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02-19-2009 02:03 PM
Super Congrats UpUpUp!!!!
I'm thrilled that your home purchase worked out
for you. Your experience just goes to show that
things aren't always what they appear to be until you
actually see them for yourself. And in your case,
things turned out better than expected. What more
can a person ask for??!!!
Once again, Congratulations on your pending purchase.
You'll own a piece of Americana before you know it, and
we look forward to hearing you jingle those keys here in
the room. Enjoy!!!!
"The right attitude is everything"
02-19-2009 02:06 PM
Thank you, CanDo!! You are always so supportive.
I can't wait to jingle those keys. This has been such a long time coming. I am in my early 30's and have been renting since I was 17/18 years old. (Right after highschool!). I have been waiting and waiting for this time to come. I hope that everything with the inspections works out.
02-19-2009 02:10 PM
But...again...can you say stress?
So, don't be envious of my credit scores....I'd rather be waiting to hear from the mortgage guy then dealing with this crap! LOL
Actually, I didn't even notice your score when I made my comment--that was just a generalized statement. Now that I did notice your mid-score, I have to admit, I am kind of envious--but only about the score...lol. It does definitely sound like you do have a stressful situation. I was lucky in that the house I am getting was pre-certified, meaning it was already inspected and comes with a one-year home warranty. I was able to see the inpsection report before I even made an offer. Now, I COULD do another inspection of my own, but the report that has been done was very detailed. Besides, I never thought about the winterization aspect. I am in Wisconsin, so I would probably be in the same boat as you there. Speaking of "winter", though, I do know that I am getting into a place with a 37 year old furnace, which was a mental factor I had to overcome when deciding if I liked the place, but I will save the stress of dealing with that until after the close--there is enough stress already. I will just hope it fails during the one-year warranty
My appraisal was supposed to be done sometime today, but I don't anticipate any problems from that.
The only other "stress" I have at this time is the downpayment "gift" which is coming from my fiance. The first broker I talked to said it could ONLY come from a family member, which was very concerning since this broker only does FHA loans (well, 99% of their business anyway), so I figured they knew what they were talking about. But, I did some research and they were wrong, but they wouldn't admit they were wrong, so I went to another broker--the one I am working with now. He originally said "it WOULDN'T be a problem", but then it changed to "it SHOULDN'T be a problem" which has now changed to, "if we go about it the right away, we should be able to convince the underwriters to accept--it just may take some work". Sheesh. I have never had such a hard time convincing someone to take money.
Best of luck to you. I will continue to follow your journey as long as you continue to post updates.
02-19-2009 02:19 PM - edited 02-19-2009 02:20 PM
Oh, well as for the credit thing. My SE income was my biggest hurdle. I could have had an 800 and still would have been just as scared. It's crazy how each situation is truly unique.
You know, I was able to see the inspection from HUD too which was also surprisingly detailed, but the heating system is newer which a big part of the reason I choose this house. To not have the ability to verify that it's working properly and there are no leaks, etc. just is too unsettling for me. I'd be really bummed that I picked this home over a larger one that needed more work, only to find out this one needs just as much work, too! So, to me, I'll eat the money and the stress to find out for sure. In your case, I totally see where you are coming from and it makes sense both financially AND mentally to take the route you are taking. I'll keep my fingers crossed that the furnace dies during your warranty period. Hehe.
I have been looking into the home warranties online. Some seem pretty decent. I can purchse one myself if I wanted to, right? Or does it have to be the seller purchasing for the buyer?
VM, I'll follow your experience as well. Hopefully everything goes smooth and your stories and reports are boring. Boring would be good! Hehe. No news is good news. In this case, that's what we want!
Here's a question to all: Have any of you ever had a home warranty and had an experience where you needed to use it? Was it worth it? And, what company was it with?
02-19-2009 02:58 PM
02-19-2009 03:13 PM
Thanks, First48 that was a big help.
There is a part of me that is thinking, maybe instead of going through all this hassle with the dewinterizing process, we purchase a home warranty and hope for the best with the heating/plumbing situation. The cost of the warranty for the first year would be less than the $ shelled out for winterization services alone which really are a big waste of money. Atleast with a home warranty we'd have some peace of mind for a little while. Even if it doesn't cover everything, or has caps on what it pay out, it's better than nothing... I am willing to buy the home and pay up to $10k in repairs if needed. I am thinking that maybe I take the chance that the plumbing/heating is alright...and even if it's not, that it won't cost more than my alloted $10k that even if I had to pay, still make this house a good deal all around. All utilities had been on in the house when HUD inspected it on 12/2008 - so it's unlikely that were any big plumbing or heating issues. Hmmm...I hate havng to make decisions like this.
02-19-2009 04:50 PM
We keep having the similar stories! I'm under contract for a house too (although I don't think I got as great a deal as you, I'm very happy.) I got it inspected last week, and the sellers agreed to do a couple things that were minor..no major problems found.
Now come the hard part....waiting till they gives us da keys!
02-20-2009 05:53 AM