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September closers!

Readyformyhome
Established Contributor

September closers!

Starting the thread for September!


Location: Seattle currently but purchasing in Mesa, AZ

Purchase price - $575,000
% Down - 20%
Product - 30 yr fixed 
Mid score - 709

Sellers Credit - $0
Rate - 2.625% or 2.875% (trying to decide if buying points makes sense for me)

Estimated Close Date -  September 8
Possible issues - I'm selling my house in Seattle but it's not on the market until I get home and get it listed next week. The market is very hot so no real worries but that adds complexity.

 

I also always worry about DTI because I have $2750 per mo attributed student loan payments (actual is $588). I wasn't planning to buy yet so I just bought a car that made that tighter than it should've been. I'm sure it'll be fine because I qualified for 650k multiple places but I do have bonus and RSU income that may calculate differently in UW. I did an initial UW before moving forward so should be fine but it adds stress!

 

Oh and we're rushing the appraisal to make sure it's close to offer amount because I waived that contingency. I have 10 days to back out with the inspection contingency so may have to if it appraises way less. I had to go over asking to get it as a contingent buyer so we'll see what happens!

 

FICO8: Low 700s. FICO9: Mid 700s. Goal: 800 club
Message 1 of 10
9 REPLIES 9
Readyformyhome
Established Contributor

Re: September closers!

It occurs to me that I'm too early for most September closers since I have a longer closing date due to making a contingent offer. I'll talk to myself for now!

 

We had the inspection today and other than some broken roof tiles by the solar installers, it was perfect. The sellers have a roof warranty so they'll be able to get that fixed. 

Now we're waiting on the appraisal since I waived that contingency... but we rushed it so it'll be back before our inspection contingency expires. Fingers crossed that it comes in at what I offered!

FICO8: Low 700s. FICO9: Mid 700s. Goal: 800 club
Message 2 of 10
Kellyd4
Established Member

Re: September closers!

Location: Massachusetts

Purchase price - $317,000
% Down - $5,000. Loan is USDA and 0% but I gave a $5,000 deposit which will go towards closing costs. 
Product - 30 yr fixed 
Mid score - 659

Sellers Credit - $0

Estimated Close Date -  September 1
Possible issues - None on my end. Sellers are closing on their new house the same day, so hopefully all goes well with that and we don't get delayed. 

Message 3 of 10
Readyformyhome
Established Contributor

Re: September closers!

Congrats Kelly!

 

I had less than 24 hrs after getting home from AZ to get my house ready for pro pics. It was a whirlwind but we got it done this afternoon. I'm going to leave this weekend from 10-8 Fri-Sun and fingers crossed we get an offer by then since it's not easy to leave with three dogs!

 

My loan moved to UW today so hoping for good news soon. I reran my DTI and it's 12/38 without including RSUs so I think I'm good to go there. I'm feeling good about the new mortgage so my only concerns are what it'll appraise for and getting under contract on this house!

FICO8: Low 700s. FICO9: Mid 700s. Goal: 800 club
Message 4 of 10
alasu82
New Visitor

Re: September closers!

Long time lurker on this site; first-time poster. But this site has been very educational in my journey.

 

Location: Metro DC (MD)
Purchase price - $651,000
% Down - 5.01%
Product - Conventional
Mid score - 694 (Both spouse and I)
Sellers Credit - $0
Rate - 2.99% or 2.75% (might buy points)
Estimated Close Date - Tentative Early Sept, won’t know exact till 30 days out.
Possible issues - We did get a conditional approval pending updated asset statements and insurance/appraisal completion from our lender. This is a new build so material shortages could push the timeline.

Message 5 of 10
Readyformyhome
Established Contributor

Re: September closers!

Welcome Alasu!! Congrats on the conditional approval. 

I'm pretty stressed. Have to either back out or move forward tomorrow and the appraisal was done Friday but have no info yet. I waived the contingency so if it appraises too low, I'll have to pull out. Meanwhile my house has been on the market for 3 days with only 3 showings... and my contingency requires it be under contract by Tuesday. 

Fingers crossed for good news tomorrow!

FICO8: Low 700s. FICO9: Mid 700s. Goal: 800 club
Message 6 of 10
Readyformyhome
Established Contributor

Re: September closers!

Good news: Appraised at 575k so no issue with that on the purchase!

 

Bad news: Only one showing again today. Just reduced the price by 25k but if we're not under contract tomorrow I won't get my earnest money back if I can't close. Really need this house to sell!! 

FICO8: Low 700s. FICO9: Mid 700s. Goal: 800 club
Message 7 of 10
Readyformyhome
Established Contributor

Re: September closers!

We're under contract! Close on this house 8/26 so trying to bump up my purchase closing to 9/3!

FICO8: Low 700s. FICO9: Mid 700s. Goal: 800 club
Message 8 of 10
Readyformyhome
Established Contributor

Re: September closers!

We're chugging along. Closing has moved to 9/3 so now it's just a waiting game!

FICO8: Low 700s. FICO9: Mid 700s. Goal: 800 club
Message 9 of 10
Readyformyhome
Established Contributor

Re: September closers!

Feels like time is moving so slowly. I scheduled a call with my processor to get a status update and he said all we need to close is proof of paid off mortgage when my house sells (8/26 closing) and a revised insurance policy that reflects our new closing date. So nothing to do but wait! I started packing and arranging the move. So excited!

FICO8: Low 700s. FICO9: Mid 700s. Goal: 800 club
Message 10 of 10
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