December closings?

[Anonymous]

Our USDA loan was approved by underwriting last week. We were supposed to close on the 11th, but our attorney is trying to work out an earlier closing with the sellers since they have already moved out.

I am so relieved that everything is almost done...it was siuch a long and difficult road! The first house we tried to buy (which we're renting now) appraised at $36,000 under contract, so we had to start everything all over again.

Best of luck to everyone who is still waiting and congratulations to those of you who are in the home stretch!

[Anonymous]

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@Anonymous wrote:

Our USDA loan was approved by underwriting last week. We were supposed to close on the 11th, but our attorney is trying to work out an earlier closing with the sellers since they have already moved out.

I am so relieved that everything is almost done...it was siuch a long and difficult road! The first house we tried to buy (which we're renting now) appraised at $36,000 under contract, so we had to start everything all over again.

Best of luck to everyone who is still waiting and congratulations to those of you who are in the home stretch!

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Thank you mamaspike and congrats to you! It must be a truly good feeling for you and I can completely relate to your feelings of this being a long and difficult road.  That has been our experience.  Glad to see a great outcome despite the fact that you didn't get the first house.  I'm sure this process will make opening the door and walking into your new home that much sweeter. Keep us posted on your closing and I'm wishing you an early and smooth closing

[YHWHUDAH]

Shanfran,

My lease is up on my apartment March 1 so that sucks.  I have to make first mortgage payment Feb 1 for 1281, and I will have to pay Jan and Feb rent. That sucks because, I want to use that money for furniture. I have to give my 30 day notice Feb 1. I got to find some way to get out of this lease without penalty or else I am stuck paying 1520 for Jan and Feb.  I hope they have some kind of lease break fee and not just total rent due for total contract.  Any suggestions?

[Anonymous]

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@YHWHUDAH wrote:

Shanfran,

My lease is up on my apartment March 1 so that sucks.  I have to make first mortgage payment Feb 1 for 1281, and I will have to pay Jan and Feb rent. That sucks because, I want to use that money for furniture. I have to give my 30 day notice Feb 1. I got to find some way to get out of this lease without penalty or else I am stuck paying 1520 for Jan and Feb.  I hope they have some kind of lease break fee and not just total rent due for total contract.  Any suggestions?

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First search your lease and look for any clause or option for early termination.  A lot of times, I think, it just really depends on the property mgmt.  We've practically used the same one for about 4 years and have never had any issues and always paid on time, so I'm hoping to use that as leverage to negotiate for early termination.  You could

also consider, if you can't terminate early, offering to pay January and requesting that they use your security deposit (provided it is equal to one month's rent) for Feb. I know someone that did that and it worked out.  I mean technically you would still be paying rent for two months, but if the second month comes from your security deposit, then you won't have to use paycheck/savings to cover it.  Those were just a couple of options that I could think of.  Maybe someone else has more?  Either way best wishes getting out of that lease whichever way you decide.

[YHWHUDAH]

Shanfran,

Good advice. I have bad news though, I just contacted management and they said they do not offer any break early lease termination for what so ever reason. She said, I would have to pay the total amount of my lease.  My deposit would only cover 350 dollars I just will move, cut off lights, and continue to pay Jan and Feb rent. It sucks big time, but I need to close soon, because I don't want anything stupid thing posting on my credit report.  I did just move here May last year.  We never expect things like this to happen, but it taught me a lesson. Always review contracts and negotiate things if you can because you never know.

[Anonymous]

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@YHWHUDAH wrote:

Shanfran,

Good advice. I have bad news though, I just contacted management and they said they do not offer any break early lease termination for what so ever reason. She said, I would have to pay the total amount of my lease.  My deposit would only cover 350 dollars I just will move, cut off lights, and continue to pay Jan and Feb rent. It sucks big time, but I need to close soon, because I don't want anything stupid thing posting on my credit report.  I did just move here May last year.  We never expect things like this to happen, but it taught me a lesson. Always review contracts and negotiate things if you can because you never know.

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I'm sorry that they are playing hardball--but it was a contract so not much you can do there.  On the + side you won't have a mortgage payment for January and you will at least get $350 back from the apt around March.  You will have plenty of time to furnish the house, just get past this phase right now.  You definitely learned a good lesson, take it with you and move on.  Don't allow this to mess up the good credit you've worked to have.

[YHWHUDAH]

My update.

I have good news everyone, my appraisal come over by a measly 4000 dollars. Yes, but that's not much equity! Good luck to the rest of you'll waiting on your reports! 

[Holly1221]

Jenny - not sure if this applies in your case...but .. our appraisal was $20,500 lower than contract & the realtor noticed some of the comps were wrong school district (same city but certain streets are school district borders).  Just a thought!?

[Booner72]

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@YHWHUDAH wrote:

My update.

I have good news everyone, my appraisal come over by a measly 4000 dollars. Yes, but that's not much equity! Good luck to the rest of you'll waiting on your reports! 

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Hey now.  MOST come in at  purchase price, and A LOT these days come in lower.  This is about the best news you could have gotten!  Celebrate!

[YHWHUDAH]

Thanks Bonner72,

Yes, you are right about home values coming in lower or at purchase price.  I was just kind of upset that the builder tried to sell it for 242,820, luckly I got it for 229000.  I think I will celebrate. I am very exicted since everything is going as plan!