Mortgage Loans

[hippychic823]

So after 2 years of rebuilding my credit and saving money I am finally able to buy a house. Am pre-approved through USDA for 150K. The credit rebuilding was fairly painless thanks to the forums but the real nightmare is my search for a house!!! I thought this would be a fun, exciting time but its turned into a nightmare!!!! In July 2011 I put an offer on a house, paid for inspection. Inspection uncovered an electrical nightmare, non-functioning boiler, plumbing disasters, you name it. So I was able to back out because of that. Fast forward to Jan 2012. Found another house. Made offer, earnest money deposit, paid for inspection. This house was ate up with termites, to the point that the termite inspector said it would make more sense to just bulldoze the house down and build a new one . So, I was able to get out of that contract. A few weeks after that I find another house...you know the drill: offer, earnest money, inspection. Imagine my surprise when inspection comes back GREAT just a few veeerrry minor things. I was stoked!!!! Was in UW and my LO assurred me that UW was going without any problems. Then the appraisal came back...20K under my purchase price. Seller wouldn't lower price...lender wouldn't loan for house that appraised 20K below purchase price so I walked away from that contract. Well, on Friday I kinda fell into another house by some freak turn of events (I was driving around to clear my head cause I was feeling bummed about the whole house hunting situation and I got lost and found this house)...anyways, this house is everything I've been looking for!!! I'm kinda confused as to my Realtor hadn't shown it to me before instead of all these crappy fixer-uppers?? Sooooo, I made an offer. Waiting to hear back if offer has been accepted but I'm REALLY starting to think that I'm not suppossed to be a home-owner. This whole process has been soooo discouraging and full of disappointment. Has anyone else had any similar experiences? I need some positive vibes sent my way in the worst way!!!! I'm ready to give up!!!!

[FrugalRican]

This is way more common than you'd think.

I've seen it happen way too many times, and I've actually anticipated that this would happen to me when it's my turn to do so.

It's actually unusual to see someone get the first house they saw and loved and it be in perfect condition and for the whole process to go without a snag. Just read a little more in the Mortgage Loans section, you'll see plenty of horror stories.

Just be patient, your time and house will come.

[StrateUp]

My process has been a breeze. My offer was accepted 3 months ago and absolutely nothing else has happened sense. Easy as pie.

[seemund]

Wow, what a nightmare... Everything happens for a reason.

I'm sure you've gained a lot of experience by going through all that. I'm also sure the extra time gave you a chance to save more $$ and be even more stable.

Don't give up! 

[my25reasons]

Hippy - I'm sure most people have felt that way. I know I don't feel like it's ever going to happen.

I put offers on several houses before my current house was accepted and went through.I lost out on my dream house because it was in a sub behind a gas station and FHA won't finance within 300ft of underground tanks - measuring from the end of the property line where the tanks are located. I lost out an another house because the sellers were not forthcoming about a pending contract already in place.

It felt like one big disappointment after another. House shopping is not fun, IMO. Dreaming is fun, sure - the actual buying process, SUCKS.

You'll get there, just keep your hope and keep working on moving forward.

[Walt_K]

Just remember that you're looking for a place that you're going to spend quite a bit of time in, so it is worth it to take your time and do it right.  You'd rather find out about faulty wiring, termites, etc. now than after you close.  It will all be worth it once you find the right house. Best of luck!

[pattycake]

It's rarely easy. I think I looked at 20 houses before I found one that I was even willing to put an offer on. I'm now going through HARP refinancing, which will lower the payment by about $350, but the UW process and all that is never fun.

[IOBA]

hippychic823 - hang in there.   And listen to the universe, God, and your instincts!

The super short version of my house hunting.  

#1 - Listing agent did not follow through with sellers.  Sellers ended up dealing with me direct, then tried to pressure me with "multi-bid" situation, "someone will definitely be awarded the house contract today" stuff.  I walked away.   (That was October 2011, the house is still on the market - now listed at the price I was willing to pay.)

#2 - Sellers got into a tiff with their mortgage company.   Three + months later, I was FINALLY able to get out of that one.  (That was October 2011, ratified contract.  The house is on the market for 15k ABOVE the asking price when I went under contract.)

#3 - Listing agents hard sell for buying distressed property to rent out.  Guaranteed me that I would earn back (rental income) the cost of the property within one year.  Promised!  I asked for a piece of the strategy -- just something in writing, just one peice of the puzzle, not the whole thing -- never heard from them again.

The powers to be were definitely telling me that was not the right time to purchase.   So I sit back in my little space, am thankful for what I have, and move on.

[IOBA]

hippychic823 - another story from years ago...

The agent I was working with kept showing me property outside and way above my pre-qualifed amount.  Out of frustration, maybe some tears greased the way, I was looking at one of those "home" realtor magazines that show listings.  Found one that was affordable, in a doable neighborhood.  Called the listing agent about it.   Went to see him.   The house was not what I wanted and I tearfully told him so.   (It was a mobile home in need of some work.)   He said, well IOBA, tell me what you are looking for.  I am new at this, never sold a house, but if you give me some faith, I will do what I can.

Same visit, we pulled up the perfect house.   Drove out out see it.  Less than 30 days later, I was moving in.   The house was in the area I had wanted, 3 bedrooms, 1 bath, large yard, off the main street, walking distance to the library, post office, grocery store, park, and metro.   Wow.   AND under budget!  AND move in ready!

I was sooo upset with the previous realtor -- we had driven past the house several times and I had pointed it out to her and asked her about it.  She told me I didn't want that house.

After I moved in, I sent her a nice thank you note, fired her, and told her I was in my new home.  And yes, of course, I included my return address on the envelope.   Never heard from her again.

*** this was before the internet as we know it today.  I found the listing by going through the master paper list the young, inexperienced realtor gave to me.  

[germaine47]

I have had one of those days myself, please dont feel like you are alone.  I put an offer on a foreclosure in which I fell in love with the shell not noticing the flaws we call repairs would be so costly.  The Seller offered 7000 for repairs but the appraisal required 17000 in repairs in which I couldnt roll the cost into the loan.  I had to walk away but it doesnt hurt so much because in the long run it would of probably cost me much more.  Today I got right back in the sattle on another foreclosure but this time I looked at the comps in the area and the tax assessment to see what it could appraise for. I am not an inspector but I looked at every aspect of the house to see if there would be any great issues  once inspection and appraisal hits, before I get that far I will walk away.  But I am a little jittery, can you blame me?