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Member
futurepoppa
Posts: 17
Registered: ‎06-27-2007
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Re: Preapproved! (Maybe?)

[ Edited ]

So let me start off by saying thanks to you all for the positive vibes because yesterday, I got the call that our latest offer was accepted!  I got the signed offer late last night put my final signature on it and now my LO has it. I got an email from him this morning that they're working on it and I'll have some docs to sign soon and they'll order the appraisal.

 

I'm almost in shock right now. My wife teared up and can't contain herself lol. It's been a long road, it's not over until we get those keys, but at least we're mkaing more progress. We can't wait to turn it into our new home.

 

I agree Lesse, it's nice to know we aren't alone and that we have a place to vent and get some encouragement. This is truly a stressful process. It's one of the most important decisions we'll ever make in our lives. Thanks again for the positivity and I'm sending some good vibes to everyone who is going through this process. Hang in there, we ALL WILL get to the finish line and get those keys! It WILL happen!

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

Re: Preapproved! (Maybe?)

Just an update

 

Had our inspection last Friday. All is well there

 

Appraisal has been scheduled for Thursday.  Target closing is the 30th with possession by July 7

 

Established Contributor
bdhu2001
Posts: 515
Registered: ‎04-24-2014
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Re: Preapproved! (Maybe?)


futurepoppa wrote:

Just an update

 

Had our inspection last Friday. All is well there

 

Appraisal has been scheduled for Thursday.  Target closing is the 30th with possession by July 7

 


Wow!  Congrats.  Thanks for keeping us updated.  I hope to be in your shoes 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+
Member
futurepoppa
Posts: 17
Registered: ‎06-27-2007
0

Re: Preapproved! (Maybe?)

Screw newton and his stupid law!

 

So everything was going fine, therefore the appraisal absolutely had to come back low - 16k too low to be exact. Right now we're discussing other options to try and make it work however I'm not so confident and almost ready to give up on it. What furstrates me is that these market conditions are so messed up. It seems like there's a surplus of buyer and a tight inventory, ok sellers market, BUT not really because appraisers are looking at historical figures. 

 

I can understand that. From a financially sound stand point, it's safer to look at the recent historical trend rather the the right now hot potato kinda thing thats happening now. I get sick to my stomach at the thought of going back into the house hunt and going through this all over again. Almost considering just saying screw it until the market is truly stable.

 

Hope you all are having better experiences

Established Contributor
bdhu2001
Posts: 515
Registered: ‎04-24-2014
0

Re: Preapproved! (Maybe?)


futurepoppa wrote:

Screw newton and his stupid law!

 

So everything was going fine, therefore the appraisal absolutely had to come back low - 16k too low to be exact. Right now we're discussing other options to try and make it work however I'm not so confident and almost ready to give up on it. What furstrates me is that these market conditions are so messed up. It seems like there's a surplus of buyer and a tight inventory, ok sellers market, BUT not really because appraisers are looking at historical figures. 

 

I can understand that. From a financially sound stand point, it's safer to look at the recent historical trend rather the the right now hot potato kinda thing thats happening now. I get sick to my stomach at the thought of going back into the house hunt and going through this all over again. Almost considering just saying screw it until the market is truly stable.

 

Hope you all are having better experiences


Sorry to hear about the low appraisal. Are you able to negotiate with the seller since the house appraised so low?  Are you using Wells or B of A for your loan?  When I was putting in an offer, the the seller's agent stated they weren't accepting offers from those two banks; because their appraisals were coming back low.

 

Anyway hang in there.  Housing market is always hottest during the Spring.  If it weren't for the current low interest rates, I would wait it out until Winter.

 

But enough of that.  You're going to get this home or it's going to turn out that your dream home was right around the corner and this little bump in the road would have served the purpose of making sure you could still get your dream house.

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

Re: Preapproved! (Maybe?)

Thanks :smileyhappy:

 

At this point I'm all but completely detatched from the whole deal. I started looking at other homes already and gave my realtor a heads up. Of course the LO and realtor wanna try everything possible to get it closed. Right now we're trying to negotiate something so the ball is in the sellers court. L/O offered to give credit toward closing at a higher interest rate...um no thanks

 

We shall see what happens. If it's meant to be it'll happen.

Regular Contributor
lesse
Posts: 237
Registered: ‎02-12-2013
0

Re: Preapproved! (Maybe?)

Oh no ! That stinks ! Sorry haven't posted but I have been keeping up /I wrote this super long response/ update And It go deleted so I just left It (on my iPhone)
Hopefully you can work something out with the sales price maybe they will be flexible

I found a home I liked (lake front) made an above asking on foreclosure - they accepted - my ko then tells me my approval won't go through because of the higher taxes / be had me down at 3k and taxes really is 4500 so I sent letter to bank asking if will accept asking price but Fannie Mae cancelled and said I had to start over / so I ended up refinancing my car before I realized it was cancelled so I could
Now afford higher price but was too late so I go in and offer a little over asking and then mk told multiple offers so I ended going back up to 8k over asking price ... Which was on Tuesday so I'm still waiting ugh so annoyed with this process and my appraisal should be ok because it's a Reo it's priced cheaper
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 :smileyhappy:
Member
futurepoppa
Posts: 17
Registered: ‎06-27-2007
0

Re: Preapproved! (Maybe?)

So here's an update: WE CLOSED TODAY!!!!!!

 

I had a very pleasant experience with FGMC. Last I left off, the appraisal came back 16k under. Well after trying to work around a few things, the seller ended up accepting the appraisal price AND we still got our concessions as asked! All in all, it worked out for all of us. Closing was around 1.5 hours the longest part was waiting for the funding number from the lender and that was it. Seller was given a big fat check and we have a home to raise our expanding family.  Yesterday was the final walkthrough and we met the next door neighbors who were friendly and welcoming.  

 

We can't wait to get settled in.  It's been a roller coaster ride for sure. Between the disappointment from the first lender we tried, who turned around and told us a "mistake" in his software caused him to initially pre approve us for 100k more than what he actually could (in the end we still got a loan for around the same amount. He basically didn't know what he was doing) and this was after we'd looked at several home thinking we were good to go. Then we had some many bids we lost on "dream homes" to getting this offer accepted and being on pins and needles to close. 

 

To everyone that's on the path to homeownership, keep at it! Disappointment, frustation, anger and hopelessness may all come to visit, but don't roll out the welcome mat for them! GO GET YOUR HOME!!!

 

 

 

 

 

 

 

Established Contributor
bdhu2001
Posts: 515
Registered: ‎04-24-2014
0

Re: Preapproved! (Maybe?)


futurepoppa wrote:

So here's an update: WE CLOSED TODAY!!!!!!

 

I had a very pleasant experience with FGMC. Last I left off, the appraisal came back 16k under. Well after trying to work around a few things, the seller ended up accepting the appraisal price AND we still got our concessions as asked! All in all, it worked out for all of us. Closing was around 1.5 hours the longest part was waiting for the funding number from the lender and that was it. Seller was given a big fat check and we have a home to raise our expanding family.  Yesterday was the final walkthrough and we met the next door neighbors who were friendly and welcoming.  

 

We can't wait to get settled in.  It's been a roller coaster ride for sure. Between the disappointment from the first lender we tried, who turned around and told us a "mistake" in his software caused him to initially pre approve us for 100k more than what he actually could (in the end we still got a loan for around the same amount. He basically didn't know what he was doing) and this was after we'd looked at several home thinking we were good to go. Then we had some many bids we lost on "dream homes" to getting this offer accepted and being on pins and needles to close. 

 

To everyone that's on the path to homeownership, keep at it! Disappointment, frustation, anger and hopelessness may all come to visit, but don't roll out the welcome mat for them! GO GET YOUR HOME!!!

 

 

 

 

 

 

 


Congrat!!!!  I'm so happy for you.  Still traveling and looking for my dream home.  I hope to have news like yours before the end of the year.

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+
Regular Contributor
lesse
Posts: 237
Registered: ‎02-12-2013
0

Re: Preapproved! (Maybe?)

Omg so happy for you !! Congratulations I knew it would work out !good luck with you and the new baby !! Have fun In your new home !!
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 :smileyhappy:

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