Cuda1447
Lifer
Repost of an earlier thread that got locked and confused cause of the timehacker farang!
So I put in an offer on a house about 6 weeks ago. My wife and I are getting a bit desperate to get out of this apartment. We were getting frustrated with absolutely no response. Turns out the bank hadn't even looked at our offer until last Sunday. By Thursday we had a pretty solid idea they were going to accept it. Turns out the shortsale actually had two mortgages, so we just had to wait for the ok from the 2nd bank, which we've just received today. Awesome!
We kind of got screwed on the negotiating end though. We weren't trying to get a crazy steal on this place, as prices are already good enough. Not to mention we already got outbid on a previous house, so we don't really want to play games. We want a home! So this house was listed at X amounted, we actually offered to pay $2100 above asking, but we asked for $5000 in closing costs to be paid. We figured it'd be easier to save money up front and the monthly payments were low enough that we couldn't afford to basically finance that $5,000. Seemed like everything was fine. About two weeks after we made the offer their realtor said the bank was only going to pay $4500 in closing. We said fine, no big deal its only $500. Fast forward to last night and we find out the bank will only pay $3900 in closing, the realtor has miscalculated. At this point I was a bit pissed about that and I really wanted to lower my offer to reflect the difference in purchase price, but since the realtor had hinted that others had offered, I didn't want to risk pissing anyone off and losing the house. So instead I lubed up and took it up the ass. Ah well, at least I'm getting my house.
Now, to those who have recently gone through this process are there any specific things that I need to get in order before we close in 6 weeks (June 12th). For the record, its an FHA loan and I've heard horror stories about appraisals on houses with FHA loans, but I don't anticipate that being a problem (crosses fingers).
No cliffs, its a thread about my experience thus far. If you don't want to read, then dont.
So I put in an offer on a house about 6 weeks ago. My wife and I are getting a bit desperate to get out of this apartment. We were getting frustrated with absolutely no response. Turns out the bank hadn't even looked at our offer until last Sunday. By Thursday we had a pretty solid idea they were going to accept it. Turns out the shortsale actually had two mortgages, so we just had to wait for the ok from the 2nd bank, which we've just received today. Awesome!
We kind of got screwed on the negotiating end though. We weren't trying to get a crazy steal on this place, as prices are already good enough. Not to mention we already got outbid on a previous house, so we don't really want to play games. We want a home! So this house was listed at X amounted, we actually offered to pay $2100 above asking, but we asked for $5000 in closing costs to be paid. We figured it'd be easier to save money up front and the monthly payments were low enough that we couldn't afford to basically finance that $5,000. Seemed like everything was fine. About two weeks after we made the offer their realtor said the bank was only going to pay $4500 in closing. We said fine, no big deal its only $500. Fast forward to last night and we find out the bank will only pay $3900 in closing, the realtor has miscalculated. At this point I was a bit pissed about that and I really wanted to lower my offer to reflect the difference in purchase price, but since the realtor had hinted that others had offered, I didn't want to risk pissing anyone off and losing the house. So instead I lubed up and took it up the ass. Ah well, at least I'm getting my house.
Now, to those who have recently gone through this process are there any specific things that I need to get in order before we close in 6 weeks (June 12th). For the record, its an FHA loan and I've heard horror stories about appraisals on houses with FHA loans, but I don't anticipate that being a problem (crosses fingers).
No cliffs, its a thread about my experience thus far. If you don't want to read, then dont.
