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July 2020 Closers

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New Contributor

Re: July 2020 Closers

We got our conditions today and our clear to close for July 2nd. One step closer

Message 21 of 51
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Member

Re: July 2020 Closers

Rate locked today at 3.12!!

submitted to UW today. *cautiously excited*

Message 22 of 51
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New Contributor

Re: July 2020 Closers

Inspection are complete on both the house we are selling and the home we are buying. The option period is over for both. The appraisal on the home we are selling is scheduled for Tuesday! The appraisal has been paid for an ordered on the home we are buying but hasn't been scheduled yet. 

 

Praying this portion ends on a positive!








Message 23 of 51
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Valued Contributor

Re: July 2020 Closers


@NikAls wrote:

Inspection are complete on both the house we are selling and the home we are buying. The option period is over for both. The appraisal on the home we are selling is scheduled for Tuesday! The appraisal has been paid for an ordered on the home we are buying but hasn't been scheduled yet. 

 

Praying this portion ends on a positive!


I never heard of an option period before tonight, I had to look that one up. Is that a common thing in some states?

 

I do have an appraisal scheduled for next week, and I'm kind of thinking about an inspection, though that seems like a waste of money at this point.

Message 24 of 51
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New Contributor

Re: July 2020 Closers

@iced 


@iced wrote:

@NikAls wrote:

Inspection are complete on both the house we are selling and the home we are buying. The option period is over for both. The appraisal on the home we are selling is scheduled for Tuesday! The appraisal has been paid for an ordered on the home we are buying but hasn't been scheduled yet. 

 

Praying this portion ends on a positive!


I never heard of an option period before tonight, I had to look that one up. Is that a common thing in some states?

 

I do have an appraisal scheduled for next week, and I'm kind of thinking about an inspection, though that seems like a waste of money at this point.


We offered option on our home and paid for option on the one we are purchasing. I am honestly not sure if it is a state thing or not. I know that it allowed us the opporitunity to get the home inspected and take another (harder) look around before sending earnest money. I liked the ability to walk away out $100 (10 days) versus have the home fail inspections and having to wait for reimbursment of earnest. 

 

I have bought and sold 3 other homes and never heard of it prior to this transaction though. 








Message 25 of 51
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Valued Contributor

Re: July 2020 Closers


@NikAls wrote:

 



We offered option on our home and paid for option on the one we are purchasing. I am honestly not sure if it is a state thing or not. I know that it allowed us the opporitunity to get the home inspected and take another (harder) look around before sending earnest money. I liked the ability to walk away out $100 (10 days) versus have the home fail inspections and having to wait for reimbursment of earnest. 

 

I have bought and sold 3 other homes and never heard of it prior to this transaction though. 


That might be an option here for some buyers, but certainly wouldn't have been on our purchase. I assume this was in a buyer's market where sellers are open to contingencies such as this?

Message 26 of 51
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New Contributor

Re: July 2020 Closers

@iced 

 

I also wonder if your price point is less likely to see it. 








Message 27 of 51
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Valued Contributor

Re: July 2020 Closers


@NikAls wrote:

@iced 

 

I also wonder if your price point is less likely to see it. 


I think in markets where places move slower, it may be possible even at medium to high home prices. When competing with all-cash/no-contingency buyers though, anything in the offer that gives someone a free out is all but guaranteed to deep-six their offer.

Message 28 of 51
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New Contributor

Re: July 2020 Closers

@iced 

 

My agent says it is pretty common here (Austin) even before the changes COVID brought to the market....but I agree, I would imagine if cash offers were abundant then sellers wouldn't entertain them. 








Message 29 of 51
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Valued Member

Re: July 2020 Closers

  • $360k price
  • First-time homebuyer 
  • Conventional 97 loan
  • 2.8% interest
  • 3% down
  • Credit mid-score: 760
  • Scheduled close: July 27
  • Loan is fully approved by underwriting with commitment letter
  • Inspection was all clear
  • Just awaiting the appraisal. I'll be on edge until then. 
Message 30 of 51
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