FINALLY!!!!!!! Under Contract!!!! (NACA loan)

[Anonymous]

Hi all!

After 56 homes homes that we viewed since early July and 7 offers that wasn't accepted. I am happy to say that finally the seller has accepted our offer!!!!

I just FedEx'd our excrow money to the title company handling it, they will get it first thing Monday morning!

I am looking at NACA-approved home inspection companies and found one that we seem to like, my realtor will call him tomorrow and ask questions. It cost $395. My realtor will ask if Termite inspection included or not, if not, how much it would be. I understand NACA reimburses us for Termite Inspection invoice...correct me if I'm wrong.

My MC is requesting ANOTHER credit report and a meeting with the list of what MC is asking. Being today's Friday evening, I probably won't get answer till Monday or Tuesday but would like to know if we are required to meet in person or is over the phone allowed?

I know we have alot of things to do to make sure all is good till closing! We're hoping for around 30 days closing (we know max is about 45 days).

How soon will we know the closing date? the reason is that we need to give our apartment landlord 30 days notice.

I guess that's about it....we're exicited and nervous at the same time LOL!

Any pointers would be greatly appreicated!

Cheers!

CAMailman

[StartingOver10]

Congratulations on getting your offer accepted! You have been working on this for a long time

Don't give your notice until you are past the inspections and know for sure you have a loan commitment. JME. 

[Anonymous]

Just completed home and termite inspections. Appraisal by the lender is scheduled for tomorrow.

I'm hoping to include minor repairs + our desire lists such as:

-New countertop (granite or quartz)

-While keeping wood cabinets, I'd like them painted into white (not sure the cost?)

-New SS fridge, dishwasher and electric oven (if cost allows, microwave above the oven)

-New SS sink

These are the most desires we want (actually for my wife....gotta keep wife happy, right? LOL)

If remaining cost allows to include:

-Bathroom Vanity

-New bathtub with wall (don't know what's called thou')

The other things that we will do ourselves:

-Backsplash title for kitchen

-Backyard retaining wood wall maybe 3 foot high

-Paint inside garage wall

-Add 2 or 3 cabinets to the laundry room

-Scrap out fugly "Popcorn" ceilings in LR, hallway and all bedrooms (not sure if it's feasible to do ourselves, anyone know how much they charge based on square foot of ceiling?)

Your thoughts are welcomed!

Cheers!

CAMailman

[StartingOver10]

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@Anonymous wrote:

Just completed home and termite inspections. Appraisal by the lender is scheduled for tomorrow.

I'm hoping to include minor repairs + our desire lists such as:

-New countertop (granite or quartz)

-While keeping wood cabinets, I'd like them painted into white (not sure the cost?)

-New SS fridge, dishwasher and electric oven (if cost allows, microwave above the oven)

-New SS sink

These are the most desires we want (actually for my wife....gotta keep wife happy, right? LOL)

If remaining cost allows to include:

-Bathroom Vanity

-New bathtub with wall (don't know what's called thou')

The other things that we will do ourselves:

-Backsplash title for kitchen

-Backyard retaining wood wall maybe 3 foot high

-Paint inside garage wall

-Add 2 or 3 cabinets to the laundry room

-Scrap out fugly "Popcorn" ceilings in LR, hallway and all bedrooms (not sure if it's feasible to do ourselves, anyone know how much they charge based on square foot of ceiling?)

Your thoughts are welcomed!

Cheers!

CAMailman

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^^^When you say you are hoping for the above, do you mean you plan to ask the seller for these things to be done prior to closing at the sellers' expense?  If so, that is not a reasonable request.  Those items are considered cosmetic and decor items, not repair items. When we go back in to get repair items, they are items that are deficient from a repair POV for example working HVAC or plumbing or electrical - things of that nature. Cosmetic items are done by the buyer after closing. Please clarify - I may have misunderstood your point.. 

[Anonymous]

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@StartingOver10 wrote:

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^^^When you say you are hoping for the above, do you mean you plan to ask the seller for these things to be done prior to closing at the sellers' expense?  If so, that is not a reasonable request.  Those items are considered cosmetic and decor items, not repair items. When we go back in to get repair items, they are items that are deficient from a repair POVd - working HVAC or plumbing or electrical - things of that nature. Cosmetic items are done by the buyer after closing. Please clarify - I may have misunderstood your point.. 

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Sorry...I meant hoping to ask NACA for our desire list between the sales price and our maximum PITI amount.

[JVille]

Are you thinking the lender will build in your “repairs/fix ups” into your loan? I’m sorry from the lenders point of view that is not how any of this works. Do you have a Realtor who you can discuss your wants, needs, & concerns with? A good RE Agent is a valuable resource. There is a way to get Extras done but it involves building it into the sales prices and that needs to be done thru the Agents & Seller. Of course the Home needs to appraise high enough to cover this and you need to be able to qualify for the extras.

[KBincali]

Hi CAmailman,
I'm new to the forum but have been following your journey. I've been with NACA since July, and while I haven't had as much trouble as you, it has been a challenge at times, so congrats on getting this far.

I was lucky to get my first offer accepted, but I'm buying in a much slower market than many in CA. My seller is an investor, in no real hurry, and easy going. My credit app just went in today, they tell me probably 15 days to close when we projected for the 27th, so far so good.

Unfortunately, my experience with the HAND department hasn't been good. My house needs very little in the way of required repairs so we were able to have the seller do them. My wish list would have been quite modest compared to some, with new vinyl dual pane windows/glass sliding doors and a kitchen conversion to gas with a new range, well within my limit, and good for resale value. No one in the HAND department has gotten back to myself or my realtor about our questions with this process. On top of that, multiple contractors/vendors have refused to work with them.

I just told my MC today that in order to move forward I would not be pursuing a wish list. I'll just have to do it later. There seem to be many good rebate and financing programs out there for energy efficient upgrades, and I won't have to pay the 3% fee to HAND.

Good luck with your wish list!