Aside from the fact that location doesn’t really matter for bags... Unless it is our own wardrobes I guess! The ideal location!
2020 resolution - shopping my own bag and wallet collection. Any one else?
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Aside from the fact that location doesn’t really matter for bags... Unless it is our own wardrobes I guess! The ideal location!
Our wardrobe is the ultimate destination, but I was thinking that I like hunting for interesting things from Recommended Japanese Resellers or japanese ebay, Hong kong resellers, or luxury zurich in the EU. I also used to love Didier Ludot in Paris. My preloved bags also travel first class to a luxury atelier/ rejuvenation spa in Montana with stunning views of horses belonging to @docride.Aside from the fact that location doesn’t really matter for bags... Unless it is our own wardrobes I guess! The ideal location!
I just love repurposing old things to extend their life andperhaps create something new.
No one works alone and a lot of people go on vacation, I suppose?
The 15 are:
-My agent
-My agent’s assistant
-My agent’s coworker who took over for her while she went on vacation
-My mortgage broker
-Her two assistants
-The loan originator
-Underwriter
-Head of underwriting who called me when the loan originator filled out a paper incorrectly
-Closing document preparer
-Sr Escrow Officer
-Jr escrow officer(s?)
-receptionist at title company who manages wiring instructions and bank information
-insurance agent
-appraiser
-inspector
-pest inspector
-roofer to inspect roof problems
-plumber to give a second opinion when the seller’s plumber was stupid
all of these people I either had to talk to or write checks to. There was also people at the county recorders office, but they weren’t asking me questions.
I have also wondered about this since I heard this from my sister in the US. Here, it’s pretty straightforward. There is a price set by the seller/broker. The most you do as a buyer is to negotiate for discounts (not necessarily given). The broker may help you with obtaining external financing if that’s your route, or the seller may have its own financing scheme (if it’s a big company).
In NYC, it’s simpler and faster if you are paying cash for a property that is not a cooperative as co-ops require more extensive board applications; approvals and info. But, if it’s a landmark building; in a historic neighborhood or if it has other special features, there are always complicating Regulations, permits, approvals and constraints of the space. Due diligence would also include stuff like making sure any views remain unimpeded (air rights of neighboring buildings) and probably lot of other factors. The more factors to take into consideration, the more people? Apologies for OT
A quick description of purchasing American real estate if you are financing. Scroll past if it’s a familiar beast:
In the US, when an individual wants to sell their home, they’ll contact a real estate agent, who will estimate the value, take photos and write up a description. They’ll then upload that to the Multiple Listing Service, and coordinate showings of the house.
When someone wants to buy a house, they first need to establish how much they can spend, either by showing cash or by getting a prequalification letter from a mortgage lender. There are thousands of lenders, who have a wide range of fees and interest rates, so you can work directly with a lender or with a broker who gets quotes for you.
Once Prequalified, your agent shows you properties, and if you like one, will create an offer contract. It can be for more than the asking price, or less, and there are different concessions you can ask for or refuse (furniture or some appliances, longer closing date or shorter. How much cash should you put down to show you are serious) The selling agent will show all the offers to the sellers, and they’ll pick one
You’ll send your earnest money to the chosen title (or escrow) company, whoes job is to determines if the property can be sold (if the deed is clear) and they hold money for the transaction. They also deterhow much additional money you will pay per month for things like insurance and taxes. They hold the money and coordinate with the state records department.
You then have 10 days to find everything wrong with the property. You hire an inspector, and often other specialist if your inspector finds problems. Before the end of the 10 days, your agent will ask for things to be repaired, fixed, or for the seller to either pay closing cost or reduce the price.
Your lender will start the process of approving you for a loan, asking for your financial and income history. They’ll give all this information to their underwriting department who will decide if you’re worth gambling on. They may ask for more information from you. They will also randomly select an appraiser who will determine how much the house is worth based on its features and comparable houses that have sold. The selling or buying agent can show comparable houses, but otherwise should have limited contact with the appraiser (if they appraiser talks out of turn, the appraiser can lose his or her license and the house will need to be reappraised) The buyer pays for the appraisal, and the seller will only get a copy of there are things that need to be fixed for the loan to be funded
Meanwhile, back at the house, the seller is fixing anything they agreed to fix, and waiting for the check to come in.
25 to 50 days later, the lender agrees to loan money for this particular property, and they’ve worked with the title company to figure out how much cash the buyer will need to bring to the table (down payment, loan fees, pre-paying for a few months of insurance and taxes) They then send the closing documents to the buyer. The buyer wires the money to the title company. The lender then generates closing instructions which are sent to the title company.
Closing day, 30 to 60 days after it all begins, the buyer and seller goes in to the title company. A notary determines that they are who they say they are, that they are of sound mind and not signing under duress. Everyone then signs a massive stack of documents. The documents are sent to the lender, who cuts a check. Then the deed is transferred to the buyer, and that’s recorded at the county offices. The title company pays the agreed commission to the agents (usually 3% to the buying agent and 3% to the selling agent), pays any remaining property taxes, and the remainder goes to the seller)
so, lots of people. And that’s assuming it’s a normal sale, and not a bank owned property or an auction.
When someone wants to buy a house, they first need to establish how much they can spend, either by showing cash or by getting a prequalification letter from a mortgage lender. There are thousands of lenders, who have a wide range of fees and interest rates, so you can work directly with a lender or with a broker who gets quotes for you.
Once Prequalified, your agent shows you properties, and if you like one, will create an offer contract. It can be for more than the asking price, or less, and there are different concessions you can ask for or refuse (furniture or some appliances, longer closing date or shorter. How much cash should you put down to show you are serious) The selling agent will show all the offers to the sellers, and they’ll pick one
You’ll send your earnest money to the chosen title (or escrow) company, whoes job is to determines if the property can be sold (if the deed is clear) and they hold money for the transaction. They also deterhow much additional money you will pay per month for things like insurance and taxes. They hold the money and coordinate with the state records department.
You then have 10 days to find everything wrong with the property. You hire an inspector, and often other specialist if your inspector finds problems. Before the end of the 10 days, your agent will ask for things to be repaired, fixed, or for the seller to either pay closing cost or reduce the price.
Your lender will start the process of approving you for a loan, asking for your financial and income history. They’ll give all this information to their underwriting department who will decide if you’re worth gambling on. They may ask for more information from you. They will also randomly select an appraiser who will determine how much the house is worth based on its features and comparable houses that have sold. The selling or buying agent can show comparable houses, but otherwise should have limited contact with the appraiser (if they appraiser talks out of turn, the appraiser can lose his or her license and the house will need to be reappraised) The buyer pays for the appraisal, and the seller will only get a copy of there are things that need to be fixed for the loan to be funded
Meanwhile, back at the house, the seller is fixing anything they agreed to fix, and waiting for the check to come in.
25 to 50 days later, the lender agrees to loan money for this particular property, and they’ve worked with the title company to figure out how much cash the buyer will need to bring to the table (down payment, loan fees, pre-paying for a few months of insurance and taxes) They then send the closing documents to the buyer. The buyer wires the money to the title company. The lender then generates closing instructions which are sent to the title company.
Closing day, 30 to 60 days after it all begins, the buyer and seller goes in to the title company. A notary determines that they are who they say they are, that they are of sound mind and not signing under duress. Everyone then signs a massive stack of documents. The documents are sent to the lender, who cuts a check. Then the deed is transferred to the buyer, and that’s recorded at the county offices. The title company pays the agreed commission to the agents (usually 3% to the buying agent and 3% to the selling agent), pays any remaining property taxes, and the remainder goes to the seller)
so, lots of people. And that’s assuming it’s a normal sale, and not a bank owned property or an auction.
And this doesn’t include the complications 880 mentioned, with C
ps, HOAs or historical register buildings.And while I’m OT, @880, I am impressed and in awe of you! Prewar and Arts and Crafts are some of my favorite architectural styles, and that must be wonderful to be able to play with original buildings, with some of their fabulous elements. If you ever feel like sharing pictures, I’d love to
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I am trying to think, here, the last time I bougth.
Seller (no agent as it was a building company selling directly)
Bank Manager (they don’t really do any in depth due diligence on the property)
Notary (they take care of the register)
Lawyer (because we actually took them to Court for a window issue. Otherwise, there would have been no lawyer).
My husband is an architect (and I am a lawyer, we are the couple from hell to state agents
) so that helps. But still.I know right? And in Germany there is not even that much negotiating discounts, Germans are not into bargaining at all.
And at the moment you are lucky if you are in time to even express your interest before a property is gone, let alone negotiate the price...
Okay, in Europe we have no historical buildings, so that must be it
No, really, we do. We just call them old houses (literally, in Germany, altbauwohnung) and call a guy some friend recommended to throw a bit of plaster in and change the bathrooms
A quick description of purchasing American real estate if you are financing. Scroll past if it’s a familiar beast:
And this doesn’t include the complications 880 mentioned, with C
I am exhausted just reading this! Lots of differences and intermediate steps we don‘t have. I thought because we have notaries maybe things are easier, but you also use a notary.
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Thank you so much! we have that in common! I love them too! If I get to closing without incident, I have a feeling it will be a very long time in construction so any pic would be of. . . dumpsters
but I can pm. Some strict co-ops used to only allow construction in the summertime (and I am trying not to fall in love with any of those lol)
I am trying to think, here, the last time I bougth.
Seller (no agent as it was a building company selling directly)
Bank Manager (they don’t really do any in depth due diligence on the property)
Notary (they take care of the register)
Lawyer (because we actually took them to Court for a window issue. Otherwise, there would have been no lawyer).
My husband is an architect (and I am a lawyer, we are the couple from hell to state agents
I know right? And in Germany there is not even that much negotiating discounts, Germans are not into bargaining at all.
And at the moment you are lucky if you are in time to even express your interest before a property is gone, let alone negotiate the price...
Okay, in Europe we have no historical buildings, so that must be it
No, really, we do. We just call them old houses (literally, in Germany, altbauwohnung) and call a guy some friend recommended to throw a bit of plaster in and change the bathrooms
I am exhausted just reading this! Lots of differences and intermediate steps we don‘t have. I thought because we have notaries maybe things are easier, but you also use a notary.
Our notaries and European notaries are different. We have hundreds of thousands of notaries, for most it’s a part of a different job they do (they work for title companies, or banks, or libraries) and their only job is to verify identities, confirm the signer is legally able to sign, and to watch the document being signed.
From my research, EU notaries are lawyers, who do half the work that is performed by paraprofessionals at the title company (make sure the deed is clear, pull all historic records on surveys, ect) and county recorders office (certify that the new deed is valid, check it and file it into records)
So, yes, the EU notaries do make a big difference and cut down on the sheer number of people
Oh wow, such a lengthy process! But I guess that’s due diligence working.A quick description of purchasing American real estate if you are financing. Scroll past if it’s a familiar beast:
In the US, when an individual wants to sell their home, they’ll contact a real estate agent, who will estimate the value, take photos and write up a description. They’ll then upload that to the Multiple Listing Service, and coordinate showings of the house.
When someone wants to buy a house, they first need to establish how much they can spend, either by showing cash or by getting a prequalification letter from a mortgage lender. There are thousands of lenders, who have a wide range of fees and interest rates, so you can work directly with a lender or with a broker who gets quotes for you.
Once Prequalified, your agent shows you properties, and if you like one, will create an offer contract. It can be for more than the asking price, or less, and there are different concessions you can ask for or refuse (furniture or some appliances, longer closing date or shorter. How much cash should you put down to show you are serious) The selling agent will show all the offers to the sellers, and they’ll pick one
You’ll send your earnest money to the chosen title (or escrow) company, whoes job is to determines if the property can be sold (if the deed is clear) and they hold money for the transaction. They also deterhow much additional money you will pay per month for things like insurance and taxes. They hold the money and coordinate with the state records department.
You then have 10 days to find everything wrong with the property. You hire an inspector, and often other specialist if your inspector finds problems. Before the end of the 10 days, your agent will ask for things to be repaired, fixed, or for the seller to either pay closing cost or reduce the price.
Your lender will start the process of approving you for a loan, asking for your financial and income history. They’ll give all this information to their underwriting department who will decide if you’re worth gambling on. They may ask for more information from you. They will also randomly select an appraiser who will determine how much the house is worth based on its features and comparable houses that have sold. The selling or buying agent can show comparable houses, but otherwise should have limited contact with the appraiser (if they appraiser talks out of turn, the appraiser can lose his or her license and the house will need to be reappraised) The buyer pays for the appraisal, and the seller will only get a copy of there are things that need to be fixed for the loan to be funded
Meanwhile, back at the house, the seller is fixing anything they agreed to fix, and waiting for the check to come in.
25 to 50 days later, the lender agrees to loan money for this particular property, and they’ve worked with the title company to figure out how much cash the buyer will need to bring to the table (down payment, loan fees, pre-paying for a few months of insurance and taxes) They then send the closing documents to the buyer. The buyer wires the money to the title company. The lender then generates closing instructions which are sent to the title company.
Closing day, 30 to 60 days after it all begins, the buyer and seller goes in to the title company. A notary determines that they are who they say they are, that they are of sound mind and not signing under duress. Everyone then signs a massive stack of documents. The documents are sent to the lender, who cuts a check. Then the deed is transferred to the buyer, and that’s recorded at the county offices. The title company pays the agreed commission to the agents (usually 3% to the buying agent and 3% to the selling agent), pays any remaining property taxes, and the remainder goes to the seller)
so, lots of people. And that’s assuming it’s a normal sale, and not a bank owned property or an auction.
And this doesn’t include the complications 880 mentioned, with C
And while I’m OT, @880, I am impressed and in awe of you! Prewar and Arts and Crafts are some of my favorite architectural styles, and that must be wonderful to be able to play with original buildings, with some of their fabulous elements. If you ever feel like sharing pictures, I’d love to
Thanks for explaining!! Much to learn.
Our wardrobe is the ultimate destination, but I was thinking that I like hunting for interesting things from Recommended Japanese Resellers or japanese ebay, Hong kong resellers, or luxury zurich in the EU. I also used to love Didier Ludot in Paris. My preloved bags also travel first class to a luxury atelier/ rejuvenation spa in Montana with stunning views of horses belonging to @docride.
The Japanese and Hong Kong sellers often have very interesting listings... as does ebay USA... for me all listings from outside the EU are off limits, though. At the end of the year GB will be lost for me, too.
Taxes and the whole customs proceedings are simply too much for me. Lots of my bags were kind of distressed - "the price reflected the condition"- when I bought them. They had a home spa. I did as much as I could on my own and am happy with my efforts in general. Actually I´m amazed how much can be done at home while learning by doing.
A quick description of purchasing American real estate if you are financing. Scroll past if it’s a familiar beast:
In the US, when an individual wants to sell their home, they’ll contact a real estate agent, who will estimate the value, take photos and write up a description. They’ll then upload that to the Multiple Listing Service, and coordinate showings of the house.
When someone wants to buy a house, they first need to establish how much they can spend, either by showing cash or by getting a prequalification letter from a mortgage lender. There are thousands of lenders, who have a wide range of fees and interest rates, so you can work directly with a lender or with a broker who gets quotes for you.
Once Prequalified, your agent shows you properties, and if you like one, will create an offer contract. It can be for more than the asking price, or less, and there are different concessions you can ask for or refuse (furniture or some appliances, longer closing date or shorter. How much cash should you put down to show you are serious) The selling agent will show all the offers to the sellers, and they’ll pick one
You’ll send your earnest money to the chosen title (or escrow) company, whoes job is to determines if the property can be sold (if the deed is clear) and they hold money for the transaction. They also deterhow much additional money you will pay per month for things like insurance and taxes. They hold the money and coordinate with the state records department.
You then have 10 days to find everything wrong with the property. You hire an inspector, and often other specialist if your inspector finds problems. Before the end of the 10 days, your agent will ask for things to be repaired, fixed, or for the seller to either pay closing cost or reduce the price.
Your lender will start the process of approving you for a loan, asking for your financial and income history. They’ll give all this information to their underwriting department who will decide if you’re worth gambling on. They may ask for more information from you. They will also randomly select an appraiser who will determine how much the house is worth based on its features and comparable houses that have sold. The selling or buying agent can show comparable houses, but otherwise should have limited contact with the appraiser (if they appraiser talks out of turn, the appraiser can lose his or her license and the house will need to be reappraised) The buyer pays for the appraisal, and the seller will only get a copy of there are things that need to be fixed for the loan to be funded
Meanwhile, back at the house, the seller is fixing anything they agreed to fix, and waiting for the check to come in.
25 to 50 days later, the lender agrees to loan money for this particular property, and they’ve worked with the title company to figure out how much cash the buyer will need to bring to the table (down payment, loan fees, pre-paying for a few months of insurance and taxes) They then send the closing documents to the buyer. The buyer wires the money to the title company. The lender then generates closing instructions which are sent to the title company.
Closing day, 30 to 60 days after it all begins, the buyer and seller goes in to the title company. A notary determines that they are who they say they are, that they are of sound mind and not signing under duress. Everyone then signs a massive stack of documents. The documents are sent to the lender, who cuts a check. Then the deed is transferred to the buyer, and that’s recorded at the county offices. The title company pays the agreed commission to the agents (usually 3% to the buying agent and 3% to the selling agent), pays any remaining property taxes, and the remainder goes to the seller)
so, lots of people. And that’s assuming it’s a normal sale, and not a bank owned property or an auction.
And this doesn’t include the complications 880 mentioned, with C
And while I’m OT, @880, I am impressed and in awe of you! Prewar and Arts and Crafts are some of my favorite architectural styles, and that must be wonderful to be able to play with original buildings, with some of their fabulous elements. If you ever feel like sharing pictures, I’d love to
Thanks for this detailed description of the process! I had no idea! Buying the only house we ever bought here in Germany was so much simpler. Found it listed on the seller´s website, signed a contract at a Notary´s, paid in full by bank transfer (as the price refelcted the condition), paid real estate transfer tax, got the land register entry, paid the fees and this it was. Nobody ever asked about insurances and all that stuff. It´s a listed historical building from 1895 and the law controls what we can do with it and in which way, but this never played a roll while actually buying it.
Oh, we do have historical buildings- denkmalgeschützte Gebäude. We live in one. The Denkmalschutzbehörde wants a say in what ever work you do...Okay, in Europe we have no historical buildings, so that must be it
No, really, we do. We just call them old houses (literally, in Germany, altbauwohnung) and call a guy some friend recommended to throw a bit of plaster in and change the bathrooms