We are closing TODAY!! Finally!! My husband and I started this journey looking at homes exactly one year ago, November 2009. After looking for 5 months we found a house that we both loved. We went for the hardest and most complicated buy when we decided to go with a short sale on our very first home purchase. To be quite honest, all in all, it’s been a long, frustrating and tiresome process. We had to wait a very long time, be as patient as possible and work HARD for it! Dealing with two lenders was a very interesting and mind-numbing experience. As was dealing with our lack luster agent, the sellers slow moving agent and last but not least, the real nightmare ~> the sellers bank (Chase Bank)! All too much drama! LOL. But honestly, in the end, it’s been totally worth it! We have a house that we love at the price that we love…and the interest rate that we really love! My advice, if you’re going to purchase a short sale home…have lots of patience and be ready for a long ride! Clearly, some of us have to wait MUCH longer than others...
Day 1 - April 7,2010 – Sellers accepted our offer and we signed a PA.
Day 183 - October 7, 2010 – Notified that the Seller’s bank agreed to our PA.
Day 183 - October 7, 2010 - Due to timing on having to wait on IRS documents from the original lender... we switched lenders and submitted new credit app.
Day 184 - October 8, 2010 - New lender approved our credit app...underwriting begins!
Day 208 - November 1, 2010 – Appraisal ordered.
Day 223 - November, 15, 2010 – Appraisal results received.
Day 231 - November 23, 2010 - Our lender cleared us to close! House walk through completed.
Day 232 - November 24, 2010 – We close this afternoon and we'll FINALLY be homeowners!!!
I'll post some photos of the house in the next day or so!
Showing posts with label short sale. Show all posts
Showing posts with label short sale. Show all posts
Wednesday, November 24, 2010
Friday, October 1, 2010
House Update… Continue On or Walk Away?
Trying to get this house has become the biggest cluster ever. Basically my husband and I are now unsure if we even want to continue with this fiasco. Next week it will be 6 months since we’ve had a signed PA from the current home owner. We feel like our realtor is so full of sh*t. The lady is useless. The sellers agent is a dead beat and the broker we are dealing with (also through our agent) is coming up with the most ridiculous things they want us to gather for the lender! We are both sick and tired of this situation.
A week ago, this past Thursday, I went to take another look at this house because our PA expired (again) on Sept 30th and we wanted to check it out again before we extended it because it’d been a little over 5 months since we’ve seen the house. While I was in the area of the home looking around, I visited the Kroger store down the street from the subdivision, and let me tell you. I was not impressed. I’ve always had reservations with the area because it’s much more country than I’m used to…but that trip to the store confirmed it. I already knew that we were sacrificing location for a larger home for the money with less taxes, but jeez! Maybe this is a blessing after all, maybe we aren’t supposed to be in this house, maybe we are supposed to be in a nicer and more urban/suburban area, not the country!
We had been doing 30 day PA extensions since July, but this time they wanted us to sign a 45 day extension. This morning we told our agent that we would sign 15 day extension because we need to think about this some more before we commit ourselves to another 30-45 days or more for a house that we aren’t even 100% sure about any more. All in all, maybe I would feel different if we absolutely LOVED this house. We both really like it, but we also feel we could walk away from it with no love lost.
We are thinking about getting a 6 month lease and then waiting until spring time to start up house hunting again. We need a break from this! Maybe a fresh start with a new agent will get us a much better situation. We’ll have to reapply for a loan at that time, but who cares. I’d rather be living with my husband, renting a townhome that I like, in an area that I like rather than us living separately with our parents for an undefined amount of time. Seriously, we’ll be married 2 months next week and we don’t live together! That’s craziness.
Exploring our options! We are going to look at two townhome rental complexes this weekend to see what’s out there. Both complexes are in very desirable areas (in my humble opinion) and by looking at the websites, they look great with awesome amenities. Cross your fingers for us!
A week ago, this past Thursday, I went to take another look at this house because our PA expired (again) on Sept 30th and we wanted to check it out again before we extended it because it’d been a little over 5 months since we’ve seen the house. While I was in the area of the home looking around, I visited the Kroger store down the street from the subdivision, and let me tell you. I was not impressed. I’ve always had reservations with the area because it’s much more country than I’m used to…but that trip to the store confirmed it. I already knew that we were sacrificing location for a larger home for the money with less taxes, but jeez! Maybe this is a blessing after all, maybe we aren’t supposed to be in this house, maybe we are supposed to be in a nicer and more urban/suburban area, not the country!
We had been doing 30 day PA extensions since July, but this time they wanted us to sign a 45 day extension. This morning we told our agent that we would sign 15 day extension because we need to think about this some more before we commit ourselves to another 30-45 days or more for a house that we aren’t even 100% sure about any more. All in all, maybe I would feel different if we absolutely LOVED this house. We both really like it, but we also feel we could walk away from it with no love lost.
We are thinking about getting a 6 month lease and then waiting until spring time to start up house hunting again. We need a break from this! Maybe a fresh start with a new agent will get us a much better situation. We’ll have to reapply for a loan at that time, but who cares. I’d rather be living with my husband, renting a townhome that I like, in an area that I like rather than us living separately with our parents for an undefined amount of time. Seriously, we’ll be married 2 months next week and we don’t live together! That’s craziness.
Exploring our options! We are going to look at two townhome rental complexes this weekend to see what’s out there. Both complexes are in very desirable areas (in my humble opinion) and by looking at the websites, they look great with awesome amenities. Cross your fingers for us!
Monday, August 23, 2010
Short Sale Hell…
We are two blissful newlyweds…except one thing. Sadly we don’t live together yet! We came home from our honeymoon and we both still stay separately with our parents. We are anxiously waiting to close on a short sale home that we have been in the process of purchasing for the last 5 months! It’s a beautiful house in a newer neighborhood. We are so close to calling it our new home, yet still so far. We are at the mercy of Chase Bank! Here are a few pictures of the house we are trying to make our own.
We are both first time homeowners, so this is a very exciting time for us. This process of short sale…let me tell you. If you don’t have to do short sales…DON’T!! I believe it will pay off in the end, but getting to the end is the most difficult. The short sale process is full of ups and downs and tons of frustration. My husband has kept a cool and level head while at times I’ve been close to blowing a gasket! I’m 2 seconds from going off on our agent, the seller’s agent and Chase Bank!! This past week we had to resign the purchase agreement and some other things. I hope that we will FINALLY hear something good this week. Supposedly, the seller’s agent says that he finally got a hold of a supervisor at Chase and with our resigned purchase agreement; they’ve promised things will finally start moving. We’ll see. Sadly, I do not really believe him. I just try to keep remembering that nothing worth having comes easy.
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