Mortgage Loans

[The_Waiting_Game]

Hi Everyone,

I have been endlessly searching this board for almost a year now, and it seems that we may be close to closing our purchase. I have enjoyed reading about everyone's home buying sagas, and decided to share my own. 

We looked at several houses over the course of 9 months for a house in San Diego county, and finally had an accepted contract on a short sale in mid-September. Went through the whole short sale negotiations, and started escrow at the end of October. Our projected close date was 12/7, but that isn't going to happen. Appraisal came in solid, and so did the home inspection. We have stalled in "conditional approval." All of our conditions were met, and then another round came in Monday 12/3. Those were satisfied the same day, and are currently waiting for the clear to close. Our close date has been pushed back to next Friday 12/14 and we are stressing out! Supposedly this is due to our mortgage company being severely impacted with loans looking  to close by the end of year. Any validity to this?

We're pursuing a FHA loan because of the low down payment.... Can anyone comment on the timeline of closing within 7 business days? This seems like an impossible feat. 

Thanks for reading!

[The_Waiting_Game]

Okay well thanks for the overwhelming response....

Update: Received the Clear to close tuesday night, and am scheduled to sign loan docs Friday! However, we are not receiving the keys until Wednesday or Thursday next week? Everything I read about California, we should receive the keys a day or two after signing docs when we record.

Thanks!

[Draco007]

Congratulations.  We just received our loan approval with conditions last night.  I'm almost finished sending the last few items.  Hopefully we won't have another round of conditions and we can close next week.

[JM-AM]

Sorry no one responded to your post. Closing in 7-10 days is very doable as long as everything is in order and any conditions met in a timely manner. Just posting this for others to know even though my response is late.

Also congrats on clear to close. Enjoy your new home.

[The_Waiting_Game]

Thanks everyone!

I have learned a lot in this process.... The most important one being NEVER get involved in a short sale. The drawn out process, and getting emotionally attached to a house that isn't yours is ridiculous. Had my wife not loved the house so much, we would have walked away 10 times by now!

[The_Waiting_Game]

UPDATE: CLOSED!

We closed on Tuesday, and have been super busy! 

Ended up almost pushing it off to the next day, since the appraiser needed to reinspect the installed carbon monoxide detector installed upstairs. 

Merry Christmas everyone!