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I met my husband my last year of college around 2000. He bought a home in 1997 he was living in alone. He paid 150k in 1997. It's a 1800 sq foot quad level in Michigan. We have put about 65K in improvements in since 1997. (everything from new siding, granite, wood floors, new doors, new concrete, bath remodels, on and on )
we paid off home ourselves(working no gifts)
We still live in that home with our only child. we want to move.
We put the home on the market about june 1. We listed at 200K kind of thinking we might get a 190K offer. We got two offers in one week. We live in a somewhat popular area. Our first offer was a bit of a low ball 4 days on the market wanting literally everything in my home I tried to exclude like my son's playscape and all my high end appliances , demanded a home warranty also be included, and the family would not negotiate our very generous counters. they just walked.
my home is overimproved for pricepoint. buyers were being nitpicky anyway.
So it was frustrating. We were having multiple showings a day. It was stressful dragging my five year old out. I staged my house like it going to be on hgtv. I had it spotless. not a rag out. toys put away. everything scrubbed and shining. no toilet brush holders, no rugs(realtor said they make rook look smaller), no garbage cans. No or limited cooking due to fear of my food smells being a turnoff. We paid for a thing called a pod which we stuffed with clutter and extra furniture which is a removable storage unit that we filled and a truck took away. it was hard.
On june 8 we got second offer. It was for 205 K. Stipulation was we pay 5 grand in closing. we agreed to terms and signed. It was FHA.
We are still waiting as we speak on july 20 for a clear to close.
Loan officer of my buyers was brand new and incompetent.
There were three delays in ordering inspection and appraisel.
we passed first regular non fha inspection. fixed one minor repair. no money was asked for off home.
we passed fha appraisel which also does a safety inspection. I sweated bullets with worry before.
loan officer didn't tell us appraisel came in for days after he got it and only did bc I called. this was after 3 delays on ordering inspection (being told it was ordered and it wasn't 3 times)and me, my realtor, and my loan officer calling his boss.
There were other documents I had to sign like disclosures he forgot to give us which caused delays we scrambled to get in.
We found out they were shopping for a lender weeks after offer whatever that means. yes, we had some kind of preapproval letter givin to us with their original offer. we're not sure what is going on. think they said they were trying to get a loan with Huntington bank now.
fha appraisel came in at 195. We all resigned addendum to sell for 195 and I still pay 5 grand closing costs. (they need the money to make this deal happen)original contract was to close july 22. we extended that to july 29 in addendum also.
On july 18 same day I find out they signed addendum, I find out buyer's underwriting has an issue with fannie mae student loan from my buyer. his student loan screwed up his debt to income ratio bc it is in deferral from may 2014 to may 2015. loan officer should have handled this weeks ago. now we have to wait for fannie mae to send a letter stating they will extend the deferral bc student loans must be deferred(meaning no payment due) for 12 months after closing to not be considered in debt to income ratio. we close july 29. not even sure they were approved for deferrel and what else might pop up.
they need it deferred to get loan I assume.
I'm afraid of them wanting more extensions. Can I ask for a letter stating clear to close will happen after this letter arrives if it doesn't before closing.
we want to close july 29 and we might or might noe get the letter before that. on july 18 fannie mae said they'd send it in 5 to 7 days by mail. originally fannie mae said 20 days to send but loan officer expressed our situation.
My question is how long do you wait to stop waiting for a buyer?
We are supposed to close two loans july 29. my home and the home I agreed to purchase. I will get 175K from my home after taxes and closing costs and plan to put every cent on my new home and mortgage the rest. if I don't close, first I have to take money out of retirement accounts for my minimum down payment. I don't have enough in the bank. hopefully roth not 401K bc I don't have the cash.
not to mention staging and starting this home selling all over end of summer now. my house is jammed with boxes bc we already packed a lot.
sucks to possibly find out a deal falls thru 2 months after taking an offer bc of incompetent loan officer.
any advice?
we paid off home ourselves(working no gifts)
We still live in that home with our only child. we want to move.
We put the home on the market about june 1. We listed at 200K kind of thinking we might get a 190K offer. We got two offers in one week. We live in a somewhat popular area. Our first offer was a bit of a low ball 4 days on the market wanting literally everything in my home I tried to exclude like my son's playscape and all my high end appliances , demanded a home warranty also be included, and the family would not negotiate our very generous counters. they just walked.
my home is overimproved for pricepoint. buyers were being nitpicky anyway.
So it was frustrating. We were having multiple showings a day. It was stressful dragging my five year old out. I staged my house like it going to be on hgtv. I had it spotless. not a rag out. toys put away. everything scrubbed and shining. no toilet brush holders, no rugs(realtor said they make rook look smaller), no garbage cans. No or limited cooking due to fear of my food smells being a turnoff. We paid for a thing called a pod which we stuffed with clutter and extra furniture which is a removable storage unit that we filled and a truck took away. it was hard.
On june 8 we got second offer. It was for 205 K. Stipulation was we pay 5 grand in closing. we agreed to terms and signed. It was FHA.
We are still waiting as we speak on july 20 for a clear to close.
Loan officer of my buyers was brand new and incompetent.
There were three delays in ordering inspection and appraisel.
we passed first regular non fha inspection. fixed one minor repair. no money was asked for off home.
we passed fha appraisel which also does a safety inspection. I sweated bullets with worry before.
loan officer didn't tell us appraisel came in for days after he got it and only did bc I called. this was after 3 delays on ordering inspection (being told it was ordered and it wasn't 3 times)and me, my realtor, and my loan officer calling his boss.
There were other documents I had to sign like disclosures he forgot to give us which caused delays we scrambled to get in.
We found out they were shopping for a lender weeks after offer whatever that means. yes, we had some kind of preapproval letter givin to us with their original offer. we're not sure what is going on. think they said they were trying to get a loan with Huntington bank now.
fha appraisel came in at 195. We all resigned addendum to sell for 195 and I still pay 5 grand closing costs. (they need the money to make this deal happen)original contract was to close july 22. we extended that to july 29 in addendum also.
On july 18 same day I find out they signed addendum, I find out buyer's underwriting has an issue with fannie mae student loan from my buyer. his student loan screwed up his debt to income ratio bc it is in deferral from may 2014 to may 2015. loan officer should have handled this weeks ago. now we have to wait for fannie mae to send a letter stating they will extend the deferral bc student loans must be deferred(meaning no payment due) for 12 months after closing to not be considered in debt to income ratio. we close july 29. not even sure they were approved for deferrel and what else might pop up.
they need it deferred to get loan I assume.
I'm afraid of them wanting more extensions. Can I ask for a letter stating clear to close will happen after this letter arrives if it doesn't before closing.
we want to close july 29 and we might or might noe get the letter before that. on july 18 fannie mae said they'd send it in 5 to 7 days by mail. originally fannie mae said 20 days to send but loan officer expressed our situation.
My question is how long do you wait to stop waiting for a buyer?
We are supposed to close two loans july 29. my home and the home I agreed to purchase. I will get 175K from my home after taxes and closing costs and plan to put every cent on my new home and mortgage the rest. if I don't close, first I have to take money out of retirement accounts for my minimum down payment. I don't have enough in the bank. hopefully roth not 401K bc I don't have the cash.
not to mention staging and starting this home selling all over end of summer now. my house is jammed with boxes bc we already packed a lot.
sucks to possibly find out a deal falls thru 2 months after taking an offer bc of incompetent loan officer.
any advice?
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