When can I start packing??? Can we really close on 9/9 if the P&S is signed tomorrow??

[ineedadvise]

We found the perfect house (after a few others didn't end up being "the one").  Owner accepted our offer about two weeks ago, house was inspected Monday (just waiting for the Radon results...but not worried)  Bank had an appraiser out last Friday.  All is good...I think....but can this really all happen in less than three weeks??  The owner keeps asking to bump closing sooner (which I'd love if it was tomorrow....hate this waiting!!)  I am afraid that, after reading everyone's stories here, that three weeks is tight.

Little background..we were preapproved VA, scores were 614, 647, 619 & 635, 618, 659.  I've had no lates in almost two years but have a jugdement from 2003 for $541 (I provided the judgement of dismissal and it will hopefully be off CR's soon) and a collection from 2006 for $290 that I was told not to do anything about.  My husband has no collections or judgements and no lates since Sept of last year.  No BR or Repo's or any other baddies, just lates (live and learn lots here!)  We are 22/41 DTI with all payments and have $10,00 gift money in the bank for all of the expenses involved (well we did, but after deposits and home inspection,attorney etc. it's dwindling down).  I am so nervous...I just want to know!!!  

Any one out there with good encouragement...I keep seeing people's closing and others in my shoes....we all want to be signing and taking those precious keys! 

[Anonymous]

Varies by lender but if YOUR lender said they can do it, then they probably can do it. Some closings happen in as little as two weeks. Your P&S should have a date in there for you to back out by if your financing falls through. If it falls through after that date then you won't likely get your earnest money back.

Just make sure your lender thinks this can happen for you in that short amount of time. I know it can happen though because we initially put in our offer Aug 6th with a closing date of Aug 27th. However, we already had all our documents to the lender and she said it would not be a problem at all.

[ineedadvise]

They have all of our documents, and our LO doesn't think it will be a problem...I am just a mess...waiting and waiting.  He actually said while we were filing out the loan ap that the appraisal would be the only thing to slow it down and that happened three days later, and before our inspection...Everyone is all smiles but I am more uneasy because the house was put back on the market because the first person's financing fell through.  I just keep thinking the same thing could happen to us...

[Anonymous]

Unfortunately it can happen but remember you have a financing date in your agreement. Know that date and make sure you have a definitive answer from your LO prior to that date.

The only thing that might worry me a little is your credit score balancing right on the edge with 619.

Just make sure you sort of freeze your spending while this is going through. Don't use credit cards or take out any new lines of credit, keep making payments on time and adding to your bank account. Good luck!

[ineedadvise]

Our low mid-score should be 637 (not the 619, but again it's a VA loan and our LO said not to worry about the score).  I pulled our scores yesterday and the two that we can see are up, and Experian was my husband's high score.  The only spending I have been doing is on deposits, inspections, etc.  I have paid off 2 cc's completely (not yet reflected in score).  It showed a second inquiry from the Bank/Broker yesterday...our scores were initially pulled 7/22, then 8/20 (which will reflect  the increase).  So I'll just keep on waiting..thank you for your reply!

[Anonymous]

You can start packing and start celebrating!

I closed in less than 30 days for which 10 of them included back and forths with the seller on the items I had them fix.

When you have a good LO and a good Real Estate agent things fly through.

Congrats!!!!

[ineedadvise]

Thanks for you kind words.  We just picked up the packet of P&S's to sign and will drop them off to the office in the AM with our second deposit check and then our realtor said it's all up to financing to get it done!!  I'll keep my fingers and toes crossed until we here...hopefully before 9/2...because that's a long time to sweat, right!!!

[Anonymous]

Dont cross anything just open your mouth and pray and just claim the home as your family home.