Mortgage Loans

[Booner72]

We finally heard back from the "investor" today.  We offered 105K on a house advertised at 110K.  The offer came back at 145K.  I was seriously pissed off at my realtor for even advertising at 110.  We NEVER would have even gone to see the place if we thought it was 145.  The whole reason I got into this mess suddenly was because it was such an amazing deal.   (BTW, it sold for 286K in 2007).

Tomorrow we are countering back with 115.  I said I would be willing to pay 122,900 if we could just get this settled and move on with things.  The realtor said no way to that, because they (realtor and his wife as a team) don't want me to overpay, that it was sitting for almost a year without a bite until it went down to 110.

I guess the issue is the bank is saying it's a "stick built" house, and my side is saying "So what!  It's a chalet style which lowers the useable square footage, and here are the comparables."

I thought for one, that you couldn't counter-offer short sales, that what the bank came back with was either do it or don't. 

So here we go.  Getting the score results today was one of my proudest moments, but then my joy was dashed when I got the news about the price!

My LO (who I totally trust) advises me to just hang on one more week, that going out house shopping now will only confuse us and make me even more crazy.

I'd love to hear other stories about short-sale counterofferings.  Is that getting more common now?  Or is this a done deal and I need to move on.  PLUS, it is still scheduled for auction 8/17.

[Booner72]

I just passed automated underwriting with flying colors.  I can't even believe this is happening.  This is such a dream come true.  Thanks everybody!!  If it wasn't for this forum I wouldn't be here today.  I feel like a whole new person now that I don't have the world's worst credit!  A lot of shame is gone.

[Booner72]

Wow - this was such an amazing day.  Signed all loan documents, ordered FHA #, tax transcripts, the whole deal.  LO says she won't even have to verify rent!  (Good because I don't want landlord to know we are moving, he'd freak out and try to get it rented right away and we'd be s.o.l if this falls apart).

LO made me promise to wait until Tuesday to see what the final offer will be.  (I'm so furious at the realtor that I am thinking of walking away just out of spite!!)  If we can come to an agreement on price by early next week, we will order a rush appraisal.  Decided that DH and I will do our own inspection by going into the house and checking electrical/heating/plumbing etc but pay to have the septic inspected and drained.  She says we will do a "table funding" so that the morning of closing is the same day as funding.   It's all about beating the auction date.

Contemplating looking at other houses on Saturday in case this falls apart, but apparently there is "low inventory" out there.  A big auction (not just our house) is coming up in August and then, word on the street is we will have lots of choices. 

We love this house so much.  It would be nice to get in before school starts.  Having property w/ mountain views - holy moses.  Thinking we will be in our new house in less than a month is beyond my wildest dreams.

Everything has fallen right into place, finding the house was easy, the loan process is going far more smoothly than I could ever have hoped.  I sure hated the waiting but it's looking like it was all worth it.

[mauve]

Please please please get a real inspection.  PLEASE.  I wish I had done a more thorough inspection, I would have definitely had more price negotiating room.  Long story, but I really think it's a good idea to get plumbing and electrical fully checked out beyond a basic inspection. 

[Booner72]

Mauve - I know, it's a big decision.  We are going to go top to bottom, under the house, have the water on, check everything.  If there are any red flags, then we call in the "specialist" to see what they think.  We've also looked outside the house top to bottom three different times.  There is nothing going on outside.  It's in really great condition.  It was really maintained.

In addition to MYFICO Forum addiction, I've also been HGTV addicted lately.  I see time and time again the inspector sees something, but then just recommends a "specialist" for whatever it is.  My husband is a great handyman and can fix anything.  He works in construction so he knows when something looks right or wrong.

I would rather spend the money on the septic and a specilialist (Plumber/electrician etc)  if we need.  The realtor will also be there (unfortunately) when we do our inspection, and he will know stuff, too.

[sugarmagnolia23]

Congratulations!!!!!!!!!!!!!!!!!!

[Booner72]

Good Friday Evening Readers -- I'm hoping if anyone has experience they will either reply or send me a PM.  I don't understand why people are "shy" to post their stories.  I guess fear of public humiliation?  If so, I win the humilation contest.  Anyway - I need help here.

Okay here's the deal.  My LO and realtors are tight.  I've been bugging LO to get things going and on Wednesday she actually had me come in her office, ran my scores, I qualified, etc.  But we still don't know the final asking price so she says we can't do anything else until we know. 

Thursday morning she scans me 47 pages of loan documents all completed w/ "our" houses address, a purchase price of 120, ordered FHA #, tax transcripts, verified employment, put me through automated underwriting and everything.  She told me she "has a feeling" that the bank will come back at 120.

I didn't think anything of it until tonight.  I've been reading around on how sneaky these people are.  I'm thinking the realtors ALREADY KNOW that the bank will counteroffer at 120.  I'm thinking they told LO to go ahead and get everything going so we can beat the auction date.  LO has been saying this whole time she can't order FHA # w/o an approved offer, can't do this/can't do that.  But now all of a sudden she's doing it all?  She had me bring in everything.  The whole file is ready to go to UW except the Appraisal.  To top it all off, she tells me that the LO's manager told her they would pay the extra money to get a "rush appraisal."  She even makes me "promise" to wait until Tuesday before I yelled at the realtor for F'ing us over.

What do you guys think?  Am I going to be the last one to know?  Why wouldn't they just tell me it was 120, take it or leave it?  Why would they counter back with 115 if they know the bank's bottom line is 120?  Don't you think the LO already knows?  Do you think she would have done all of this if she didn't?

I don't know much, but I can smell it when something fishy is going on.

Or maybe I'm totally off.  I'll be more than happy to pay 120 for this house.  Easily can do it.  But I just can't wait any longer!

[Booner72]

The STUPID BANK countered now 141.  Like that helps any.  I sent an email to the realtor saying that the max we would/could pay is 125 because of DTI.

(not true but who cares).

Also stipulated that we want to know by the 28th with an accepted offer or we are walking away.

CRUNCH TIME!

[Booner72]

In case anyone cares, We decided to back out.  Hated the realtor for one, they stole the wood trailer for 2, and refuse to pay more than what was the listed price, which was 110.  It will be interesting to see what the bank comes back w on Thursday, But I guess I will never know because I already texted the realtor that we are done.

End of thread.  Thanks!

[sugarmagnolia23]

Its always best to follow your instincts! At least now you know you can qualify, so you can start the process with more confidence the next time. Good luck finding a new one. You mentioned that several will be available in August- so maybe its for the best!