15 weeks and we're finally here..

[danev2]

OK so just be before the official start of Summer holiday. 15 weeks ago
I put in this offer on a short sale house. Listed $250K
After, did I mention 15 weeks? we are now finally on contract. appraisal came in at $265. the Bank wouldn't cover all close costs, but did half. and they wanted full appraisal value.
So we're $265K and half closings paid.
As a matter of reference on just how bad certain cities have dropped in value. this house sold for new 2 years ago at $460. (Phoenix, AZ)

Yikes 15 weeks! this drug out.
Now they don't know that the rest of the closing costs up to $4500 will be paid for by my work. As part of my relocation and hiring package, so I won't have any costs.
But the deadline for getting the paper in to work HR was Nov 3 so this contract came in the nick of time.
we're doing a good old FHA. I have the credit score. At least I better.
had to use a couple of CC's for some family expenses. but got them paid off in a couple months.
noticed my truecredit fako scores went up, then down, when balances hit the two CC's then back up some when they got paid off. Though not all the way back up to where they were before the balances.
So I hope things are Ok, no lates on anything, no bad accts, no collections, nothing bad at all. 15 weeks ago had a middle score Fico of 635. SO it was close..

I guess I'll find out if this 15 weeks of wait was worth it.
I'll give a copy of the contract to Tina my mortgage lady. and go from there!

hoping to close Sept 26.
So a total of 19!! weeks to buy a house.
NUTS!

thanks
Dane V

[Anonymous]

Nice to hear that some short sales actually work out. Congratulation!

[ShanetheMortgageMan]

Congrats on your persistance.  Most buyers I know would've bailed out after week 4.  Hope the rest of your process goes smooth!

[DallasLoanGuy]

these bank owned properties are hard sometimes....

REMEMBER: banks are bad realtors..... but they pay off like slot machines when you get a good deal!!!!

[Anonymous]

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DallasLoanGuy wrote:

these bank owned properties are hard sometimes....

REMEMBER: banks are bad realtors..... but they pay off like slot machines when you get a good deal!!!!

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Our offer was accepted at the beginning of March. We didn't close until June 19th. It was a foreclosed house. My co-worker also bought a foreclosed house. It took her 4 months from the time the offer was accepted until the time it closed. Just crazy!

[kraig]

We are just wrapping up ours also. It has been an 8 week process for us so far. Bank wants to close in two weeks though so now we are on the fast track. Just curious but you said your middle score is 635? I was talking to my loan guy and he told me he can't get anyone approved anymore under 640. I was okay (712) but he told me he is having a lot of trouble getting people approved.