topic Re: Our home buying progress in Mortgage Loans

Our home buying progress

Anonymous — Wed, 20 Jul 2016 21:39:44 GMT

05/24/16 pre approval received

05/26/16 all requested documents turned in for underwriting

05/27/16 began looking at houses with our Realtor

05/27/16 made an offer on a house

05/28/16 12:00pm seller received multiple offers, refused all but two. Ours was one of the two, we re-submitted our final and best offer...

05/28/16 7:00pm officially under contract

05/31/16 earnest deposit at title company, ordered home inspection, obtained quotes for homeowners insurance, and loan submitted for formal approval.

06/02/16 home inspection completed

06/03/16 our Realtor submitted an addendum based on results of home inspection turning up roof problems

06/03/16 found out we cleared caivrs (!!!)

06/06/16 gathered estimates for roof repair/replacement

06/07/16 locked in our interest rate

06/09/16 fha appraisal

06/13/16 appraisal results back, home value on target, but roof needs replaced on the back of the house, a fire rated door installed in the garage leading into the kitchen, and a few places need touch up paint on the exterior of the house. Seller agreed to all repairs!!

06/14/16 roofing began on the back of the house.

06/29/16 extension signed, pushed closing back to July 15th

06/30/16 original closing date.. extended.

07/14/16 2nd extension signed, pushed closing back to July 22nd

07/19/16 closing disclosure signed, officially cleared to close!

07/22/16 (closing on our new house!)

...to be continued.

Re: Our home buying progress

Revelate — Sun, 29 May 2016 22:04:17 GMT

Hard and exhilirating part down, now for the slog haha. Seriously though, grats Cas!

Re: Our home buying progress

youdontkillmoney — Mon, 30 May 2016 02:11:43 GMT

Wow, that's lightening fast progress..congrats!

Re: Our home buying progress

Anonymous — Wed, 01 Jun 2016 04:16:00 GMT

Thank you!

It feels very surreal to be at this point and moving so fast to the closing date. I just hope everything goes as smooth as possible.

Re: Our home buying progress

Anonymous — Wed, 01 Jun 2016 09:49:34 GMT

Omg!! Congrats! Keep us posted on your home buying journey!

Re: Our home buying progress

Anonymous — Sat, 04 Jun 2016 22:46:43 GMT

We had our home inspection on June 2nd, which uncovered a few issues. The house was advertised as having a new roof, but the inspector said it's only new on the front of the house and garage. The back of the houses roof is close to 30 years old and at the end of its life. There were a few minor things, too, like gfcity outlets needed in the kitchen and main bathroom, touch up paint on the trim where chipped, and needing to install CO2 detectors on each floor.

Our Realtor renegotiated the contract to see if the seller will make these repairs or if we can get a credit at closing to cover the roof repair. Seller said yes to the minor repairs and is looking at options for the roof...

Re: Our home buying progress

tacpoly — Sun, 05 Jun 2016 01:32:44 GMT

My experiences was just like yours once I found the house (actually for all our home purchases). No one putzed around -- sellers received multiple offers so they were in the driver's seat. They said no to repairing/paying for minor issues and I accepted that (it was just $5000 worth of repairs). Once I closed, I called the handyman my agent recommended and he took care of every issue on the inspection before I even moved in.

Good luck!

Re: Our home buying progress

Anonymous — Tue, 14 Jun 2016 19:56:40 GMT

Last Friday was our fha appraisal. Nothing unexpected was found. They called out the same things that our own inspector found; a few places on the exterior of the house with chipped and peeling paint, roofing at the end of its life expectancy on the rear of the house, and the attached garage needs a fire rated door installed from the garage into the house. My Agent emailed me last night after we got the appraisal back to let me know that the seller has agreed to do all the repairs needed before our closing date in 2 weeks (!). The roof replacement began today, and is expected to be completed by this weekend. I'm so relieved that we won't have to worry about the roof!

Now I can get back to worrying about little things like lawn mowers, cleaning supplies, paint, and new flooring once we close. )

Re: Our home buying progress

Anonymous — Wed, 29 Jun 2016 22:35:06 GMT

Well it's been a few weeks of waiting around for everything to get finalized. We were supposed to close tomorrow on June 30th, but just yesterday we found out our closing got bumped back another two weeks. The final appraisal was ordered, but hasn't been completed due to the appraiser being too busy, plus the holiday weekend coming up. We are frustrated but dealing with it. Our lender is confident that we will close no later than the 15th of July now.

We were pretty bummed out yesterday after getting that news.

But, towards yesterday evening, our Realtor messaged me saying the seller was at the house getting all her things moved out and wanted to know if we'd like to walk through. She wanted to know if we wanted anything left in the house. So, our excitement built as we drove over to the house. The seller had a pile of things in the garage that she was donating, but let us go through and pull anything out we'd like. I picked out a few decor and art prints that I liked, then we walked through the house to see for ourselves all the work that had been completed since our first walk through. We were happy to see that everything was completed that was required for our closing! While touring the house, the seller asked if we'd like to keep her sofa set in the living room, since it wouldn't fit her new place. It's a nearly new set, and will save us from having to purchase a set right away, so we said yes to that, too. Then down in the basement, she showed us the sprinkler system shut off located in the laundry room, and offered up the washer and dryer! She also wanted to leave the blooming flower pots outside plus the garden tools in the shed.

We are beyond grateful to the seller for going above and beyond our expectations during this process. The sellers agent and mine have done everything in their power to get this moving forward. While we are disappointed that we can't close tomorrow like we'd planned, at least we are in a situation where we are able to extend our stay in our current house while we wait another couple weeks.

Re: Our home buying progress

Anonymous — Sat, 09 Jul 2016 04:27:21 GMT

any update?

Re: Our home buying progress

Anonymous — Wed, 20 Jul 2016 21:28:44 GMT

Well, after 2 extentions on our contract to straighten out some last minute details... (the final appraisal and a two week period of missing bank statements from my husband's checking account), it looks like we will finally be closing on our new house this Friday! We signed our closing disclosure yesterday, so we are in our three day wait right now. We are so excited and can't wait until Friday! )))

Re: Our home buying progress

Sbrooks1 — Wed, 20 Jul 2016 23:10:42 GMT

I'm so clueless! How much is an earnest deposit? I hope to do USDA, what do I need to have saved to pay all these fees

Re: Our home buying progress

Anonymous — Wed, 20 Jul 2016 23:20:49 GMT

Ernest deposit is also known as a good faith deposit that you will pay when you sign a purchase contract.It just reassures the seller that your serious and won't be signing any other contracts elsewhere.Usually $500 is all you need.If it's a new build home the builder usually will require quite a bit more.This deposit will be deducted from your closing costs so basically you get it back.

Re: Our home buying progress

StartingOver10 — Wed, 20 Jul 2016 23:53:50 GMT

Actually the EMD varies tremendously and is negotiated by the parties at the time of the offer.

In my area for a home that is $300k or less the EMD is $2500 to $10,000 normally. I have seen more - but never less.

The EMD is applied to your down payment at time of closing. If you are VA and you have a 100% loan, then the EMD is applied to your closing costs.

If you have no closing costs because the seller and/or lender are paying them for you, then you get a refund of the overage at closing.

^^^having said the above, each area is different. I haven't seen a $500 deposit in my area since the 1980's to early 1990's. In high cost areas (my area is not high cost) I'm sure the EMD's are higher than what they are here. It does vary widely.

Re: Our home buying progress

tehpud — Thu, 21 Jul 2016 02:26:27 GMT

Awesome and congrats.

My progress has been similar, but shorter in time. I already knew the home I wanted to buy when I pre-qualified.

We are closing date buddies! I close on 07/22/16 too!!!!

Re: Our home buying progress

Anonymous — Thu, 21 Jul 2016 18:43:51 GMT

We are in the final stages for our USDA loan (guaranteed). House was 157,900 we settled for 161,000 with seller paying 4% of prepaid and closing costs (4% was the number from our lender). USDA is 100% financing so no downpayment. Out of pocket has been $500 earnest money (this is the amount our realtor said is typical for our area and price range). 500 appraisal fee and 350.00 for home inspection (optional). Appraisal and earnest money will be credited towards closing costs. House appraised at 161,000 so rolling in closing costs was not a option for our loan.