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Regular Contributor
Posts: 118
Registered: ‎08-13-2012
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Re: My home buying thread!!

CLEAR TO CLOSE!!!!!!!!!! We got the word about 2:30 today. We are set for closing next Friday the 26th. No word on the actual time yet or the actual dollar amount we need to bring to the table but the underwriter has signed off. The only condition we had was that since my husband is not purchasing the house (just me), I had to sign an addendum removing him from the contract. That is done and we are clear.

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
Regular Contributor
Posts: 226
Registered: ‎05-24-2012
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Re: My home buying thread!!

WooHoo Congrats!!

New Contributor
Posts: 73
Registered: ‎07-29-2012
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Re: My home buying thread!!

Happy-Happy..... Joy-Joy...... Congrats

Established Member
Posts: 10
Registered: ‎04-13-2012
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Re: My home buying thread!!

congratulations!

Regular Contributor
Posts: 118
Registered: ‎08-13-2012
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Re: My home buying thread!!

Closing is scheduled for 9:00 Friday morning. Has anyone ever had the sellers occupy the home until 3 days past closing? When we originally signed the contract we didn't think it was that big of a deal but now that we are down to it, I'm thinking maybe it wasn't a great idea. We won't get to walk through the house before closing and any damage they do while they move out is on us. These people have kept up this house and its pretty much in perfect shape so I don't think they would purposefully damage anything, but I'm nervous about it now. They are supposed to be out of the house by 5:00 Monday due to the closing on their new house not being until Monday.

 

I still haven't received the final HUD so I don't know exactly how much money I have to bring to the table. The sellers are covering up to $6,000 in closing costs and on the GFE, closing costs were $5,996. Hopefully it will only be the 3.5% down payment. I though I would be through stressing since we got the clear to close, but I'm more nervous now than ever.

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
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Super Contributor
Posts: 6,870
Registered: ‎03-06-2010
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Re: My home buying thread!!

[ Edited ]

You should have the sellers sign a lease even if it is for only three days. That way you have the right to evict them should something happen after closing, like their place isn't ready to close and they want to stay for another week.  Even if you agreed to the three days with no rent, you will want to put in a high per diem rental amount to discourage any adjustment in time period. This is normal to have a seller sign a lease for post-closing possession. If the seller balks, make sure you get the lease signed, its for your protection.

 

BTW, you should still do a walk through prior to your closing. Their post-closing occupancy shouldn't affect the walk through provision at all.

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: My home buying thread!!

I, personally, gave my sellers 3 days to move out, and I didn't charge them a "per diem" rent....  granted my closing was pushed back multiple times due to my lender... and the sellers kept signing extensions...   I did it as a gesture of good faith


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Regular Contributor
Posts: 118
Registered: ‎08-13-2012
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Re: My home buying thread!!

[ Edited ]

I asked my real estate agent and he said we definitely can do a final walkthrough. So we scheduled it for tomorrow. I guess I thought that since they still lived there we wouldn't be able to get back in but he said that was no problem. I am glad to be able to see it one more time. I will talk to him about the lease thing. I don't think it will be an issue with them staying longer but you never know. Their agent is a big supporter of the post close occupancy for his sellers. He says that gives them time to move after the funds have gone through so that they don't move out and then the buyers funding fall through the day of closing. I actually think they are in the process of moving now. Guess we'll find out tomorrow.

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
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Re: My home buying thread!!

Is there a reason the are staying for 3 days (closing on there house a few days later?) Even though it may be in good faith you own that property or any per diem is understandable just make sure your homeowners insurance is in effect.

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Regular Contributor
Posts: 118
Registered: ‎08-13-2012
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Re: My home buying thread!!

I am about to have a nervous breakdown. For whatever reason I still don't have the final HUD statement. We are closing before the banks open tomorrow so I have to be at the bank by 3:30 today to get my money. It is almost 10:00 now. What is taking so long???????

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
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