Today we had the termite inspector out to see the house. He found a problem with the toilet and a lot of dry rot in the eves and fascia boards which were both section 1. He said that a ballpark number that it might cost to repair the section 1 items was about $1700.
We also had the appraiser out to the house. He said that it will appraise around $220k with no problem. There were something like 5 recent comps that were the exact floor plan, so they are a great comparison. We will hopefully have the full appraisal tomorrow and see what he came up with.
Next we will sign all the loan docs either tomorrow or this weekend. Then loan officer one will submit the loan package to the underwriter on Tuesday. Who knows when we will get our answer, but I'm guessing that Thursday evening will be the latest.
We have an appointment set with a home inspector for the morning of the 16th so that we can get that done before we actually sit down and write the offer. He said he would do whatever he could to inspect the house sooner if the approval is received before Friday. That way we will have ALL the information that we need to make an informed decision and choose the appropriate price to offer. Right now we are planning on having a full price offer, asking for all section 1 to be cleared, and 3% back towards closing costs. When we sign all the loan docs I will sit down and go over the good faith estimate and make sure that the 3% will cover the estimated closing costs.
I just don't know HOW people do this! OMG the stress is unbelievable! I just hope that it ALL pays off!