way of buying and selling homes. As a licensed local expert, you are key to ensuring the success of our clients and our model. You will be responsible for engaging new sellers or buyers and leading them throughout the transaction process. You will be working as a full-time employee commission based with the option of benefits.

Unlike traditional real estate, you will not need to source your own leads. Home Bay's innovative technology platform coupled with our full brokerage support provides you bona fide lead generation. You will have an entire support team to assist you during the transaction process, allowing your clients to close properties without ever meeting the buyer or seller in person. 

This position is based out of our sunny San Diego headquarters!

For this position, the Real Estate Agent must be licensed in Florida.

Apply with link below:
https://homebay.clearcompany.com/careers/jobs/ce5b896f-c80c-daca-9b55-9e98cdfce278/apply?source=1061406-CS-34106

ABOUT HOME BAY

Home Bay is revolutionizing the real estate industry by allowing buyers and sellers to transact without the burden of meeting face to face. Operating from a central location, Home Bay has already saved home buyers and sellers over $11 Million in real estate commissions. Home Bay provides consumers a smarter way to buy and sell homes with data-driven intelligence, complete transparency, and on-demand customer experience. Home Bay's sophisticated platform expedites the transaction with efficient, seamless systems that save consumers and real estate agents time and money.

 

[UTPhil2006 3930]

15 hours ago, Gil Bang said:

Yeah, the "new model" for buying and selling sounds great.    My agent is 3500 miles away?  No problem...I'm sure he's an expert in my market.

 

 

Yep these "internet" or "transaction coordinator" models are just not very good at this particular time

[UTPhil2006 3930]

On 7/1/2019 at 9:41 PM, Gil Bang said:

Update:  so, the condo was listed at $359,000.   I told her to offer full-price, but she listens to her dad, the retired truck driver (no hate there, my dad is also a retired truck driver) and her brother, a flooring guy.    She wants to write at 350, I tell her it's a waste of time and she agrees to write at 355.   Listing agent calls me today and says hey gil, I want to work with you on this, but you are way off.  We are at 365.   If you write at 368 you can get this deal.     So, I call my buyer who has stewed on this for a few days, and she's decided that she really wants it.  So, we re-write at 368 and get the deal, and I'm betting that the appraisal won't come in over 360, based on a week-old comp; the only sale in this complex in a year. 

So, here's the dilemma we face;  do I advise my client to walk away from a place she really loves that's perfect for her because she may overpay to the tune of 50 bucks a month?

 

Update on this update?

[Gil Bang 26229]

We are in escrow.   I sent out our repair list over the weekend.  We are asking for 1400 credit, plus a half-dozen repairs that are really no-brainers.   Missing smoke alarms, missing drywall on the garage firewall, stuff like that.  The cash is for a couple of dual-glaze windows with bad seals.  I'm asking for cash there because there's not enough time to get them repaired before the close.  I should know today whether it's gonna fly.  If we get over this hump, we close next Tuesday. 

[mchookem 16765]

On 5/17/2019 at 8:16 PM, mchookem said:

so...i need some advice. apologize in advance for the long post...

my mother died back in January (some of y'all may remember my question in CYHMWT about probate).

she lived in west Houston, off Barker-Cypress.

probate hearing finally scheduled after memorial day. we spent about $8K fixing up house (basics- paint throughout, new carpet, some repairs). had a family friend serve as GC so nothing extravagant. all appliances staying. 

it's a cute 3/2 in a working/middle class neighborhood. PITA HOA so generally nice curb appeal, but lots of renters and immigrants (just fyi, not a problem at all, great neighbors).

ANYway...as soon as my lawyer filed i started getting letters and have probably received no less than 25 - investors, cash offers, quick close, 'as is', etc. 

i was actually toying with just a Redfin/zillow type listing as i thought it might be easy, but comments above have me second guessing. 

sister and i are both in austin so we need something that will go smoothly. neither of us knows a realtor...

any suggestions? just bite the bullet and pay full realtor cost? do you just cold call one? 

i'm wondering about all these letters of interest, too... they say 'as is', but since we've done some work now will they try to lowball us?

this is not the kind of hood where someone was gonna come in and 'flip' it into a high dollar turnaround, that's why we went ahead with some basic work. 

my husband and i bought one home in central austin when we first got married and have never moved - i don't know anything about selling a house! i'm starting to stress, and the fact i live 150 miles away is making it worse...

basically i'm just looking for some guidance on where and how to start

i posted this at the end of May.

i closed the deal last week - while on vacation in Florida - last friday! over asking price. 

add me to the list of VERY satisfied customers of Phil and Thad with REI!

they made it so easy, even when the first offer fell through. time from first listing to closing was literally less than 30 days. unbelievable!

thank you guys so much... and i will be using them again in about a year when we get ready to sell our Austin home! 🤘

 

Edited July 17, 2019 by mchookem

[UTPhil2006 3930]

Thanks!  Glad we could help!  Ended up working out/closing faster/making more by the first buyer getting in a car accident.  Looking forward to working with you again!

[UTPhil2006 3930]

On 7/15/2019 at 12:20 PM, Gil Bang said:

We are in escrow.   I sent out our repair list over the weekend.  We are asking for 1400 credit, plus a half-dozen repairs that are really no-brainers.   Missing smoke alarms, missing drywall on the garage firewall, stuff like that.  The cash is for a couple of dual-glaze windows with bad seals.  I'm asking for cash there because there's not enough time to get them repaired before the close.  I should know today whether it's gonna fly.  If we get over this hump, we close next Tuesday. 

Go time tomorrow?

[Gil Bang 26229]

Maybe.  Docs are at escrow.  They are finishing the repairs today, supposedly.  So, the water heater had ruptured.  It's in an alcove in the attached garage.  They removed the wet drywall, but didn't replace it.  It's a firewall, so it's gotta be there.  

I went by this morning to see how the repairs were coming, and the drywall was the only thing that was "done".  So, I stuck my phone behind the Water Heater, and here's what I saw.  The repair guy really half-assed it and thought we'd all be too lazy to look closely.  

 

Edited July 22, 2019 by Gil Bang

[UT_OB1 2266]

Can you ask for more money and get the buyer to do repairs after purchase?  At the point people try to start screwing me over and the only reason it doesn’t happen is because they get caught, I pretty much lose faith that they are going to handle it correctly on a second or third chance. 

[Pato del Muerto 53448]

Fire code, all codes actually, type repairs must be completed before the lender will send funds. Or was this a cash sale?

Edited July 22, 2019 by Pato del Muerto

[Gil Bang 26229]

Conventional loan.  

But, we don't do it that way here, unless the appraisal specifies that repairs must be made (in the case of FHA and/or VA usually).  Repairs can be done after the closing, but then you've lost your leverage, unless the seller agrees to leave cash in escrow.

This is the case of the other agent (who otherwise seems pretty good TBH) waiting until the last minute.  This shit should have been done before the weekend. Doing it the day before the close is bullshit.  Last week I asked her about the fob for the pool, and key to the rec room. "I'll call the management company and ask".  As of a few hours ago, she's still waiting on the callback.  

 

[Firemans4Horn 18528]

Switched jobs (same industry, commissioned base) and am in the process of moving. What’s the typical amount of pay stubs I need to show for the underwriting process? First underwriter I spoke to said 12-18 months worth at the new job which sounds absurd. Also, if I paid cash would it be easier for me to take out a mortgage a month later or would I run into the same issues?

[Gil Bang 26229]

same industry shouldn't be an issue at all.  Show 3 months at new job max.  

[UTPhil2006 3930]

10 hours ago, Firemans4Horn said:

Switched jobs (same industry, commissioned base) and am in the process of moving. What’s the typical amount of pay stubs I need to show for the underwriting process? First underwriter I spoke to said 12-18 months worth at the new job which sounds absurd. Also, if I paid cash would it be easier for me to take out a mortgage a month later or would I run into the same issues?

Yeah you should need 2 paystubs at the new place as long as its same industry and mostly the same pay structure.  Sent you a PM.

 

 

[drt 645]

Semi related question: does “sales” count as same industry or does it need to be same as in “medical sales”

[UTPhil2006 3930]

2 hours ago, drt said:

Semi related question: does “sales” count as same industry or does it need to be same as in “medical sales”

How big of a difference is the new industry?  How long have you been in sales in total?  Should be fine just may need to see more history..  You can PM me if you have specific questions.

[Gil Bang 26229]

Should be easy enough to convince the lender that dildos and lube are "medical" products. 

[Pato del Muerto 53448]

It’s not like the underwriter wants to see your new and old comp plans to compare salary v monthly commission v annual bonus/commission. 

Were I an underwriter, I’d be more interested in your tax returns than your paychecks if commission is the majority of your income, as I’d assume you would be motivated to be making as much or more in your new job. 

[Chewbacca 7829]

12 minutes ago, Pato del Muerto said:

It’s not like the underwriter wants to see your new and old comp plans to compare salary v monthly commission v annual bonus/commission. 

Were I an underwriter, I’d be more interested in your tax returns than your paychecks if commission is the majority of your income, as I’d assume you would be motivated to be making as much or more in your new job. 

A lot of things underwriters look at make no sense.  They would rather give a loan to someone with no savings and a $10k per month gross income than someone with no W-2 income but $1 million in liquid assets.  

[Pato del Muerto 53448]

I know. And having a “regular” job is better than a contract position, as though you can’t lose the regular job just as easily.