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Regular Contributor
Posts: 238
Registered: ‎02-12-2013
0

Re: Preapproved! (Maybe?)

First im sooo sorry to hear your deal fell through.. but you know what they say when one door closes another one opens... and its an even better door .. to a better home Smiley Happy Just keep on looking.. Sounds like my conditions to the Tee Smiley Happy I got my conditions last Thursday and submitted them last Monday... today- a week later i spoke with my LO and he said that most of them had been cleared and we are in "good shape" .. i have been stalking him every day asking a million questions lol but from what he says we have an approval.. i had to go through management for an approval.. something to the effect that i was approved through automated u/w but the u/w on my file was trying to manually underwrite.. either way they had me complete alllll kinds of paperwork and loes before i got the "pre-approval letter". I found a beautiful REO that was listed at 145k (sold 5 years ago for almost 300k) its 2000 sq feet 4 bedrooms 2 bath- needed furnace, oil tank and Kitchen.. being that i opted for the 203k loan i offered 140k and asked 6k in closing- they countered with 4900 in closing and I SCREAMED and jumped was so excited. then my realtor .. stated wait.. they also (without us asking) offered to fix furnace and replace oil tank.. OMG that leaves me 20k for a new kitchen- i assumed bank said was being sold as is- that they wouldnt fix those items so i took those into consideration when making my offer... just waiting for my contract now from the bank..so praying everything works out.. im still on edge.. closing is 6-25.. oh yeah the bank is doing something ive never heard of.. $50 per day extension fee.. makes me sick to think of that. but my LO was confident with a 30 day closing.. so being that i asked for 45 days and ALL my conditions have been cleared that are not directly related to the home.. im hoping it will work out.. well it has to work out because im not paying that fee lol ... sorry for my story.. i guess im soo excited and yo

 

START (FICO): 1/28/2013 EQ: 499 EX: 558 TU: 536
Lender Pull EQ: 694 EX: 644 TU: 670
GOAL 640 Across the board
Wallet:Credit One $400; NFCU (secured- Changed to unsecured) $1000; NFCU (Unsecured)$500- increase to $1500
Garden Time Smiley Happy
Member
Posts: 17
Registered: ‎06-27-2007
0

Re: Preapproved! (Maybe?)

That is GREAT news! Very happy for you! And a pretty good deal to boot! I considered the 203k as well, unfortunately, the homes in my area are still priced pretty high even with needing the amount of work.

 

So back to the drawing board for us and to top it off, my wife is pregnant so house hungting is a "unique" experience to say the least. We're back at it Thursday with a couple more to view. I'll be so glad when this is over lol

Regular Contributor
Posts: 238
Registered: ‎02-12-2013
0

Re: Preapproved! (Maybe?)

Awww how exciting and stressful... i just had a baby as well - well she just turned ONE but boy o boy how a year goes by so quickly..any who..hormones are raging so be nice to your wife and have patience lol... i could NOT imagine having to buy a home while preggo.. the stress must be overwhelming ... hope you guys find something you like with your next upcoming search Smiley Happy Keep me posted

START (FICO): 1/28/2013 EQ: 499 EX: 558 TU: 536
Lender Pull EQ: 694 EX: 644 TU: 670
GOAL 640 Across the board
Wallet:Credit One $400; NFCU (secured- Changed to unsecured) $1000; NFCU (Unsecured)$500- increase to $1500
Garden Time Smiley Happy
Member
Posts: 17
Registered: ‎06-27-2007
0

Re: Preapproved! (Maybe?)

Yes, the stress. I keep telling myself, "be nice" lol

 

I'll keep you posted. 

Regular Contributor
Posts: 238
Registered: ‎02-12-2013
0

Re: Preapproved! (Maybe?)

Welllllllll.....my offer fell through Smiley Sad

I signed contract and submitted.. went on vacation -gave me realtor my schedule so she can keep in touch, and i made sure the hotel had a scanner, printer and fax so i was prepared to send/recieve any paperwork AND they CANCELLED my offer after i already signed and sent them contract because they recd a better offer.... TOTALLY unfair ...im so discouraged right now.. i did all this work to get qualified and now i cant even find a home and im not that picky...just picky in the area that i want to live- meaning only a select few towns but seriously TOWNS not streets..why is this sooo difficult???

START (FICO): 1/28/2013 EQ: 499 EX: 558 TU: 536
Lender Pull EQ: 694 EX: 644 TU: 670
GOAL 640 Across the board
Wallet:Credit One $400; NFCU (secured- Changed to unsecured) $1000; NFCU (Unsecured)$500- increase to $1500
Garden Time Smiley Happy
Member
Posts: 17
Registered: ‎06-27-2007
0

Re: Preapproved! (Maybe?)

That's just wrong! I wonder if there is any recourse for that? I mean if the situation were reversed, they'd want to get their hands on that ernest money deposit. That's so not cool. I'm sorry to hear that.

 

Hang in there, I know your frustration. We're on offer number...I don't even know. The market is crazy right now and sellers are catching on and holding out for the most money they can get. We aren't picky either, except where we live, same as you, and it's just really starting to drain us. We looked at 6 houses the other day after work. We're waiting on a response to an offer we made on one. Trust me, I know exactly how you feel as far as the discouraged feeling goes. Just try to take a step back, breathe, clear your mind and remember that you're going to get your new home, it WILL happen!

Frequent Contributor
Posts: 371
Registered: ‎11-18-2013
0

Re: Preapproved! (Maybe?)

I am in a similar situation. I worked my tail off to get my CR cleaned up, post CH 13, post FC and finally got pre-approved then there isn't squat on the market. The only thing that was remotely close to what we wanted we put an offer in and the builder wouldn't budge. "There is a lot of interest" blah blah blah.

 

Unfortunately our lease will have to renewed soon and we are stuck waiting until the end of the year to start looking again. It sucks.

 

Member
Posts: 17
Registered: ‎06-27-2007
0

Re: Preapproved! (Maybe?)

I hear ya. The icing on the cake is that in my area, a recent as 6 months ago, homes in the areas we're looking in were averaging 20-30k or less than what they are asking for (and being bought for) now. There's still a lot of houses in inventory that aren't being released to the market yet also.

 

It's frustrating. We'll all get there though 

Established Contributor
Posts: 785
Registered: ‎04-24-2014
0

Re: Preapproved! (Maybe?)


futurepoppa wrote:

I hear ya. The icing on the cake is that in my area, a recent as 6 months ago, homes in the areas we're looking in were averaging 20-30k or less than what they are asking for (and being bought for) now. There's still a lot of houses in inventory that aren't being released to the market yet also.

 

It's frustrating. We'll all get there though 


There's been a jump in buyers.  I feel your pain and sorry you're having tough luck finding something.  I found three houses that I liked and everyone of them accepted an offer before I put in mine.   I'm thinking about waiting until after Spring, but risk interest rates going up.  Keep plugging, I'm sure you'll find something soon.  



Current Score: EX 839 EQ 794:TU 792 on 7/4/14; EQ from myfFico on 6-26-14
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Goal Score: 800+ on all three Bureaus
Garden since 11/26/14 -- In the garden until 6/2016

Regular Contributor
Posts: 238
Registered: ‎02-12-2013
0

Re: Preapproved! (Maybe?)

Sorry Bigpoppa.. fingers crossed this deal goes through for you... i found a house i like and im going to put an offer in after i do one more walk through today.. only thing is that its a short sale so it could be a long process which i wanted to close next month or early July and be able to move by the end of july or early august .. so fingers crossed this works out for both of us!

 

Im soo glad (not for everyones situations lol BUT just glad im not alone and i can come here and vent) No one understands unless you been on this forum the time and effort and research we did to get to this point and then to not be able to find something.. its sooo weird but  i strongly believe everything happens for a reason and when THE ONE comes along .... it will be worth the wait Smiley Happy Good Luck everyone

START (FICO): 1/28/2013 EQ: 499 EX: 558 TU: 536
Lender Pull EQ: 694 EX: 644 TU: 670
GOAL 640 Across the board
Wallet:Credit One $400; NFCU (secured- Changed to unsecured) $1000; NFCU (Unsecured)$500- increase to $1500
Garden Time Smiley Happy
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