August 2017 closers

[Surge89]

Did your agent do an analysis of the area to justify going 10k above?  Most of the time they'll tell you to offer what the house is worth to you.  

We've gotten overbid on three homes ourselves. The fourth was it, offered 4k less than list and got accepted. We've gone through everything - the appraisal came back 9k higher than our offer (and list) so just waiting for underwriting (which is a totally separate headache).

[Anonymous]

Hi Surge.. She did and I did as well. Not a lot of comps in the area but could show 2 that were higher and one that was lower. Definitely in arms length of being reasonable.

Another factor for us offering more.. while at closing on my previous house I was chit chatting with my selling agent and the buyers agent. They asked if we have found a place and we said no but was checking out this place when we are done. They both knew the house and both interviewed to list it. One agent said it was 40k under listed and the other said 50k from what they recommended. Both recommended if we liked it to come in strong. My buying agent when showing it agreed to come in strong with escalation as well if we did want to offer.

From a value perspective I am very happy with what we offered. Having been following daily listings and seeing houses since March ish time frame and losing on lesser houses for more money I think it is great.. Here is to hoping appraiser sees it the same way.

[Surge89]

We are in exactly the same boat my friend! Except the part from previous house as this will be our first purchase.

We started looking in March as well, got outbid on expensive houses (compared to this one that was accepted - kinda funny how it works doesn't it?).  Originally we were looking for close to schools, shops, highways, cul de sac, and big yard (this last one was me all the way lol). The first house had a good layout and neighborhood and close to shops, no cul de sac, no schools, ok yard. Offered AT LIST and got outbid. Second was close to schools, big yard, big house, GREAT school system, no shops, no cul de sac - again offered AT LIST and got outbid.  Third was only good school system but was attractively priced for renovations, but got outbid by a CASH offer. Fourth was all the qualities we were looking for... made offer and BAM.

I would've been happy offering the list (209k), and even up to 215k but our 205k Conventional sealed the deal.

I don't think you should worry about appraisal - it always comes at your offer price anyway.  Do you mind sharing the address?

[Anonymous]

Automated email from NFCU that the appraisal came back and it was at the purchase price. Relief...the process continues.

[Anonymous]

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@Anonymous wrote:

Jumping in Here!!

Purchase Price - $309,900

Signed Contract - July 1, 2017

Location - Rhode Island

Property Type - Single Family Home

New or Existing - Existing

Loan Type - 30 year fixed 

Loan Rate - Hoping for 4% or less, talking to lender on Monday as we signed contract yesterday (Saturday)

Pre-approval - June 23, 2017

Appraisal - TBD

Clear to Close - TBD

Closing Date - August 15

Closed on - TBD

Selling our current townhouse. Went on the market and had an offer in 6 hours for over the asking price. Score....now we really need to find something! We took the offer and they are going FHA/first time buyer, so they needed a little time. That was fine because we hadn't stated to look yet at for a new house a couple states away yet. We went Friday, June 30th, to look at ten different places. We found 3 we loved, and put an offer in on the one that we could see ourselves in the most. Our back up has been up for a while so if for some reason inspections and/or appraisals mess something up, we have a back-up!

Will check back in as the process continues!

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There's my neighbor.. Following and keeping fingers crossed for you that everything goes smoothly...

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Hey...long time! How have you been! Moving even closer to you now!

Update...Inspection happened yesterday. Started from the basement and worked up. Nothing at all and I thought we were done. He then peeked in the attic...Mold!! Ugh. Oh well. Remediation was put in the works by both Realtors yesterday...hoping to come to an agreement once the report comes back.

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I know and that is exciting..  I was just there recently..  That sucks.  Hopefully, it will all be worked out.  I see in anothe thread you are using NFCU, they are awesome.  They are the people I used and they gave me $2000 back for using their realty program [ I used Sotheby's].  So take advantage of every perk they have to offer--

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Has been an easy process so far, unlike what I have read around here, in regards to NFCU. We were going to look, but an agent was recommended to use by several people in that area, so went with her. She has been great so far.

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Thats good.   A good agent makes a world of difference.  The agent we used negotiated so much to the point where the closing attorney was like I can't believe all the things she got for you.  She was ruthless to the seller after inspection showed flaws. At some point, I felt bad for the seller. She was an agent herself but terrible at negotiating.

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Mold was fixed Monday but the Radon level is high so they are installing a radon system now. Just want to be moved...counting down the days!

[Anonymous]

Purchase Price: $170000
Signed Contract: 
Location: MN
Property Type: Single-Family Home
New/Existing: Existing
Type of Loan: 30YR Fixed FHA
Loan Rate: ?
Pre-Approval: May
Appraisal: TBD
Clear to Close: ?
Closing Date: 8/14/17
Closed On: TBD

This is my first home purchase, I'm very nervous and very excited!

[Anonymous]

Purchase Price: $410000
Signed Contract: 6-04-17
Location: NC
Property Type: Single-Family Home
New/Existing:New
Type of Loan: 30YR Fixed
Loan Rate: ?
Pre-Approval: May
Appraisal: TBD
Clear to Close: ?
Closing Date: Late Sept
Closed On: TBD

[Anonymous]

Appraisal came back good. LO said final stages and should have everything ready to close. Suggested we ask sellers if they would be ok closing early and pay P&I until possession.

[Surge89]

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@Surge89 wrote:

Hi all!

Purchase Price: $205,000
Signed Contract: 06/25/2017
Location: CT
Property Type: Single-Family Home
New/Existing: Existing
Type of Loan: Conventional 30-year
Loan Rate: 3.875
Pre-Approval: 7/02/2017
@Appraisal: 7/10/17 - $9k over @ $214,000
Clear to Close: 7/24/2017
Closing Date: 8/03/2017 - Tentative
Closed On: TBA

Got Conditional Approval on 7/13/17, and sent most things in by 7/17/17 - still waiting on one more condition.  Hopefully everything goes well for us!

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Got Clear to Close last night! Attorney is now contacting sellers for closing date. Woohooo! Getting closer!!!

[Anonymous]

Congrats Surge!! Home stretch now...