First house

[Zen_Brew]

ChshreCat,

The worst part is to come, Expect the appraisal to be low, Most Appraisers are afraid because of the current housing market.
My house came in $2000 low ! I want the house, So I am paying the difference....

-Jason

I don't know if it is the same in every circumstance. I bought a house in 2002 with a VA loan. The appraisal came in like $5000 below the sale price, but all I had to do was sign a waiver saying I understood the appraised value of the house was below the sale price and I took responsibility for buying a house priced higher than appraisal.

 

[bob1852]

I don't know if it is the same in every circumstance. I bought a house in 2002 with a VA loan. The appraisal came in like $5000 below the sale price, but all I had to do was sign a waiver saying I understood the appraised value of the house was below the sale price and I took responsibility for buying a house priced higher than appraisal.

the problem is the housing markets in 2002 and 2009 are VERY different.

 

[ChshreCat]

Appraisal came in just right... but it was conditional. The appraiser found a little water damage to the siding in the back of the house and it has to be fixed before the bank will go through with the loan.

We'd already submitted repairs to the seller and they signed off on it, so they don't legally have to deal with it. Fortunately, they want the deal to go through so they're going to take care of it.

I had a certified inspector. A good one. One that I got good recommendations about and was very happy with. He showed me the siding and what was going on with it and told me that if I got some good paint and did a good job and sealed it up, it'll last me another 10 years.

Then the appraiser decides to throw a monkey wrench into the works.

But, it's getting done and we're in escrow.

Home stretch, I hope.

 

[bob1852]

good luck. I hope you get it.

too many horror stories in the housing market these days!

 

[ChshreCat]

Our loan got sent off for underwriting. They're currently about 5 weeks behind, so that's going to put us towards the middle of november. Nail biting time here, since we need to get done in time for the $8k rebate.

 

[bob1852]

Our loan got sent off for underwriting. They're currently about 5 weeks behind, so that's going to put us towards the middle of november. Nail biting time here, since we need to get done in time for the $8k rebate.

It will be extended.....I pretty much guarantee it...

congrats on underwriting...

 

[Cheeto]

Good Luck,

I just finished up the underwriting nightmare.

Word of advice, stop buying anything....... if it could show up on your credit report don't touch it !

One more, get started on printing off the last 3 months of bank statements, last 2 years of W2's and beware of the hidden debts that may be lurking in a collection agency!!!

 

[ChshreCat]

One more, get started on printing off the last 3 months of bank statements, last 2 years of W2's and beware of the hidden debts that may be lurking in a collection agency!!!

That was all done when we first applied, so it's behind us. We've been emailing in all our pay stubs since then so they're up to date.

Not buying anything that can't be covered by cash in the bank. I even had dental work delayed because I didn't want to have a change in my credit status show up.

No scary things in our credit report though. Kind of surprised me. My rating came back at 795! But that's because I let my wife handle the finances. If I ran the check book, we'd be living in a cardboard box in an alley by now.

 

[Zen_Brew]

If I ran the check book, we'd be living in a cardboard box in an alley by now.

Then we'd have to just call you AlleyCat, instead of ChshreCat.

Good luck. Brew some beer (or drink some) to keep you mind off the wait.

 

[ChshreCat]

Already decided not to brew again until I can brew in MY house.

I did just bottle my saison (finally) and it should be very drinkable when I move in. Soon as we get the keys, I'm gonna go over and stock the fridge so I can bust some out for everyone who helps us move.

 

[ChshreCat]

Just got a card from my mom. The family chipped in and bought us a grill for a housewarming gift. We get to pick it up when we go home for Thanksgiving, hopefully a week or so after we move in.

 

[ChshreCat]

Gah! Just looked online and the house with the big brewspace has cut their price. Their asking price is now just less than the price we settled on for the little house we're in the middle of buying! We made an offer on the big one first but they never got back to us for weeks! We were ready to pay what they're asking for now and they could've been getting ready to close with us already if they'd just responded! Bastards! It's too late for us to start over now and we'd lose our earnest money if we just back out of this one to buy another house.

 

[Zen_Brew]

That is really odd that they wouldn't respond to your offer, but have now lowerred their price. Maybe it got lost in the shuffle. Maybe when they decided to lower the price they contacted your realator and saw you were already in process on another house. Well, it's probably best not to think about it now, you'll just drive yourself crazy wondering what happened.

 

[northernlad]

We bought our house up the road from you 3.5 years ago at the top of the market. I hated every minute of the process. Paid way too much... I love it.

 

[ChshreCat]

btw... when this finally closes, I'm serving homebrew and pizza to everyone that helps me move.

Ya know.

In case anyone happened to be in the area.

 

[Cheeto]

how is this coming along ?

 

[ChshreCat]

Still waiting for USDA to process. The wait is KILLING me.

 

[Cheeto]

yeah, I can understand that feeling.

Mine was a VA loan, pain in the A$$
My Mortgage company had only written 3 VA loans before mine.

 

[ChshreCat]

Got an email from my lender. USDA is about a week away from my file now. We're shooting for Nov 30th as our new closing date!

 

[Rick91981]

Got an email from my lender. USDA is about a week away from my file now. We're shooting for Nov 30th as our new closing date!

Same date we are aiming for our closing. Though I feel mine will be delayed a week or two. But the tax credit has been extended so we have until April...

Goodluck!

 

[ChshreCat]

Same date we are aiming for our closing. Though I feel mine will be delayed a week or two. But the tax credit has been extended so we have until April...

Goodluck!

Good luck to you too! I know all about delays. We settle with the sellers in September!

 

[gratus fermentatio]

Just in case nobody mentioned it, make sure you get the $8,000 tax credit for 1st time home buyers! Regards, GF.

 

[northernlad]

Shoot, by the time the lender gets done playing with himself he'll be eligible for the $10,000

 

[ChshreCat]

Got an email today. Not gonna make it by the 30th. Prolly be about a week into December. Oh well, we were having to pay rent through December anyway.

 

[Rick91981]

Got an email today. Not gonna make it by the 30th. Prolly be about a week into December. Oh well, we were having to pay rent through December anyway.

Delays suck don't they? We got word that we will not close until closer to Christmas! We heard 2 days ago that our mortgage process will take "about 30 days"....Good for both of us that the tax break has been extended!

 

[ChshreCat]

We should finally close sometime by the end of the week. Tentative/somewhat firm moving date is December 12th! Anyone who wants to come by and help will be subjected to my homebrew after the truck is emptied.

 

[ChshreCat]

Well, we didn't close. USDA took forever. But it finally came though today! We close in the next couple days and I got the U-Haul reserved for Saturday! YEE-HAW!

 

[IrregularPulse]

Congrats Chsre. If I was in WA I'd be there for sure.

 

[ChshreCat]

Signing day!

 

[shecky]

Signing day!

Drink plenty of water. You will get hand cramps, trust me on this.
And congrats.