In my last update above, we received 3 bids, 1st at the asking price going FHA, 2nd was at $5k less than asking price going Conventional and 3rd at $15k less going FHA. We went with the 2nd bid, however the buyer also has a “contingent upon sale of current” stipulation as well as noting that their current home is already 30 days into a 60 days escrow. DH risked it anyway and accepted the offer. DH has never been a patient man so he quickly wanted to search for a house to buy. And so we did. Below is the information on the purchase.
Purchase Price: $330,000
Property: Single Family - 1870 sq ft
Attended Open House: 06/01
Submitted Offer on: 06/02 and sellers accepted within hours!
Signed Purchase Contract & Earnest $ submitted to title: 06/02
Appraisal Ordered: 06/10 (inspector went out 6/16 – told it would take 3 days for report)
Buyers initial walk-thru with agent: 06/12 (home is in pristine condition for its age - 30YO and considering everything is ORIGINAL - we would be the 2nd owners) Remaining LOE & Insurance Quote submitted: 6/17
Type of Loan: 30 year fixed FHA
Loan Rate: 4.25% LOCKED on 6/11 for 30 days
Appraisal Price: $330,000
Loan Conditional Approval: Pending (went to underwriting 6/19 – 2 to 3 days turn-around)
Additional Conditions: sale of current home
Clear to Close: Pending
Closing Date: ?
As an update…everything was going along just fine. The original plan was: our buyers were scheduled to close escrow on the sale of their current home during the week of 6/23, we were scheduled to close on the sale of our current home during the week of 7/1, and the close of our purchase was scheduled for the week of 7/7. But that all changed on 6/23! Our buyer’s buyer switched lenders last week, causing the closing dates to be pushed out 2-3 weeks! The reason provided to us by our buyer’s agent is: “an issue was discovered on my client’s buyer’s credit report thus resulting in a false condition given by the first lender. The new lender has assured us that there will not be any issues funding the loan”. YES, that is CRAZY! I “was” going to post the data below a few days ago on the “July Closing” thread but delayed it due to fear of jinxing our progress. Either way, it seems my housing drama has taken a sharp turn.
At this point, I’m not sure what is going to happen. I am more disappointed than I am upset. We understand that these are things that can go wrong in the housing purchase/sale process and we took a risk. There is a small part of me that wants to keep my hopes up high. However, most of me… just wants to give up. I told DH that if this deal falls through, I am giving up. He doesn't want me to give up because he is confident the deal will go through just fine. Our buyers are just as frustrated as we are but at this point, there is nothing either of us can do but wait it out. All extensions have been filed. To make matters worst, the new projected close date falls on a scheduled vacation for us (booked a year ago). We will be out of state. Ofcourse, we had anticipated in the beginning that all would be settled by then. Yes, we also informed all parties that we WILL be gone. So if the deal does go through that week, closing may be delayed another week!
Overall, I feel traumatized and I feel like the whole process over the last 6 months has just been draining on the whole family. We are stuck with the FHA option until we can qualify for a Conventional loan (2017). Our house is a cute little home but we wanted to move to a better neighborhood for the sake of our kids and for the long haul before the market gets any more expensive but that may not happen. I am bracing myself for a loss. Is there any hope?
