NERVOUS

[Bratbaby]

So, to update...

Still no word from the underwriters. I'll call my LO this afternoon and see what's up.

Had the inspection. Per the inspector...a good house that hasn't been taken very good care of. The seller is a retired guy, very nice but he's said he wants 240k and he doesn't want to budge. We're willing to fix the stuff in the inspection report EXCEPT...

The furnace is a Lennox, a good brand, but again per the inspector, "installed by an idiot." It's not even hardwired, it's PLUGGED IN. So basically we need to get it reinstalled. That'll be about 1k.

Also, a horizontal crack in the foundation in the crawlspace. This is potentially very bad.

Well, we're meeting with the seller this afternoon to see if he'll go halfers with us, or reduce the price, or something. If not, we may have to bail out. :'(

More updates as circumstances warrant...

[Anonymous]

Oh no I hope the seller reduces the price!

Well, we heard from LO yesterday. The bank he was using denied us so we have to sign new disclosures and he's going to try a different bank. He already spoke with them and emailed them. Yesterday was a pretty bad day. To be denied in underwriting sucks. But our LO said he's been doing this a long time and if he felt like we couldn't get this done he would tell me. If the new lender doesn't work out we will just have to wait 6 months since the reason for the denial is mainly driven by some student loan lates in March that happened because I came out of forebearance and didn't call to get put back in forebearance until too late. This is also severely pulling down my score since my loan reports as 4 trade lines. Ugh we go back to underwriting on Monday to do this all over again :/.

[Bratbaby]

Oh, I'm so sorry! Hopefully your LO can get the deal done! I'm sending you happy thoughts!

[Wovenyarn]

Got the email today that we have officially moved to UW.  The LO said we should hear something by early next week.

Regarding the inspection, all of the items that were found were minor except for radon.  Radon levels were higher than recommended.  The seller agreed to make all requested repairs.  The biggest bummer was the fact that they had 2 manual garage doors.  The house was built in 2002 so that seems strange.  We asked the sellers to go in half with us and install one but they wouldn't budge.  They said they have went 13 years without one and it's not mandatory... oh well  A small price to pay if I get the house that I want!

[Bratbaby]

So happy for you!

Ironically enough, the house I'm under contract for has a GREAT garage door opener...but the seller doesn't seem to be willing to budge on the price and besides, I've done some research and there doesn't seem to be any way FHA will pass the house with a horizontal crack in the foundation.

Hard as it is, we may have to walk.

[Bratbaby]

Yep, we're walking. It's sad and frustrating, but with foundation issues the house that was a good deal has gone to overpriced. Seller says if he can't sell it for his asking price, he'll just let the bank take it (??!) We'll be heading over there shortly to sign the termination of contract papers.

I had so hoped we had found the house to have the eventual grandkids over for Xmas! Oh well, I guess back to the house-hunting grind. I keep telling myself that our house is out there waiting for us to find it!

[Wovenyarn]

Well we had to walk from our first choice as well. Now we are under contract for our second favorite house. My realtor kept saying that everything happens for a reason and that means that the first one wasn't the one for us.

That seller will have to disclose that crack to all buyers going forward I think so good luck to him trying to unload it.

The sellers of our first choice said almost the same thing as your seller. They said if they didn't sell it to us they would just let their daughter move it since it was paid for already.

Keep your head up and don't let this discourage you. Your perfect house is out there waiting for you guys.