I am supposed to close on (first time home buyer) December 6th. I have a contract on a Freddie Mac foreclosure as of 10/6 for $93000 (appraised at $130K). It is a 3 bedroom 2400 square feet in a great neighborhood. I LOVE the house!! I also have a great realtor who has been a real advocate for me as well. Let's just say that dealing with Freddie has been the easiest part of the experience. They were fast at getting back to us in the negotiations, then executing the contract at the beginning of the process. They also fixed up the house before putting it on the market. The house is pretty clean and in really good shape for a foreclosure. Freddie put in all new carpet, new appliances (stove, oven, dishwasher, microwave, faucets and toilets throughout), a new roof and a new air conditioning system. The inspection went really well as it did not reveal anything we already didn't know. There are some rotten fascia boards in a couple places on the outside. The termite report showed no current or past termite infestations. Due to those conditions being optimal for termites, the bank had the house treated as a preventive measure. Now we are just waiting on the lender. We have been waiting and waiting. I was approved a month ago for an FHA mortgage at 4.25%. After approval, my loan officer kept saying "We should close next week." He has been saying this for 4 weeks now. It is starting to get very old. Each week he comes back from underwriting with another condition. The first time he wanted like 3 different statements from my dad's bank account (my dad gave me a gift for the down payment). Then he wanted a new bank statement from me. Then last week my loan officer extended my rate lock (at his expense) because by that time it had expired. Then they found something wrong with the termite report. They didn't like the "conditions optimal for termites" and failed to ignore the part where they had treated the house as a preventive measure. So my loan officer had to get another termite inspection (the bank already had 2 done and I had one done along with the home inspection). At this point I started getting very upset as it seemed like they were just trying to find a way to not give me a mortgage. It just seemed like they were nitpicking everything. I think my loan officer then had to get another rate lock extension (the lender supposedly paid this one too). Because I have a demanding job and can only take phone calls at certain times of the day, my realtor along with her broker then took it into their hands when it came to dealing with the lender. It turns out my loan officer has not been up front about all the issues, telling me one thing, my realtor another and the listing agent another. Not good. His stories and explanations never seemed to line up as my realtor would compare stories she was told with mine and the listing agent's. So basically what it is boiling down to is my current lender has until Tuesday to get a clear to close. If he doesn't I'm moving to a new lender. Yes, I know I have to start the whole darn process over. I actually have sent everything to the potential lender already. So we will see what happens!!!!
. I am very exicted since everything is going as plan!
