topic Re: My home buying journey in Mortgage Loans

My home buying journey

Anonymous — Thu, 16 Aug 2012 12:37:44 GMT

I have been in the market for a vacation home in Tucson. I was pre-approved and flew out to start looking at houses. I really wanted a home in Rancho Sahuarita outside of Tucson. It has tons of amenities and is extremely well kept. I found one home, put in an offer and apparently started a bidding war which I lost. I then found a better house. Built in 2006 1951 sq/ft, 3 bed, 3 bath with open space behind the house.

It was listed at 135,000 (shortsale) so on 8/5/12 I offered 130,000 plus 3% at closing. Within 24 they accepted the offer. We signed all the papers and now we are waiting on the bank. In the meantime I talked to my mortgage broker and submitted all my paperwork. I also sent in earnest money which locks my offer for 60 days. Tuesday I found out that the shortsale is through Chase and Chase is where I have my current mortgage and my pre-approval. My mortgage broker said that should expedite the process and that once loss mitigation is informed they can push my offer. Yesterday I received a package from the title company with commitment requirements, and over 100 pages of Declaration of covenants, conditions and restrictions.

I really want this house. It is move-in ready and the community is perfect. The waiting sucks and waiting from over 2000 miles away really sucks. My realtor seems to think we should hear something by the end of next week. The only thing that is keeping me sane is I have the best realtor and mortgage broker they have made the situation bearable.

Hopefully I will have good news soon!

Heather

Re: My home buying journey

Anonymous — Thu, 16 Aug 2012 15:42:02 GMT

Wow! It sounds like you are moving quite quickly through this process already! Our offer was accepted on June 8th and we are still waiting to close. Good luck on your journey. Keep us posted.

Re: My home buying journey

Anonymous — Thu, 16 Aug 2012 15:53:49 GMT

Good luck!

Re: My home buying journey

Anonymous — Thu, 16 Aug 2012 16:31:13 GMT

I would be extremely extremely careful of buying a home at a short sale. Get a good real estate attorney! Be 100% absolutely positively sure that the bank even owns the property. The tide of foreclosures is start to turn. Counties and states are starting to declare that some foreclosures were done illegally and the original owners can come back and claim title to their property. This has happened several times in Florida alone, and in Maricopa Arizona a man had his house illegaly sold by the bank after he paid his back mortgage. Your state is a non judicial foreclosure state, so I would be even more careful. In some cases banks don't even legally have the right to sell properties because they don't own them. Do not assume that these title companies are serving your interests, they aren't, and they can be wrong as well. I would beg anyone in this day and age to get an attorney, make sure everything is clear from the county, etc. The last thing you need is a clouded title and someone coming to take their property back.

Re: My home buying journey

Anonymous — Thu, 16 Aug 2012 16:41:14 GMT

Believe me I have been extremely cautious in buying a short sale. This house checks out. Now it is just a waiting game.

Re: My home buying journey

Anonymous — Sat, 01 Sep 2012 22:59:36 GMT

I got the approval from the bank. 130000 and they are paying 3% closing. The only thing they won't pay is the hoa transfer but any excess will go towards future hoa fees. Closing within a month!

Re: My home buying journey

webhopper — Sun, 02 Sep 2012 00:30:40 GMT

Congrats!!!!

Super excited for you!

Re: My home buying journey

Anonymous — Sun, 02 Sep 2012 00:36:41 GMT

Thank you! I am so excited!

Re: My home buying journey

Anonymous — Sun, 02 Sep 2012 13:00:39 GMT

Inspections set for Tuesday. Mortgage broker has all my financials and just forward the last addendums. Luckily I can sign everything at a title company here in Pa which helps!

Re: My home buying journey

Anonymous — Wed, 05 Sep 2012 13:30:52 GMT

Ok so I received a clean termite inspection waiting on the home inspection report. My mortgage broker has submitted the purchase contract and is having the title and appraisal ordered. They are also assigning my processor.

I do have a question, they said I need to sign closing docs no later than 3 full days before COE. What does this mean? Is it that I need to sign everything three days before the actual close and get the keys?

Thanks

Heather

Re: My home buying journey

Anonymous — Wed, 12 Sep 2012 15:29:00 GMT

Ok so there were two possible issues during the inspection. The HVAC system and part of the roof. So we needed to sign an addendum to increase the inspection period (apparently getting a roof inspector out durning monsoon season is quite hard). the HVAC inspection was monday and everything was fine. Friday the roof inspector comes out. My file went to the underwriter yesterday so as long as the roof checks out we should be good!

Re: My home buying journey

Anonymous — Fri, 14 Sep 2012 15:21:33 GMT

Ok so last night I heard from my mortgage broker. The file came back from underwriting and they needed two things. First was a signed letter as to why my income was higher in 2010 than 2011 (due to the economy everyone in our office took a pay reduction which will not be permant) and a copy of the banks approval of the short sale. So I sent back what I had on the short sale approval. I find this funny since both the seller and myself are using Chase, finally my loan officer said they could call the department and get a copy.

So now I am just waiting for the roof inspection which is this morning. I hate waiting!

Re: My home buying journey

Anonymous — Tue, 18 Sep 2012 11:39:38 GMT

Ok frustration has set in. The roof came back fine. I get an email from the mortgage processor saying they still need the banks approval letter and a copy of the insurance policy. So I let my agent know that the paper he sent me was wrong and they need the paper from the bank or at the very least the seller's contact at Chase. I then get a call from the processor saying everything is on hold until they get the letter and if they do not receive it with enough time this week to process I will not be able to close by the 2nd.

I asked him if I can sign the papaers at a Chase branch and he made it seem like a big deal when on Friday my loan officer said it wasn't a problem.

I just want to close on the house. All my paperwork has been in and it is so frustrating waiting on somone else.