November 2016 closers???

[Anonymous]

Hey all!

First post, but I've been lurking for a little while. Thanks to everyone here, I've learned a ton! I'm now completely obsessed with my credit. I've got work to do, but I feel like I'm going the right way...

Back on topic. 

We(my wife and I)started thinking about buying a bigger place last December. Went out, saw a few houses, and mulled over our options. At the end of April, we decided to look into new construction. Found a brand new neighborhood in an area we really like, and, after a lot of soul-searching, we decided to go this route. We put our earnest money down, and off we went. Because our FICO scores range from mid to upper 600's and we didn't want to put 20% down, we went FHA. So, here we are, 7 months later, and we're scheduled to close this Friday! It's been a long, strange trip, and it's not over, but we're close to the finish line! 

Purchase price: $256,000

Actual Finance: $247,000

Signed contract: Should be today(10/31/16), unless it was that thing back in September...

Location: Plainfield, IN

Property type: SFH

Type of Loan: FHA

Loan Rate: 3.35%

Appraisal: Appraised for $2k above purchase price-sweeet!

Cleared to close: TBD-hopefully, it happens today!

Final Walkthrough: Today(10/31/16)

Closing date: 11/4/16

Closed on: Hoping it's 11/4, because we've got everything scheduled to be delivered on the 4th and we hafta be out of this apt on 11/6...wish us luck. 

[Anonymous]

Finally got the appraisal back and it appraised for $10k lower than purchase price. I don't get it. They're not counting the bonus room in the basement as living space. House square footage with the room is 1720. They appraised it at 1170 square feet. So obviously if they'd been counting that space, it would have appraised well beyond what we're buying it at. 

I'm at a loss now. Went from expecting to be moving in the next two weeks to completely unsure of what will happen.

Guess we'll see what happens. 

[Anonymous]

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@Anonymous wrote:

Finally got the appraisal back and it appraised for $10k lower than purchase price. I don't get it. They're not counting the bonus room in the basement as living space. House square footage with the room is 1720. They appraised it at 1170 square feet. So obviously if they'd been counting that space, it would have appraised well beyond what we're buying it at. 

I'm at a loss now. Went from expecting to be moving in the next two weeks to completely unsure of what will happen.

Guess we'll see what happens. 

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Have the seller reduce the purchase price of the house to what it appraised for.  The banl /lender is not going to be willing to loan you more than what the house is worth.

[cantwininde]

Quick update..After appraisal came in $7000 short we had to adjust our whole loan. The $7000 came out of the sellers closing cost assistance. Was able to take higher interest rate to get lender help with closing as well as some money out of pocket..

Now our loan has been submitted to USDA on 10/27 (so my lender says, I sure hope its the truth.) USDA here is currently working on 10/21 so running about 10 days behind. Closing is scheduled for the 10th. Praying everything goes thru and closing doesn't get pushed or we will be homeless come 11/15

[Anonymous]

Sellers mom is a home appraiser and looked over the appraisal. Pointed out some things they weren't counting in and offered three more comps. My realtor filed an appeal. I do know the seller will not sell at the appraised value and still pay closing. So we'll see what happens. Hopefully we'll get an adjusted appraisal by Friday or Monday and we'll be able to close on the 11th. 

[cantwininde]

Well today we received our Closing Disclosures. Signed and returned. Still awaiting USDA approval. Was submitted 10/27, USDA is currently working on 10/25 so hopefully soon! Still on track for a 11/10 closing as far as I know. Not sure what else we have left to do besides the title search?

[Anonymous]

We closed today and ate dinner on the floor of our new home. #dreamsreallydocometrue 

[cantwininde]

Thats awesome!! Congrats!!!! Can't wait for that!

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@Anonymous wrote:

We closed today and ate dinner on the floor of our new home. #dreamsreallydocometrue 

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[Anonymous]

Seruby, my timeline and story matched yours closely. Had a rough patch after yeats of perfect payments and thought it was the end of the world. When i sat down and faced everything head on i thought I'd have to wait 7 yrs for everything to clear out. Never thought 3 yrs of solid history and rebuild would allow me to purchase the home of my dreams. Closing on the 21st and so thankful to this community. Without it I would still think i needed everything to clear off before app'ing for mortgage. Congrats!!

[Anonymous]

Well, 11/4 came, and went....

AND WE ARE OWNERS OF A BRAND, SPANKIN' NEW Pulte home! I am so thrilled! Honestly never thought I'd be a homeowner, especially of a brand new house. It's been a crazy journey, but spending that first night in a house that has my name on the all the paperwork, made it all worthwhile...;-)

As an added bonus, and with my beautiful wife's blessing, I got an early Christmas present...just got approved for a new Harley to put in our third car garage! Hopefully, I'll be able to pick that up later today! 

It's not quite on the level as the days my beautiful children were born, or the day I married my amazing wife, but this is turning out to be a pretty decent weekend, lol!