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Clear to Close!

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Anonymous
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Clear to Close!

Just got a call from my lender alerting me that my closing disclosures have been issued, and went and viewed them to launch the 3 day cooling off period.  Lender says they're looking at me closing early next week with funding by Friday. 

Contract stipulates 3 day grace period for sellers to move out after closing, and a closing date "to be agreed upon by both parties, but no later than 2/19/16" 

Contacted my realtor to reach out to the sellers to see if they're willing and able to close next week without increasing the 3 day moving out period, and waiting to hear back. 

 

I'm so close!

 

Details

 

  • Purchase Price:  $175,000
  • Location:  Oregon
  • Property Type: Single Family
  • Type of Loan: FHA 3.5% down, NHF 5% DPA grant
  • Loan Amount: $171,830 (seller paying $6500 closing costs)
  • Loan Rate: 4.5%

 

My timeline so far (will edit with updates on the last few steps)

First offer submitted January 2, 2016

Seller counter offer received January 2, 2016

Counter offer submitted January 2, 2016

Offer accepted January 2, 2016

Contract signed January 3, 2016

Home inspection completed January 5, 2016

Loan application submitted January 6, 2016

Repair addendum sent January 6, 2016 - seller to respond by January 9, 2016

January 9, seller requested extension to January 11, 2016 to respond to repair addendum.  Accepted.

Repair counter received and accepted January 11, 2016

Appraisal ordered January 11, 2016

Appraisal received January 15, 2016 - valuation subject to seller performing 1 repair listed in accepted repair addendum but not yet completed.

Preliminary Title report recieved January 15, 2016

Seller disclosures received January 16, 2016

Loan submitted to underwriting January 19, 2016

Loan approval received January 22, 2016 - underwriting requested 1 document from me to support a statement of explanation for unemployment in early 2014

Document requested by underwriting submitted January 22, 2016

Re-inspection received January 25, 2016

Loan file fully approved January 27, 2016

Rate lock signed January 27, 2016

Closing disclosure received January 28, 2016 - clear to close after 3 day cooling off period

Closing signed TBA

Loan funded TBA

Received keys TBA

 

 

 

 

Message 1 of 5
4 REPLIES 4
Anonymous
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Re: Clear to Close!

Congrats!!!!!!!!!!

Message 2 of 5
Anonymous
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Re: Clear to Close!

CONGRATSSSS

Message 3 of 5
Anonymous
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Re: Clear to Close!

Congrats! Best words I ever heard :-)
Message 4 of 5
Anonymous
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Re: Clear to Close!

And we hit the bump in the road.  Heard back from my realtor, it does not look like the sellers will be able to close early and it looks potentially dubious if they'll even be able to close on time. 

The appraisal on the house they're buying hasn't even come back yet, and they're still waiting on the seller of that house to re-roof it.  In Oregon super rainy weather in January. 

I think I'm going to have a nervous breakdown.

Message 5 of 5
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