Re: Made an offer...ac
cepted! Woo Hoo....
02-19-2009 01:53 PM
Congrats! You and I seem to be living parallel lives here. I have also been fearing the approval process for almost a year now. I finally got my credit to where I thought I'd have a chance (mid score at 623), so I went for pre-approval on Feb. 9 after seeing a home I liked the day before. I was quickly pre-approved, placed an offer, did a counter back and forth with the seller and was accepted. I never thought I'd be in this position even as recently as 3 weeks ago and now, suddenly, I am scheduled to close on my first home March 30 due to some very timely CA deletions. I have my fingers crossed--still waiting on final mortgage approval which is still scaring me to death despite the pre-approval (should hear back on that by next Wednesday). Appraisal is being done today. I can't even imagine how much fun this must be for someone with good credit who knows FOR SURE that nothing can go wrong before closing.
I will race ya to the closing table
I bet you beat me there! Actually this house is HUD not Bank owned. I don't know what I was thinking before when I said REO, probably because every other house I found was. There are only 2 HUD homes in the entire town I was looking in and of course leave it to me to pick 1 of the only 2! Honestly, this home was pretty well cared for and I don't know the circumstances behind it winding up a HUD home, but I think I got pretty lucky. I know typically they are not in this good of shape.
Already had one hurdle today. Had to overnight the signed P&S agreement to HUD by this morning. However, since I live out of state, I had to have my realtor fax it to me, then me sign and overnight to her. Her go over everything and put package together and overnight it to HUD. They got it today and because it was faxed they thought it was a copy and they want original signatures. She had to point out to them that the signature is original, it was only a fax because I live out of state and no way could we get everything to them within 48 hours of accepted offer (that's their rule, they accept offer and you have 48 hours to get them P&S) without faxing me the P&S. The guy said, okay and that he would see if 'they' would accept it. Whatever that means.
Then I have only 15 days to get my inspections done. Normally that would be no big deal, but the house is winterized because it's in new england and it's winter it's common to do this...However, since they aren't going to pay a dime for anything. I have to pay out of pocket to dewinterize (Approx $200) for a DAY! Have electric, gas and water service turned on for a DAY...then schedule it to be turned off the next day and also pay AGAIN out of pocket to Re-winterize the home! I even offered to just pay to have the utilities kept on until closing and they said NO! So...scheduling all of this is going to be fieldday...trying to do it from another state and then travel up for the inspection and hope that everybody (utility companies) comes through...is going to be a stress.
Of course, then after close I will have to pay again to dewinterize house and then turn utilities back on. Basically it's a lot of stress and about $600 or so of wasted money, BUT....in the end, if the inspection doesn't turn up any major issues, it will be WELL worth it.
But...again...can you say stress?
So, don't be envious of my credit scores....I'd rather be waiting to hear from the mortgage guy then dealing with this crap! LOL