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What's Next? Are we approved?

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Contributor

What's Next? Are we approved?

So we are going with the USDA Direct loan.  We have been working on this since January.  We have an accepted offer on a house.  We had our inspection done.  We are awaiting the response to the reply to inspection report.  We talked to the LO at USDA and he sent us a list of settlement offices.  We have a progected closing of May 11, but does this mean we are done, and have this loan?  We recieved our good faith estimates from the LO too.  The list of things needed from the inspection seems to be lots more than we thought.  New wiring and outlets, check the furnace make sur eit has at east 5 years left?, corrective landscaping?  I am getting so afraid of what is going on, I am unsure of everything, and the realtor is not helping!  I have had to contact the listing agent several times because she is not helping!  Shouldn't she know everything?  She also told me she never heard of sellers contributing to closing cost!  what even I have heard of that!  Is there anything I can do about the realtor?  Do we have this loan?

Message 1 of 10
9 REPLIES 9
New Contributor

Re: What's Next? Are we approved?

I am a realtor, and your realtor wouldn't have much to do with the financing part of the deal. Have you contacted your loan officer.. Usually the loan officer will give realtor updates on the status, but ultimately the realtors duty is to help you find a home, submit an offer  and make sure the contract for the purchase of the home is carried through accordingly. But her saying she has never heard of sellers contributing to closing costs is very odd.. that is VERY typical ( at least in Washington where I sell).. If you feel like the realtor isn't helpin gyou as must as she should with answering phone calls/following up on your questions feel free to call the office she works out of and talk to the managing broker.

Message 2 of 10
Frequent Contributor

Re: What's Next? Are we approved?

I have the USDA Guarantee Loan and they are very stringent on the house being move in ready.  Your realtor plays a part in contacting the Seller for repairs via appraisal and inspection, I agree with the previous poster that you should contact your realtor's boss as to what should be your next move.  My realtor wrote the contract where the seller is paying most of my closing cost and I only have to come up with $1000.00 out of pocket at closing per my GFE. 

Fico September 2012; TU 681, EX 674, EQ 652
Fako October 2012: TU 706, EX 641,
Message 3 of 10
New Contributor

Re: What's Next? Are we approved?

You will move forward barring nothing major happens income wise, debt wise, or credit wise. You will have to jump through hoops though, lol.

 

Just a little insight, I am at the tail end of the USDA Direct Loan nightmare. I had a few minor repairs come back from the inspection. They were so minor that I thought they would pass through without a hitch. Nope. I was told to get 2 estimates. $1,500 worth of work. Getting estimates from contractors is not easy at their busy time of the year (in my area anyway). I was not prepared for that but what I REALLY was not prepared for, because no one informed me, was that a contract would need to be signed. I am in week 2 of waiting for my underwriter to review the estimates and send out a contract. Then wait for it to be returned. EVERYTHING else is done. Survey, title work, etc. THIS is the only thing holding up closing. Originally I was told to expect a end of March close. This is sucking the life out of me.

 

BUT...I am confident that in a few weeks I will be glad I stuck with it and kept moving forward.

Message 4 of 10
Contributor

Re: What's Next? Are we approved?

I just called and talked to one of the office managers.  I explained all of the issues I have been having with the realtor.  They said they will assign me a new realtor and work with me to get to closing.  I am worried about a backlash of some kind.  I just couldn't take it anymore though.  This morning was the last straw.  I asked her about the square footage being off.  She told me the listing agent did it when he made the listing, and she was sure it was correct.  I walked through at least 50 houses and this is on the smaller side and no way is it 2400 square feet.  No way!  I expressed the fact that the insurance premiums I have been getting are insane based on the size of the home, and she said ...well the appraiser will do measurements.  I think she thinks I am really dumb.  I know appraisers around here do drive by's al the time.  Now I think having the seller contribute anything to closing is dead in the water because of her telling me that doesn't happen too.  I am starting to hate this deal, and this house.  She is souring me.  I am worried she will make this deal go bad....very bad. 

Message 5 of 10
New Contributor

Re: What's Next? Are we approved?

I guess I am confused at your anger by the realtor....the only way to verify square footage is in the inspection/appraisal process. If someone misquoted it wrong it wouldn't be on your realtors end-it would be on the end of the listing agent.

 

As someone said prior, they find the house.  The realtor coordinates getting into the house for appraisal and inspection but everything else is the lenders requirements.

 

Also, sellers contributing to closing costs is great when you don't have upfront cash. However, you must realize that YOU are essentially financing it.

Message 6 of 10
Valued Member

Re: What's Next? Are we approved?

You can always check the actual square footage if your county has an online tax assessor site. Before I step foot into any prospective home, I check the tax site as well as the probate court for liens. Two former homes I fell in love with had liens and were off on the square footage by 200+ sq ft. When people get their homes built the homebuilder informs them of the total square footage, including garage, and this number is later accidentally passed off as the living space in selling advertisement. this isn't really your realtors fault but it's easy to look up.

Message 7 of 10
Senior Contributor

Re: What's Next? Are we approved?

HOLD UP!!

 

If you are starting to really and seriously hate the house, then DO NOT BUY IT.  That is your wise mind talking to you!  Don't do it don't do it don't do it if you are serious.

 

If you are just venting, then vent away!  Smiley Happy

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 8 of 10
Frequent Contributor

Re: What's Next? Are we approved?

Don't buy the house if you dont love it!!

 

Were talking about the American dream here!  30 years of your life and lot's of money!!

 

On average of course!!

 

Smiley Happy


Starting Score: EQ FICO 777
Current Score: EQ FICO 803
Goal Score: EQ FICO 810


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Message 9 of 10
New Contributor

Re: What's Next? Are we approved?

youfool (lol) is correct.

 

The online tax assessment can give you accurate square footage as well.

 

My house was listed by the sellers realtor at xy square feet with living space being x square feet and the finished basement being y square feet. She combined them. The finished basement is not considered living space. The living space is the only thing considered with home insurance quotes. I had to find that out by experience as well being a first time homebuyer.

Message 10 of 10
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