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The House Hunters Thread

Date: 3/28/2010 1:36:29 PM
Author: jcrow
taovandel - just want to throw another option your way... financing the house just on your credit without using your husband''s. i know some couples that have done that because one or the other doesn''t have enough credit. and you might be surprised how much they will approve you for!
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My FI and I did this. His credit is much better than mine. The mortgage is in his name only but at the closing, he signed a "quit claim deed" that essentially gives half the house to me. He pays the mortgage every month, but I paid the 20% down payment. It was the best option for us. Especially since we aren''t yet married.
 
Here''s our update: inspection went well overall, no warning sign huge issues! We only asked them to fix some wood rot under the house near the deck and some missing insulation and vapor barrier under the house(inspector estimated this would cost around $1,400) or give us $1,000 toward closing. So we''ll see what they say. If they say no and don''t counter back with any money, no biggie we''ll just fix it ourselves.

NEL looks like you were right! Haha. And I think giving yourself a break is always a good idea.

RHB - that is AMAZING!!

Rockpaperscissors - Good luck with your offer, so exciting!!

Taovandel - Welcome! Nice to see you! We are in VA and ended up going FHA instead of VHDA because of the lower interest rate. FHA is requiring 3.5% down but they are allowing our family to "gift" us some of the money. We are only going to have like $3,000-$4,000 of it ourselves. Also what jcrow and others said is right about the one credit score. I believe in VA both names are on the deed even if only one is on the mortgage (that was how it worked when my parents refinanced a few years ago). DH is the only one w/ an income since I am in law school, so we dropped me off since my best buy card (which I owe like 90% on since I bought a computer for school) was making them skiddish. As for the time limit, as you said it is a bit rushed, but it''s doable! We just did it! :) Finally, I agree with everyone else talk to some other banks. Sorry this was kind of all over the place!
 
SarahLovesJS- that sounds great! Hope that go for it!

Rockpaperscissors - Good luck with the offer... man is it nerve wracking!

Taovandel - Welcome and yes I understand that the downpayment can be daunting. But dont dip into your 401K, save save save. We just got certified funds for our downpayment and it was insane taking out that much money, even though that was exactly what it was earmarked for!

As for us, we went to the home again, brought the parents to see. It lacks a bit in the general storage, no pantry, and no linen closet - go figure. But there is a garage that I could put our now free standing pantry, and the linens can go in the guest bedroom walk in. All three bedrooms have HUGE walk in closets, and the masters walk in is 12 x 9 so I have enough room to put stuff, so I dont think this will be a problem. Plus even though the basement is finished, there is a still 2 closets and a large portion that was left unfinished for storage.
We also got to talk to the owner. He loves the community (let the house go while opening his own business) and knows all the neighbors names, says they are very friendly. So all sounds good.
The contracts are now signed by us and the seller. Will be sent to the bank for their review. So fingers crossed.
I'm at the point were I'm so nervous, didn't sleep well last night - kept having all these "worst case scenario" nightmares! ugh.
 
RPS... Congrats on the offer!!! The house sounds fantastic! And good going on the sleuthing, too. I''ll cross my fingers too for you so you don''t break yours!

Sarah... glad to hear the inspection went well! You''re one step closer!

Tao... welcome! We went FHA also. We put 3.5% down, but the sellers covered all closing costs (almost 12K). We financed through me, but both our names are on the deed. I know when we brought up using the tax credit as part of the down payment, our realtor told us it''s possible, but complicated. Makes for a longer process, and sellers are less likely to accept offers like this because it *is* so complicated. Good luck to you, in any event!
 
Just wanted to lend my $0.02 about the tax credit going on now. We are in the process of selling our house and we are rushing to get it on the market because in order to take advantage of the current tax credit you need to have the house under contract by April 30th and go to settlement by June 30th. I don''t know how much the credit is for or what the stipulations are though.

Tao- I would definitely find a different lender. It sounds like this guy was really rude to you.
 
well today is the day of our closing!
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we're doing a final walk through today then going to meet for the closing. i can't believe we're going to be homeowners again!
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friday we set up all the utilities, water, cable, sewer, trash, etc. and we decided on paint colors. a soft sea spray in the guest bedroom and my office and a soft but not too feminine pink for the baby's room. we're picking up primer today too so that hubs can begin doing that in preparation for his parents to paint this weekend.
 
YAY J!!!!!!
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I hope that everything goes well!!!!!!!
 
Yay J!!! A baby and home...such an exciting year for you and your husband!
(Same to Mere...haha!)


Thanks again for the advice ladies....we will definitely not be going with the lender we were talking about. And we are/have been in saving mode....just need to see what else we can cut back on to get to our goal faster!

Hopefully you''ll see me back here soon!
 
i know, right? we like to do it all at once. haha.

and with that... we''re officially homeowners! we just got back from closing / dinner / home depot. we swung by *our* house and parked into the garage and hubs carried me [big preggo self!] over the threshold :] very sweet of him
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and i took pics of *our* house since it''s the first time we''ve seen it empty since the sellers were still living in it prior to today.

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Sending dust your way RHB!!!!

Aww congrats Jcrow!! That is so sweet!
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Okay so we met with the loan officer yesterday and that went pretty well just kind of overwhelming. SO much documentation and paperwork, wow!! Also we got a verbal acceptance on them putting another $1,100 toward closing, so that''ll be great. Just want the signed version before I can relax.
 
Congrats, JCrow! I love that your hubby carried you over the threshold!

SLJS, sounds like things are going along well for you!


Not good news here...

I''m rapidly getting to that place where I don''t know who to trust. The pre-approval I got is through a lender that I got through lending tree. The agent we''re working with asked me to ask the lender how much the closing costs would be. His estimation was waaaaay below what we''d expect. That gave me a bad feeling. So then, the agent suggested I talk to a lender she''s worked with many times, and I did.

He was not very positive about my ability to get a loan. There are some things on my credit report that I need to get taken off because they''re incorrect, and the way SO and I bank is apparently an issue.

After that, I felt like the first lender may have been taking us for a ride and who knew what would happen. Maybe we''d end up not being able to get financing after all. Or maybe at the end, they''d tell us we had to pay a whole bunch of fees that we didn''t know about.

The problem is that I''ve checked into the first lender as much as possible Google-wise and they have good reviews. They''re rated an A+ with the BBB and have no complaints for them.

I don''t know what to do now. Who do I trust? Who do I not trust? I''m ready to throw in the towel and keep renting. I know I can''t trust the landlord not to raise the rent, but sometimes the devil you know is better than the devil you don''t know.
 
JCrow, congrats on closing!! Adorable that he carried you over the threshold!

SarahlovesJS, woohoo on getting the $1,100 toward closing--that''s a little more than you were hoping for!

RPS, I would definitely get another opinion. When we were applying for financing we went to several mortgage brokers (who have access to multiple types of loans) as well as individual banks. I asked for estimated closing costs from all of them. While it is a pain in the dupah to gather all of the financial info. and send it out to multiple people, I think it gives you the best representation of what is feasible and fair. I would ask some of your friends for mortgage broker recommendations and reach out to at least two--see if they are consistent and if either of them agree with Lending Tree or the bank.
 
Date: 3/30/2010 10:26:21 AM
Author: rockpaperscissors67
Congrats, JCrow! I love that your hubby carried you over the threshold!

SLJS, sounds like things are going along well for you!


Not good news here...

I''m rapidly getting to that place where I don''t know who to trust. The pre-approval I got is through a lender that I got through lending tree. The agent we''re working with asked me to ask the lender how much the closing costs would be. His estimation was waaaaay below what we''d expect. That gave me a bad feeling. So then, the agent suggested I talk to a lender she''s worked with many times, and I did.

He was not very positive about my ability to get a loan. There are some things on my credit report that I need to get taken off because they''re incorrect, and the way SO and I bank is apparently an issue.

After that, I felt like the first lender may have been taking us for a ride and who knew what would happen. Maybe we''d end up not being able to get financing after all. Or maybe at the end, they''d tell us we had to pay a whole bunch of fees that we didn''t know about.

The problem is that I''ve checked into the first lender as much as possible Google-wise and they have good reviews. They''re rated an A+ with the BBB and have no complaints for them.

I don''t know what to do now. Who do I trust? Who do I not trust? I''m ready to throw in the towel and keep renting. I know I can''t trust the landlord not to raise the rent, but sometimes the devil you know is better than the devil you don''t know.
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I''m sorry you''re having trouble with the lenders. I am not very well versed in this stuff and was terrified the first time around. We ended up going with a big bank (Bank of America) partly because of familiarity. I guess I extended the familiarity I have with their bank accounts and credit cards to mortgages as well. Does your realtor have an opinion on the first lender after some internet research?

I hate to pry, but I am curious what you mean by this statement. Now I''m worried that the way we have been handling our money in the last two years together might hurt us when we go to buy our next home. Do you mind giving a little insight? If you don''t want to share, I understand!
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RPS-I would call a big bank (like Bank of America) and see what they say. Their closing costs and fees should be pretty standard and they should be able to give you a solid estimate of closing costs.

I actually went with Bank of America for my mortgage. I spoke with a smaller local bank that a friend's mom works for and the rates were terrible and the fees and closing costs were MUCH higher than for Bank of America. I'm glad I shopped around. I also spoke with SunTrust (a couple of people said they had good rates and low closing costs) but they were very slow to get back to me and I didn't feel comfortable with trying to close with a bank that couldn't get back to me in a reasonable time.

ETA is it possible to just get the loan in your husband's name? If you're in VA both names go on the deed if you're married no matter who is on the loan.
 
RPS-Please do extra due diligence on anyone Lending Tree proposes to you. That''s who we went through when we refinanced a few years ago and that was the start of our problems (ultimately we lost our house). Initially we signed with Chase, but within a week our mortgage was sold to Aurora Lending Service (or Home Loans). They''re actually the predatory lending arm of Lehman Bro. Anyway, we suspect the intent on getting us to Aurora was always the intent, due to the speed in which the loan was sold. Aurora was a HORRIBLE lender who constantly lost our information, correspondence and if you can believe it, payments! In the end we started sending our payments via Western Union so we''d have a number to prove that it had been received. These issues, and their lack of paying our property taxes on time are ultimately what contributed to us losing our house.

Just do your research. We refi''d before the crud hit the fan and predatory lending practices became public knowledge.
 
Thank you, ladies, for your support. I really, really appreciate having a place to talk about disappointment, too. I''m feeling rather bi-polar this week -- up, down, up, down. Last night, after talking to the 2nd lender and not feeling warm fuzzies, I spent a good bit of time in a funk and then figured it wasn''t the worst thing to have to put a hold on house hunting and take the time to get our credit totally cleaned up, save more for a down payment, etc.

But then...

Just about an hour ago, I got an email from the 2nd lender and not only am I pre-approved, I''m pre-approved for $65K more than we want and she said she stopped there because she knows the range we''re looking at. The terms are fine and we''re comfortable so the offer is going in on the house today. We expect them to counter and then we''ll meet in the middle. The agent and I agree on the number we''ll probably end up with and we''re fine with that (we''d even pay list).

Clairitk, I don''t mind telling you about our banking situation. Now that the lender came back with the pre-approval, I''m not so sure that this is a problem, but I''m not 100% sure that it doesn''t.

SO and I keep separate accounts because of his ex (she''d like to get as much child support as possible). I have a checking account into which my pay is direct deposited, and SO has his checking account. He is self-employed and has an LLC, so he gets a paycheck rather than every cent that comes in to the company.

I get paid once a month at the beginning, so I go through and pay as much of the bills as possible using essentially all of my paycheck. SO then deposits more money into my account (and I pay more bills!). While it may look like we have no money, it''s not true. SO keeps a lot in his account so that we could save up for the down payment on a house (and pay for vacation, etc.).

However, since the mortgage will only be in my name (because astoundingly my credit is better than SO''s), it looks like I spend every cent of my paycheck every month. I guess I essentially do, but if I need money, it''s right there in SO''s account.

I think this would be much different if we were married, but then that brings up another issue. SO owned a home within the last 3 years, so if we got married now, he still wouldn''t be on the mortgage, but we''d lose 1/2 of the first time homebuyer''s credit because of him.

In the end, I guess if this lender is willing to pre-approve me while knowing exactly how we handle our banking, it may not be a huge deal.
 
RPS, I''m glad that you were finally able to get some answers!

Since you mention that you will be the one applying for the mortgage, I just thought I''d bring up one issue that might pop up (or it may not, just wanted to share). I know that when we were about to apply for our mortgage--this would be after signing the purchase and sales agreement--the bank needed either a 1-month history or 3-month history of the account we were using for the downpayment. I would just make sure that if that money is in your SO''s account, that it won''t be an issue. He might need to transer that money to an account that is in your name.
 
OMG, HH, I''m so sorry that happened to you! I can''t even begin to imagine.

I feel much more comfortable with the 2nd lender. The woman who got me the pre-approval letter is really experienced -- she''s the #1 VHDA loan originator in our state. After talking to her today, I feel like I can trust her.

NEL, fortunately, we have the down payment covered! Yay for one thing being relatively easy. FHA requires a paper trail on the money, which we can do with a gift letter and statements to show that the money is in SO''s account. The lender actually said for him not to transfer this money until closing, so that makes it easier for us in some ways...like I can''t go on a mad shopping spree prompted by all of this stress. =)

It''s a HUGE relief to have things straightened out just a little bit.

And now the nail biting begins in earnest...
 
RPS: So glad everything worked out. :-) Congrats!

As for us, the seller''s agent is having the seller sign the contracts tonight and will then bring them over to us and pick up our down payment monies. Then we go into attorney review.... yikes!

The only reason I''m still nervous is because we have a verbal acceptance from the bank (ING) that is doing the short sale, but they have until the week before we close (which is April 30th) to actually get all their paperwork in order and get that over to the seller. Which means, technically something can go wrong in that time. The agent seems to be sure that they will send over their end of the paperwork (for the short sale for the seller) within the week instead of closer to the deadline that is on the contract. But I swear its enough to make me freak out!
 
RPS- Thanks for coming back and sharing your reasoning on the banking situation. I can see why you may have thought it would hurt your chances of getting a mortgage.

So happy that they came back and approved you and you were able to submit an offer! Fingers crossed it works out for you!
 
Well, after 2.5 hours at the closing... we own our house. I am so disappointed right now... and I hate that I'm not jumping for joy.

- I left work at 11, and went to look at the blueprints for the house... the window *issue* is actually ON the blueprints and how it is supposed to be. Fine. I'm over it.
- Went to the bank and got all of the deposits made, transfers done, and checks cut for the closing.
- Went to the house for one last walk thru before going to the closing. Workers are there, things look good.
- Go to meet DH at his office so that we can head to closing.
*Still extremely excited at this point*
- Get to wrong building and arrive late for closing about 15 minutes. However, it doesn't matter because they don't meet with us until 2:30 for our 2pm appt.
*Still excited... I mean how long could it take once we get in... not a big deal...*
- 20 minutes latrer we start. They have the wrong insurance information on the documents and have to have them edited by the lender and re-done via email.
*Still excited...*
- ALL of the papers have my name written incorrectly. ALL OF THEM. She dissapers for 45 minutes!
*Less excited...*
- An hour later we start signing everything... half way thru she asks us if we have been signing with our middle initial. No, we haven't... so we start at the beginning.
*Less...*
- Again, half way thru, she asks us if we are initialing the mistakes in my name with all 3 initials. NO!
- We start at the beginning again.
*Less...*
- Then they have to have the finance department cut us a check for the difference in the mess up from the insurance... 30 minutes later and after we have watched almost the entire office leave, since it is now 4:30, she cmoes back in with our check. Her only comment, "You are good to go and you can pick up your keys at the sales office in your neighborhood." Then leaves the room. No congratulations, no hand shake, no warm smile. Nothing.
- When we are leaving I just can't believe how anticlimactic the entire thing became. It was like leaving a court hearing.
- By now we are over an hour late to meet the alarm system guy at the house. He is incredible for waiting on us, especially knowing that we won't be there for another 30 minutes.
- We arrive back at DH's office to pick up my car, and he decides that he is going back into WORK instead of going to the house with me!!!
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- The meeting with alarm guy ends up lasting about an hour... during which time, DH has called to inform me that he is heading back to the apartment in order to make it to play football with the guys. And yes, I am still at house with alarm guy. He could have come to meet me, since I was still there another 30 minutes.
- By the time I end with alarm guy, it's 6:00 and sales office is closed. Can't get keys until tomorrow. I think, "Great, I'll have DH get them since he works 10 minutes from the house...". When I call and ask he pauses and mutters something about not knowing how to get there. WE HAVE BEEN THERE AT LEAST 3 TIMES!!!!! Why do I get the feeling he is avoiding the house or anything even remotely exciting about it!!!!!
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I can't even call my parents to tell them about the closing and how everything went, because I know that I am going to break down in tears. One of my best friends, who built two houses down from us, already went and picked up toilet paper and a case of beer so that they can sit on their patio for a few hours tonight. My DH couldn't even be bothered to go by the house. Though, I don't know why I'm surprised... his work is only 10 minutes from the house, and he could barely be bothered to go by more than once a month the entire 4 months that it was being built.

Thanks for letting me rant.
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I'm a homeowner... yay...

ETA: So sorry for the me-centric post.
 
DH just got home and we had a long talk. He understands that I need him to be more involced, especially since we have entered our *crunch time*. Baby is due 1 month from today! Now we are packing up the apartment room by room, so that my mom and I can start moving on Thursday!!

It's been a long day, just like the last few weeks, but we are homeowners and I couldn't be happier! (It seems that my pregnancy hormones are more of a build-up of sorts, rather then sudden bursts...
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Congrats on your house, Mere! I know buying a home is sooo stressful. Hopefully when all your things are moved in, you and your hubby can take a deep breath and enjoy your new home!
 
rockpaperscissors67 - if you are getting pre-approved, i wouldn''t have the letter say $65k over what you are comfortable spending. i''d have them put on there about the amount you are wanting to spend. that way the seller''s won''t know that your limits are actually much higher. just something to think about.
 
Date: 3/30/2010 3:32:04 PM
Author: NewEnglandLady
RPS, I''m glad that you were finally able to get some answers!


Since you mention that you will be the one applying for the mortgage, I just thought I''d bring up one issue that might pop up (or it may not, just wanted to share). I know that when we were about to apply for our mortgage--this would be after signing the purchase and sales agreement--the bank needed either a 1-month history or 3-month history of the account we were using for the downpayment. I would just make sure that if that money is in your SO''s account, that it won''t be an issue. He might need to transer that money to an account that is in your name.
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the bank may also ask him to sign a letter stating that you have 100% access to his personal account.
 
meresal - congrats on the house!! sorry it didn''t go as smoothly as you had hoped. ours didn''t either. at closing we ended up waiting for two hours for the bank to send funding or approve the funding or something! this was after 45 minutes of signing paper work! we didn''t get out of there until like 5:45 and i had eaten an early lunch at about 11 so by the time we got out of there i was shaking i was so hungry.
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Oops I forgot to check back on this thread as I''ve been busy packing!

meresal I just saw your other thread and having caught up on at least your home/building, I see you just closed! Although things didn''t go as smoothly as you had hoped, hopefully the arrival of your soon-to-be baby takes your mind off of things so you can relax and enjoy your home and beyond.

I know that side piece by your window bothers you, but maybe for now, put up a tall bush for the time being? Honestly I''m not sure why they said they couldn''t do it, but like I said, focus on your baby, moving in and who knows, maybe a solution can come about in the future.

Not much to post from me. House is on time for our May closing, they''re doing the tile, granite and cabinets now! Eeeeeeeee
 
Mere, congrats!! I hope that today brings back the excitement for you. =) I honestly don''t know if I would have the fortitude to build a house while pregnant. The stress is bad enough, but through in the hormones and I''d be a hot mess the whole time. Your house is beautiful, btw! I hope you have many happy years in it.

JCrow, yeah, I made sure that the lender wrote another letter that doesn''t have the pre-approved amount in it! The last thing I need is this seller knowing exactly how much she could get out of us. Then again, there is NO way I could buy a house at the top end; I just wouldn''t feel comfortable at all spending that much money.



==========

Well, the bad news is that the seller came back with a counteroffer that was completely laughable -- only $1K less than list, plus paying $5K in closing costs. The good news is that she came back within 3 hours so that tells me she doesn''t know much about negotiating.

The listing agent''s father is the owner of the company that owns the house. They buy foreclosures and renovate them (and I admit that I think they do a really good job). We know exactly how much they paid for the house, SO estimated that they put less than $15K into it and they''ve had the house on the market for 2 months. As far as I''ve been able to tell, the other properties they''re holding have also been on the market for a while. If they sell for $20K under list, they''re still making a huge profit (and they''ve only had the house for 5 months).

The agent and her dad seem to think that they''re going to get as much for this house as the house next door sold for in November. The house next door is about 150 sq. ft. less, but it didn''t go into foreclosure! It would figure in the comps, but it''s at the high end. Houses around here are selling for an average of $110 a sq. ft., but the list price on this house is $138/sq. ft. Way too much money! It would be different if it were in one of the ritzy neighborhoods, but it''s not.

I''m not sure what we''re going to do for a new offer. The last one included the seller''s paying closing, but we can pay that, so I think we may stick with the same offer, but we pay closing. I had to ask the lender if we could pay closing because of the way the pre-app letter is written and she was surprised that we could go that route. Hello! Just because I don''t make 6 figures, please don''t assume that we''re cash poor.

I''m definitely not having the new offer sent over until at least late this afternoon. If the seller comes back with another counter that barely moves off the list, I think we''ll go look at other houses and wait a week to make another offer.

I love negotiating...but not with someone who''s not willing to do so.
 
Mer... What an ordeal closing was for you! I totally hear you... my RE agent had forgotten to get the water meter reading, so we had to wait 45 min for her to run back to the house. Then they had my interest rate wrong on all the paperwork, and had to redo it all. But, ugh... at least it''s over! And you''re a homeowner!!! So congratulations!! And your house is beautiful!! Can''t wait to see inside pics! Have fun packing (or try to, at least... I hated packing!)

RPS... So sorry for their counter-offer. And good luck with your new offer. Given the comps and the fact that the house has been on the market for 2 months, I think you''re warranted to stick to your guns on this one. Lots of luck and dust, and I hope the sellers come to their senses!

Snooper, May will be here before you know it!! Yay for progress!

Ehb... ****Continued dust***** for a smooth transaction!

Jcrow... Woo Hoo for closing!!! That was sweet of your DH!

Sarah... Way to go with $1100! But I hear you... It''s not *for real* until you have keys in hand! Closing will give you some relief, for sure!

Hope the good news continues!!!


Nothing new over here. We''re about 3 weeks into our wait for our income tax return. I should''ve filed way back in January, but we had filled out everything and waited for our IRS buddy to look over it... and he didn''t even make any changes, so BOO to a bunch of wasted time
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Another annoyance - we replaced 5 doors on the main floor. Now 3 of them are sticking... I guess because it''s warmer in here now, and the wood is expanding. Looks like we have to scrape the doorjambs down some more
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I''ve been watching the Home Depot and Lowe''s ads like a hawk. The shiny half-bath is our next project.
 
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