08-16-2012 05:37 AM
I have been in the market for a vacation home in Tucson. I was pre-approved and flew out to start looking at houses. I really wanted a home in Rancho Sahuarita outside of Tucson. It has tons of amenities and is extremely well kept. I found one home, put in an offer and apparently started a bidding war which I lost. I then found a better house. Built in 2006 1951 sq/ft, 3 bed, 3 bath with open space behind the house.
It was listed at 135,000 (shortsale) so on 8/5/12 I offered 130,000 plus 3% at closing. Within 24 they accepted the offer. We signed all the papers and now we are waiting on the bank. In the meantime I talked to my mortgage broker and submitted all my paperwork. I also sent in earnest money which locks my offer for 60 days. Tuesday I found out that the shortsale is through Chase and Chase is where I have my current mortgage and my pre-approval. My mortgage broker said that should expedite the process and that once loss mitigation is informed they can push my offer. Yesterday I received a package from the title company with commitment requirements, and over 100 pages of Declaration of covenants, conditions and restrictions.
I really want this house. It is move-in ready and the community is perfect. The waiting sucks and waiting from over 2000 miles away really sucks. My realtor seems to think we should hear something by the end of next week. The only thing that is keeping me sane is I have the best realtor and mortgage broker they have made the situation bearable.
Hopefully I will have good news soon!
08-16-2012 08:42 AM
Wow! It sounds like you are moving quite quickly through this process already! Our offer was accepted on June 8th and we are still waiting to close. Good luck on your journey. Keep us posted.
08-16-2012 09:31 AM
I would be extremely extremely careful of buying a home at a short sale. Get a good real estate attorney! Be 100% absolutely positively sure that the bank even owns the property. The tide of foreclosures is start to turn. Counties and states are starting to declare that some foreclosures were done illegally and the original owners can come back and claim title to their property. This has happened several times in Florida alone, and in Maricopa Arizona a man had his house illegaly sold by the bank after he paid his back mortgage. Your state is a non judicial foreclosure state, so I would be even more careful. In some cases banks don't even legally have the right to sell properties because they don't own them. Do not assume that these title companies are serving your interests, they aren't, and they can be wrong as well. I would beg anyone in this day and age to get an attorney, make sure everything is clear from the county, etc. The last thing you need is a clouded title and someone coming to take their property back.
09-01-2012 03:59 PM
09-01-2012 05:30 PM
09-05-2012 06:30 AM
Ok so I received a clean termite inspection waiting on the home inspection report. My mortgage broker has submitted the purchase contract and is having the title and appraisal ordered. They are also assigning my processor.
I do have a question, they said I need to sign closing docs no later than 3 full days before COE. What does this mean? Is it that I need to sign everything three days before the actual close and get the keys?
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