11-02-2012 10:17 AM
Hi everyone I have been the message board almost everyday since I started home searching. I have been learning new things everyday.
I wanted to share my story from the beginning. I will try to keep it short as possible.
I started back in Feb 2012 just browsing online. In April I got a call from a realtor who got my number from online. He talked to me and gave me a number to a lender. I called them and they did the standard procedures... Ran credit and told me what I was pre- qualified for. I started to house shop how exciting :-) Saw a house put an offer on it. I got outbid :-(....My realtor was saying I told you to bid higher..Didn't like the attitude he was giving...how could I bid higher and the house needed work and I was using a 203k. My sister and I didn't like him so we drop him. But I was still using the mortgage company he gave me so I felt awkward telling the lender im not working with your friend anymore. He didn't mind. So I moved on found another realtor. We found another house:-) but it was a short sale :-( We made a offer and it was accepted by the seller, now we just need the bank approval. A week later they found out they have liens on the property :-( They said they needed to pay it off first don't know how long that would take. So I decided to walk away because I found another house :-) :-) No short sale or a foreclosure. Its an estate sale!!!!!!!!
Made an offer seller accepted my offer of 110,000 w/ 3,000 in closing cost. And 500 home warranty :-) Did inspection everything was good except for the roof need a new one :-( seller would not fix it. So I asked for more closing money in closing. They agreed to 5,000 toward closing. My appraisal came back 17,000 over the asking price. :-) Now they are processing my loan b4 I go into underwriting. My processor told me I should wait to go to underwriting for another 3 weeks because it would make one year since my last late payment on my credit report. Because FHA does not want any late payments for a year. I said OK I'll let my realtor know. Told my realtor....She said no I don't think they would wait three weeks for me to go to underwriting. She said, that's pass the date your suppose to have your commitment letter in. I told my processor to just send my file to underwriting (what was I thinking). My file came back denied. They told me it has to be approved by the mortgage committee.... OK than....,my file was sent to the mortgage committee...I passed the date to have the commitment later.My lawyer requested an extension.....wow I thought they were going to say no.....I should have smack my realtor.....The mortgage commmitte said no..I was to high risk....but they would consider if I put down 10%.....10% I don't have that much money.....So processor said just try to see what they say.... So I had to ask for another extension...They seller said yes. (while IM going through this with bank, my lawyer and the seller lawyers are having arguments..They are not getting along at all...I want to pull my hair out..Their lawyer no longer want to work with usand told the seller realtor to put the house back on the market....WHHHHHHAATTTTTTTTT!!!!! I had to stop this madness I wanted to cry I couldn't believe this was happening.)
To keep it short I didn't get that house. :-(
I went back to the short sale it see what was going on the house was not on market any more. I ask my realtor to ask their realtor are they still trying to sell. I was willing to wait and save up more money after all that just happen. Well come to find out seller owes 15,000 in taxes and would like the buyer to pay it and he would ask for much less for the house. Is he crazy...he want me to pay 15,000 of his taxes and not get a for sure answer on if I will get this short sale.....I ran as fast as I could.
Looked at 15 more houses nothing. And found another lender to go through.
FInally found one :-) but it is a short sale :-( Me and the seller finally agreed on a price... Did an inspection and there is mold in the crawlspace because of the slop on the side of the house where the water is getting in at and other problems as well. So I moved on ;-(
looked at more houses.
Looked outside of the neighborhood I was interested in to one neighborhood over.
Put in an offer they accepted it, inspection did good, appraisal did good.
Went into underwriting........had some conditions I needed to meet....I met them.....
Now back into final underwriting........hoping to hear the magic words....YOU ARE APPROVED AND ARE CLEAR TO CLOSE.
Please pray for me :-) :-)
11-02-2012 02:19 PM
11-03-2012 05:15 AM
Hoping for the best. Keep the updates coming!
11-03-2012 01:12 PM
Hey guys the bank want the sellers to fix some things that came up on the appraisal some paint chipping that cost around 300 to fix. The thing is we are insure if the seller will fix it because fifth third bank is the power of attorney of the house. Everyone around me say the wont fix it because they don't have time and its not their! So this is the only thing that's stoping me so hopefully they would fix this soon
11-03-2012 01:22 PM
11-03-2012 01:47 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO