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New Member
ellabella4
Posts: 4
Registered: ‎06-17-2014
0

Re: July 2014 Closers

So excited to be posting on this thread. PRAYING all goes smoothly for the next 4.5 weeks!!!! Congrats and GL to all my other July closers!!! :smileyhappy::smileyhappy:

Purchase Price: $324,000
Property: Single Family - 3892 sq ft
Toured unit on: 06/10 & 6/12
Submitted Offer on: 06/12
Signed Purchase Contract on: 06/13
Inspection: 06/23
Purchase contract Addendums:
Final Earnest $ Received: 06/14

Type of Loan: 30 year fixed VA
Loan Rate: 4.25
Appraisal: idk yet
Loan Conditional Approval: automated underwriting approval 6/19 but waiting for file to "verify"- hopefully quickly!!
Additional Conditions:
Clear to Close:
Closing Date: Tentative...07/24/14

Yayy- will update as needed. Inspection tomorrow, whoop whoop! Lol. Mannnn this process has been mentally and emotionally consuming- can't waitttt to make it to the other side!!!!

Have an awesome night, everyone!!

Regular Contributor
dreamer2014
Posts: 187
Registered: ‎03-03-2014
0

Re: July 2014 Closers

[ Edited ]
Purchase Price: $325,000
Property: Single Family - 3823 sq ft
Toured unit on: 05/25/2014
Submitted Offer on: 06/12/14
Signed Purchase Contract on: 06/12/14
Purchase Contract Addendums: None
Final Contract: 6/20/2014
Final Earnest $ Received: 06/12/2014

Type of Loan: 30 year fixed VA
Loan Rate: 4.25% Locked
Appraisal: Pending
Loan Conditional Approval: automatic desktop underwriting approval 6/18/14 with very standard (very easy) conditions like VOE
Additional Conditions: appraisal
Clear to Close:  6/28/14
Closing Date: Tentative...07/28/14
Beginning score- mid 500's
Current-689 (lender pull 6/20/14), TUC 669 (March pull)
New homeowner (08/14), Home Depot $7K, Walmart/Discover $400, BestBuy $3000K
Established Member
ChicAndFabulous
Posts: 30
Registered: ‎05-31-2014
0

Re: July 2014 Closers

Here we go. I hope I'm not jinxing myself by posting this on here before hearing "clear to close"

Purchase Price: $329,900
Property: Single Family - 2290 sq ft
Toured unit on: 06/18/14
Submitted Offer on: 06/18/14
Signed Purchase Contract on: 06/18/14
Inspection: 06/21/14
Purchase Contract Addendums: pending
Final Contract: Pending
Final Earnest $ Received: wrote check on 6/18/14

Type of Loan: 30 year fixed, 5% down, Coventional
Loan Rate: 4.75% locked
Appraisal: Pending
Loan Conditional Approval: ? Don't know what this even is? But was pre-approved last month without conditions. Is there another loan conditional approval between now and underwriting?
Additional Conditions: ?
Clear to Close: ? Should hear this week I think
Closing Date: 7/18/14

Ahhhhhh!!!!
New Contributor
Celle31
Posts: 68
Registered: ‎10-06-2010
0

Re: July 2014 Closers


Celle31 wrote:

 

 Here's My 2nd of many updates!!!
 
Purchase Price: $199,900
Property: Single Family - 2423 sq ft
Toured unit on: 06/08/2014
Submitted Offer on: 06/09/14
Signed Purchase Contract on: 06/10/14
Inspection: 06/13/2014
Purchase Contract Addendums: 06/16/2014
Final Contract: Pending... 2 day extension given to homeowners!
Final Earnest $ Received: 06/13/2014.

Type of Loan: 30 year fixed FHA
Loan Rate: 4.00
Appraisal: Ordered. Will be completed this week! Fingers Crossed!
Loan Conditional Approval: 06/06/2014 (Preapproval), 6/19 (Out of Underwriting)
Additional Conditions: 06/16, 06/19
Clear to Close:  Pending
Closing Date: Tentative...07/02/14
 
Updates include...owners requested a extention on repairs addendum (we gave them 2 more days).
 
File approved through underwriting with simple conditions! LOE given to then already and appraisal (which we are waiting on)!  After appraisal received (fingers crosses), we will have our clear to close!!!!
 
Receiving preapproval through underwriting before looking for a house is the way to go! The only thing they requested was a couple of LOE and signed 4506-T.
Underwriting was less stressful than I thought due to most of our paperwork had already been turned in and reviewed.
 
Less that 2 weeks to go...soooo ready!
 

Here's my 3rd Update
Purchase Price: $199,900 (?)
Property: Single Family - 2423 sq ft
Toured unit on: 06/08/2014
Submitted Offer on: 06/09/14
Signed Purchase Contract on: 06/10/14
Inspection: 06/13/2014
Purchase Contract Addendums: 06/16/2014, pending maybe
Final Contract: Pending... Again
Final Earnest $ Received: 06/13/2014.

Type of Loan: 30 year fixed FHA
Loan Rate: 4.00
Appraisal: Ordered. Will be completed this week! Fingers Crossed! $190,000 :-(
Loan Conditional Approval: 06/06/2014 (Preapproval), 6/19 (Out of Underwriting)
Additional Conditions: 06/16, 06/19, 6/23
Clear to Close:  Pending
Closing Date: Tentative...07/02/14
 

So, updates are a whopper!

 

Received conditions (9) and sent to loan officer last night. Most were simple except they wanted a payment amount for my hubby Amex account. Hubby is a authorized user but apparently Amex give out different card numbers so it shows as different accounts. 

 

So, today I received a copy of the appraisal and it is close to $10,000 less than contract price. Dang!!! So sellers say we can't do the loan the price is too low!! What??

 

So realtor says he is going to send the paperwork to cancel the contract. Then about 5 minutes later I get a text from my realtor saying they are going to "crunch" their numbers to see if we can "salvage" the deal. What??? This is not looking good. Already looking at more houses!!! 

 

Time to vent....The contract is for the price they were asking with no reductions in price with $6500 closing credit! I'm mad at my realtor because when I asked him if he thinks it will appraise for this amount (I checked and it didn't look to me like it would appraise), he said that he knows this realtor and the realtor normally do an appraisal before listing a home!! If he did, he didn't do a good job!

 

I can't afford to pay all of the closing cost, which the realtor is thinking they will ask for, so if they do ask for it ...game over!

 

 

Not happy right now!! Haven't heard from sellers yet, I guess they are still cruching their numbers!!

 

 

New Contributor
Celle31
Posts: 68
Registered: ‎10-06-2010
0

Re: July 2014 Closers

[ Edited ]

Celle31 wrote:

Here's my 3rd Update
Purchase Price: $199,900 (?)
Property: Single Family - 2423 sq ft
Toured unit on: 06/08/2014
Submitted Offer on: 06/09/14
Signed Purchase Contract on: 06/10/14
Inspection: 06/13/2014
Purchase Contract Addendums: 06/16/2014, pending maybe
Final Contract: Pending... Again
Final Earnest $ Received: 06/13/2014.

Type of Loan: 30 year fixed FHA
Loan Rate: 4.00
Appraisal: Ordered. Will be completed this week! Fingers Crossed! $190,000 :-(
Loan Conditional Approval: 06/06/2014 (Preapproval), 6/19 (Out of Underwriting)
Additional Conditions: 06/16, 06/19, 6/23
Clear to Close:  Pending
Closing Date: Tentative...07/02/14
 

So, updates are a whopper!

Received conditions (9) and sent to loan officer last night. Most were simple except they wanted a payment amount for my hubby Amex account. Hubby is a authorized user but apparently Amex give out different card numbers so it shows as different accounts. 

So, today I received a copy of the appraisal and it is close to $10,000 less than contract price. Dang!!! So sellers say we can't do the loan the price is too low!! What??

So realtor says he is going to send the paperwork to cancel the contract. Then about 5 minutes later I get a text from my realtor saying they are going to "crunch" their numbers to see if we can "salvage" the deal. What??? This is not looking good. Already looking at more houses!!! 

Time to vent....The contract is for the price they were asking with no reductions in price with $6500 closing credit! I'm mad at my realtor because when I asked him if he thinks it will appraise for this amount (I checked and it didn't look to me like it would appraise), he said that he knows this realtor and the realtor normally do an appraisal before listing a home!! If he did, he didn't do a good job!

I can't afford to pay all of the closing cost, which the realtor is thinking they will ask for, so if they do ask for it ...game over!

Not happy right now!! Haven't heard from sellers yet, I guess they are still cruching their numbers!!

 

 

 

Here's my 4th Update (Hopefully only 2 left, CTC, and close!)

Purchase Price: $199,900  $190,000 :-)
Property: Single Family - 2423 sq ft
Toured unit on: 06/08/2014
Submitted Offer on: 06/09/14
Signed Purchase Contract on: 06/10/14
Inspection: 06/13/2014
Purchase Contract Addendums: 06/16/2014, 6/25/2014
Final Contract: 06/25/2014
Final Earnest $ Received: 06/13/2014.

Type of Loan: 30 year fixed FHA
Loan Rate: 4.00
Appraisal: Ordered. Will be completed this week! Fingers Crossed! $190,000 :-(     (now Yay)
Loan Conditional Approval: 06/06/2014 (Preapproval), 6/19 (Conditional Approval)
Additional Conditions: 06/16, 06/19, 6/23, 06/25
Clear to Close:  Pending
Closing Date: Tentative...07/02/14
 
Updates include a decrease in purchase price and closing credits with an addendum to contract!  Final contract signed: no more negotiating! Received 4 more simple conditions, just sent off to loan officer, now just waiting on updated GFE and clear to close! Hopefully, no more conditions come my way!!
 
Happy Again!!!
Member
colinb913
Posts: 15
Registered: ‎03-22-2013
0

Re: July 2014 Closers

Purchase Price: $133800
Property: Single Family - 1600 sqft
Toured unit on: 06/02/14
Submitted Offer on: 06/04/14
Signed Purchase Contract on: 06/16/20/14
Inspection: 06/26/14
Final Contract: ?
Final Earnest $ Received: 06/18/14

Type of Loan: 30 year fixed FHA
Loan Rate: 4.5%
Appraisal: $161,000
Loan Conditional Approval: Conditions met, awaiting approval
Additional Conditions: explanation of credit inquiries/social security cards/ fiances YTD earnings
Clear to Close:  Pending
Closing Date: Approximately 7/30
Chase Slate:500/ /Cap. One Platinum: 500// 5/3 Real Life Rewards: 750//
5/3 Platinum: 200// 697tu/729exp/745eq
Established Contributor
TheGardner
Posts: 593
Registered: ‎01-12-2014
0

Re: July 2014 Closers

[ Edited ]

Purchase Price: $181,000
Property: Single Family - 2910 sq ft
Toured unit on: 05/09/14
Submitted Offer on: 05/10/14
Signed Purchase Contract on: 05/14/14
Inspection: 05/19/14
Final Contract: 5/23/14
Final Earnest $ Received: 5/15/14

Type of Loan: 30 year fixed VA
Loan Rate: 3.85
Appraisal: 06/06/14
Clear to Close: 6/26/2014
Closing Date: 7/23/14

Got the call today we are clear to close!

Good luck everyone!!
 

If anyone needs me I will be In The Garden. Goal Score: 720 for all in 2014.
TU - 729 EX - 703 EQ - 697 myfico 3 score watch
Need to work on AAoA now..
In the Garden Oct 23, 2014 - ?
New Contributor
ladyvwj
Posts: 68
Registered: ‎05-09-2014
0

Re: July 2014 Closers

[ Edited ]

Dominos game! I posted this on its own thread but decided it was time to post it in this thread. We are selling and buying. This update is mainly for the purchase but both are scheduled to close in July. For our sale, 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! (Seller was notified of our loan status and they are fine with extension of closing date)

Signed Purchase Contract & Earnest $ submitted to title: 06/02

Appraisal Ordered: 06/10 (inspector went out 6/16 – received 6/18

Buyer’s 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 with 5% down

Loan Rate: 4.25% LOCKED on 6/11 for 30 days (Extended)

Appraisal Price: $330,000

Loan Conditional Approval: Approved 6/26 (went to underwriting 6/19)

Additional Conditions: sale of current home

Clear to Close: Pending (docs to be drawn week of 6/30)

Closing Date: 7/30? (LO says we shouldn’t have to go into underwriting again as long as we close in July!)

 

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 (now 7/16), we were scheduled to close on the sale of our current home during the week of 7/1 (now 7/23), and the close of our purchase was scheduled for the week of 7/7 (now 7/30). 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 worse, the new projected close date falls on a scheduled vacation for us (booked a year ago). We will be out of state. Of course, 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! (Our signing is going to be scheduled before we leave for vacation so everything can continue without us!)

 

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? (I am feeling more positive this week that everything will be just fine!)

New Contributor
Celle31
Posts: 68
Registered: ‎10-06-2010
0

Re: July 2014 Closers


Celle31 wrote:

 

Here's my 4th Update (Hopefully only 2 left, CTC, and close!)

Purchase Price: $199,900  $190,000 :-)
Property: Single Family - 2423 sq ft
Toured unit on: 06/08/2014
Submitted Offer on: 06/09/14
Signed Purchase Contract on: 06/10/14
Inspection: 06/13/2014
Purchase Contract Addendums: 06/16/2014, 6/25/2014
Final Contract: 06/25/2014
Final Earnest $ Received: 06/13/2014.

Type of Loan: 30 year fixed FHA
Loan Rate: 4.00
Appraisal: Ordered. Will be completed this week! Fingers Crossed! $190,000 :-(     (now Yay)
Loan Conditional Approval: 06/06/2014 (Preapproval), 6/19 (Conditional Approval)
Additional Conditions: 06/16, 06/19, 6/23, 06/25, 6/26, 6/28
Clear to Close:  Pending..07/01/14
Closing Date: Tentative...07/02/14
 
Updates include a decrease in purchase price and closing credits with an addendum to contract!  Final contract signed: no more negotiating! Received 4 more simple conditions, just sent off to loan officer, now just waiting on updated GFE and clear to close! Hopefully, no more conditions come my way!!
 
Happy Again!!!

 


Only one more update left after this!! Alot of drama but it came together in the end!!! Clear to close given today and closing is scheduled for tomorrow at 3:00pm!!

 

Best of luck to everyone!!

Established Member
ChicAndFabulous
Posts: 30
Registered: ‎05-31-2014
0

Re: July 2014 Closers

Second update:

Purchase Price: $329,900
Property: Single Family - 2290 sq ft
Toured unit on: 06/18/14
Submitted Offer on: 06/18/14
Signed Purchase Contract on: 06/18/14
Inspection: 06/21/14
Purchase Contract Addendums: 6/26/14
Final Contract: 6/28/14
Final Earnest $ Received: cleared on 6/30/14

Type of Loan: 30 year fixed, 5% down, Coventional
Loan Rate: 4.75% locked
Appraisal: 7/1/14...should get it back today
Loan Conditional Approval: ? Is this the loan commitment?
Additional Conditions: ?
Clear to Close: ? Should hear this week
Closing Date: 7/18/14

So excited yet restless!!!! Good luck to everyone!

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