Yea Micare +450
Thanks guys!
Congrats OffRoad, and best wishes with the apprasial! Fingers crossed for ya!
Yea, mine are crossed too. lol. I’m hoping they just call out the little stuff so I can get it fixed and get closed before the end of the year.
Update 12/03:
Received the commitment letter yesterday so the loan was approved by the under-writers. Now there is only 1 more hurdle to conquer… the appraisal/FHA inspection. I am not worried about the appraisal at all b/c we are actually getting the house about $20k under what its worth. As for the inspection, hopefully it goes well so that I can quickly fix what needs to be fixed (chipped paint, etc) and we can get this sucker closed.
Great news… I hope my FHA apprasial concerns are unfounded. You have worked hard enough to get this far!
did you get a pre approval or commitment? usually the appraisal is done long before the underwriters approve the mortgage.
Keep us updated Kenny!
Congrats so far!
The pre-approval was a while ago. We just received the commitment letter. The underwriters approve the loan with the condition that the house must appraise for the loan amount. Then the appraiser comes out and does the appraisal of the house and the FHA inspection.
I’m keeping my fingers crossed big time. I’m hoping that they let it slide with just the paint and little things. Hopefully we get someone that will be easy going, but only time will tell. My guess is that it will probably get done sometime this coming week.
Well thats just awesome… Just got an email from my realtor that apparently the appraisal and inspection were done on Monday. So glad that I wasn’t even aware that they were scheduled never-the-less completed without me even being there. So now we get to wait for the report to see what needs to be done. Not very happy at the moment…
Finally an update… and not looking like a good one:
Around the last week of December we got the all clear from my bank to go ahead with the closing which was supposed to happen by the end of the year. Well it never happened, and my attorney had nothing but trouble trying to get responses/answers from the seller’s attorney. Apparently he doesn’t know how to answer the phone or return calls. Apparently at that point he was not fully ready with the numbers on the seller’s end to close.
They finally got everything squared away and were ready to close. The closing was scheduled around the 2nd week of January. 2 days before the closing the seller’s attorney cancelled the closing because he was “no longer” ready to close. Apparently the sellers ex-wife was had filed a 2nd judgment against the house for back child support (initial judgment of $10,000 was already figured into the sale price on the house). This 2nd judgment caused a major issue b/c the sale price no longer was enough to cover the judgments and the seller has no income what-so-ever. Well after a few days, my real-estate agent and the seller’s agent agreed to each take a $500 cut in their commissions to make up for the missing funds. Everything was once again clear and the closing was scheduled for last Tuesday.
We thought everything was good, and then on Monday night before the closing, the wife decided to file a 3rd judgment against the house which once again caused a major issue and the closing was once again cancelled. By that time I had already taken the day off of work and ended up wasting a personal day to sit home waiting by the phone… awesome. This pretty much pissed my attorney off to no end so he ended up calling the ex-wife’s attorney directly and told her that she either drops this judgment and allows the house to close so she can collect the $11,000 she is already getting; or the house will be going into foreclosure and she won’t be getting a dime out of it.
One would think that the ex wife would be smart and drop the judgment but my attorney contacted them on Wednesday and we have yet to hear anything… none of my attorney’s calls are being returned once again. So today I had him write up a note to the seller’s attorney and ex-wifes attorney that says that the contract has already expired and that if there is not a 100% clear to close by this coming Wednesday, we will be backing out of the deal.
As it sits right now, the ONLY thing keeping in the deal is the fact that if I back out I will lose my 4.75% rate and rates have increased to around 5.5% which in a 30 year loan comes out to be approx. $25000-$30000 in additional interest being paid out. In addition to that, I will also be out the $1200 in fees that I have already paid out. Yes, I could pursue damages in small claims court against the seller for breach of contract, but he has no money and even if they were to garnish his unemployment/disability income, he is behind on taxes which will trump my damages. Even after they are paid, his back child support that he owes will also trump my damages; so in reality, I will probably never see a dime. The $1200 sucks, but at this point its really only the rate thats keeping me in the deal… but not for much longer.
So now with my grand luck, this is now house #2 that has been yanked out from underneath me after getting all the way to the end. Maybe 3rd time will be a charm??? It F’ing sucks!! The best part is that I have to completely start all over again; back to a pre-qualification because of the amount of time that has passes since I was approved.
So yea… FML!!! I am really really hoping that the letter will give the seller’s attorney and the ex-wife’s attorney a swift kick in the ass to get things moving.
And Jammer; you may be getting another call in the (hopefully) near futer … lol.
Kenny, rule of thumb and it’s true in my case, every time you seem to miss on a good deal a better one comes around later that makes you forget about the first.
Kinda like relationships :lol
That sucks man. I feel your frustation, my wife and I are having the same issues finding a house.
What areas are you guys looking in?
What websites are you using?
I’ve found zillow to be most useful in my searches.
Realtor.com
zillow
new papers
going through a realtor also
We have looked at atleast 2 dozen houses and nothing that we like so far. Looking in the North Country is difficult.
i use realtor.com to find the house (best searching options) and then copy/paste the MLS onto realtyusa.com for the best descriptions and usually the most pictures. Then if its something I’m really interested, I google the MLS to get the absolute most information before going to look at it. The problem I’ve seen with Zillow is that there are a lot of houses on there that are already sold.
GoogleMaps realty is another ok site… but a lot of outdated ads there too.
What are the requirements? What towns?
Personally being “in the woods” is preferred by me, more land for the money, less headaches with neighbors more freedom.
Pick up necessities while you’re in town on daily/work basis anyway.
oh thats nothing… lol. The first time we were looking, we looked at over 50 houses (physically looked at, not just online) before we found the one we liked… then had the bank back out on us a week before the closing.
This time it was another at least 40 houses we looked at before finding this one… which sounds like we are going to be screwed out of as well. Who are you using for a realtor? My realtor has gone above and beyond with helping us… she’s always answered any question we had even if it was not really her “field” of expertise. And the poor lady is working like hell for her money (countless hours helping us and still hasn’t made a dime). If you want her info, let me know… she is by far one of the best realtors I’ve even seen.
Also make sure you get Jammer to do your inspection… def. the best there is!!
Requirements are what is making it hard… I am being very picky for my budget because I know I can find the houses out there that match everything… just takes a bit to find them.
-Budget: $160k
-Area: Somewhere close Latham/Colonie… trying to stick away from Schenectady. NO GHETTO’s!!!
-House size: Prefer at least 1000sq.ft. but willing to work with smaller
-Must have at least an oversized 1 car garage. It must be large enough to fit my bike, my tools, and still have room to access all sides of a car comfortably.
-Must have a full or at least 75% full basement to make future maintenance repairs easier.
-Must have at least 2 bedrooms and the master must fit a king size bed.
-Prefer to have a decent size living room and an additional room/space for my bar… if kitchen is an eat-in kitchen, then the dining room is fine for the bar… lol.
-master bedroom MUST be on the main floor… not upstairs with the additional bedrooms on the main floor. I’d like to be the first defense against intruders when I have kids… don’t want them to be the first to be in harm’s way.
I would love to be way out in the boonies, but the wifey wants to stay close to family, etc. Where the house is now (by Hampton Manor on 9&20) is about the furthest my wife would like to be from Latham… however the nicer the house, the more lenient she is on the distance.
Dude when you’re talking about going into debt for years and spending the majority of your time and money in the house that you went into debt for you, you damn better be picky.
People get more picky about ordering cars which are nowhere near as much of a big decision.