The House Hunters Thread

[MakingTheGrade]

Hey NEL!

Yeah, DH is doing the mortgage shopping and negotiating. Our biggest pet peeve with mortgage hunting is that so many of the people we''re talking too are "super salesman" types. They''re constantly try to sell us something, or talk us into this or that, or wasting time telling anecdotes that they think will sway us to go with what they want us to. Current agent told DH that we had to escrow our taxes with them in order to get the lower mortgage rate, DH was having none of it though and just wrote back saying no. So they backed down on it.

But yeah, it is annoying for us to be dealing in these kinds of negotiations with passive aggressive slippery sales people. We''re used to being straight talking, just give me numbers type of folk.

Still, my DH is doing what needs to be done. Hopefully we can get through all this paperwork jumble soon!!

 

[rhbgirl24]

OK wanted to share some pics. Now our little place isn''t as sprawling as some of the other houses we''ve seen on here, but its a great 2000 sq feet!

But here is the front w/ my two real estate agents:

 

[rhbgirl24]

The foyer, hall, kitchen, half bath and dining room is all *wonderful* cherry hardwood floors. The cabinets are 42 in cherry as well!

 

[rhbgirl24]

Dining room. (this is the owners table) we just got a great distressed cherry dining room set.

 

[rhbgirl24]

and the master bath. Need some sprucing (i.e paint) but LOVE the bath tub!

 

[NewEnglandLady]

Audball, I''m so excited for you! You are going to love having some privacy and a nice, big yard!!!

Zoe, I have a feeling I''m going to feel the same way about having a walk-in. Maybe now we won''t need all three dressers in our room, haha.

MTG, I know what you mean about the sales-y type. I eliminated two brokers because of that very reason. I have more piles of paper to fax over today...

rhb, that townhouse is perfect for you guys! It looks like you''ll be able to move right in and not have to worry about much at all! The next two weeks are going to fly by!

 

[SarahLovesJS]

Audball - beautiful home!! So exciting!

Rhb - ooh, I love your townhome! The bathroom is so nice! I am a bath person, so I am going to try to replace the bath tub in my master bath if I can.

Well we''re officially in underwriting as of yesterday. We''ll hear something Monday or Tuesday according to the loan officer. Ah, so scary!

Happy shopping weekend house hunters and dust to everyone still waiting on any news!

 

[Snooper]

rhb congrats!! I love the cherry wood!!! Things will be rolling now! I love looking at everyone's home! Especially the ones that are decorated!

SarahLovesJS, you'll be fine, although the underwriting part for us was the most stressful (we need this, provide this even though...)

Congrats to the new home owners I see! I forget who's house it was a few pages back but that house is fantastic!!

Need a bit of dust... So we were told by the contractor our closing would be May 17, we haven't officially heard the date, even though the sales rep including my future neighbors said they literally wait 30 days till closing to give you the OFFICIAL date. I'm on edge... We gave ourselves a 3 day cushion for our 60 day lock as we wanted to snag the great rates before they went up a couple weeks ago. While we're told we're on schedule, and visually the house is practically done (wood floors and carpet are all that's left and major appliances) I'm freaking. Say we close after May 20 (the day our rate is good till), I don't want to think about that

 

[audball]

RHB - Lovely townhouse! What an awesome size! I love all the cherry everywhere

NEL - Thanks! We''re really looking forward to having a yard and some privacy! Apartment living is getting the best of us...

SarahLovesJS - Thanks!! Good luck with underwriting, our package is being sent over to UW today...fingers crossed for you!

Snooper - DUST!!!

We locked our rate today at 5% and our package is on it''s way to UW. We''re on our way...I hope the appraisal doesn''t come in too low like it did on the last house and kill the deal...if anything, if it comes in low, I hope they can afford to take the lower amount and walk away! And then we have to pass inspection....lots to do before May 12th!

 

[MakingTheGrade]

All the inspections came back. Some small radon issues so we are modifying our offer. Hope they accept!

 

[NewEnglandLady]

Good luck with the renegotiation, MTG! Does the house have a stone foundation? I wonder where the radon is originating...

So this time I''m more on the ball than last time--last time I only shopped a couple of mortgage companies before our inspection, which is why we were so pressed for time when it came to finalizing the Purchase and Sales Agreement. This time I reached out to four companies the day the sellers signed the final offer...and yet, here I am super stressed out because all of the mortgage companies are giving me completely different figures and I have to make a decision so that the listing agent can send the P&S to a lawyer (which is tied to the mortgage company, which is why I have to decide now). Seriously, the math these brokers are using doesn''t make any sense. The broker with the higher interest rate is giving me a lower monthly payment than the one with the lower interest rate. And of course neither understands what the other is doing, so it''s not like I can understand why it''s different.

I''ve scheduled interviews to talk with them in person next week, however those wouldn''t be over until April 21st...and the Purchase and Sales agreement has to be signed by the 27th, which gives me less than a week for D and I (and the lawyer) to review the P&S, which, in my opinion, is not enough time. So somehow I''m still in the same boat!

 

[laughwithme]

Hi all! We are very close to buying our first home. We found one we love - going for a second showing tomorrow and *hoping* we can make an offer and get the sellers to bring down the price a bit.

Question - we got prequal''d this week. Was very happy with our credit scores and rate!! Today, I noticed that the bank sent a huge packet to us in the mail - saying within 7 days, to submit tons of info - tax returns, pay stubs, etc. I know this is the norm for the actual loan - however I let the bank know that we were just needing a prequal, and of course, we may choose another bank anyway for a better rate if we find one. Do I just ignore this huge packet of info? Is this commonplace? (for a bank to send ALL documentation needed, even after only needing a prequal.)

Thanks!

 

[NewEnglandLady]

laughwithme, congrats on finding a home you love! Good luck with the negotiating!

It sounds like the package they sent to you was for a loan application. You wouldn''t submit that until after your inspection. I could be wrong, but that''s what it sounds like to me. If you do agree on a price and they accept your offer, I would probably just shop around at a few different banks just to make sure you''re getting the best options you can. I''m in the thicke of that right now and notice little differences in closing costs and rates...

again, lots of luck!

 

[NewEnglandLady]

The inspection didn''t go as well as I''d hoped today, but it wasn''t terrible, either. I wish D and I didn''t love antiques as much as we do--they just have issues. The good news is that 90% of the inspection went well. The bad news is the other 10%. There are a couple of beams in the old basement that need to be replaced, which isn''t THAT big of a deal, but he suggested that we have a structural engineer come out just to make sure there aren''t any bigger issues. Also, the boards at the base of the original house need to be replaced as well. I think they are the original boards from 1775, so they are probably due to be replaced.

The seller''s agent didn''t seem too pleased that we''re having a structural engineer come out, she kept trying to brush the issue under the rug. The good news is that we already have somebody we can reach out to (from the last house) and we really like him. The seller''s agent just wants our P&S signed ASAP. She can wait.

The good news is that we sorted all of our mortgage issues out, so as soon as we get the structural engineer in and sign the P&S, our application will be ready to go.

Good luck to everybody hunting this weekend! Laughwithme, let us know if you put in an offer!

 

[laughwithme]

NewEnglandLady, We actually DID put in an offer about an hour ago! I am astounded at how calm we both are. This is our first home, and both of us are so chill. Every time our realtor left the room, my fiance would give me a kiss and remind me how excited he is. This has all happened really fast. For the last 6-9 months, our plan was to do a new build this summer. About a week ago, we decided that this summer, we would FIRST look into existing homes. With that, we decided, why not look at a few existing homes NOW? We could still get the 8k tax credit, and might as well see what''s out there...

...and here we are now, with an offer on the table

What changed? Well, we walked into one totally amazing home. We were both floored - the main living is sooo open, all real wood floors, great covered deck, dramatic fireplace with tile work, beautiful kitchen. Even a bit below budget. Its a single guy who lives there now (only owner; house was built in 2006) and we really think he is OCD - the place is PRISTINE. He''s never used the fireplace or the soaker tub with jets in the master bath. The wood doesn''t have a single scratch. The door handles look unused. We literally don''t think the guy is hardly ever home! No pets, and no kids obviously.

We kinda low-balled the offer, but not by much. If we don''t settle on a price we both like, we do have a couple other homes to consider. But right now, this home has our heart.

Anxiously waiting for my phone to ring - I''m sure the guy has our offer by now. It''s a waiting game! Dust, please! Looking forward to being on this board more - hopefully next time, its with basement ideas, since that will be our big project upon move-in!

Did I mention that if we close, it''s going to be June 11? Did I mention that June 11 is fifteen days before our wedding? Call me crazy!

 

[NewEnglandLady]

laughwithme, that is SO exciting!! It sounds perfect! You still get a brand new house (with virtually no wear and tear), but this way you can move right in and still get the tax break!! What''s fantastic for you is that it was already slightly under budget, so if you can get him to accept an offer that is even lower than that, all the better for you! Also, since everything is so new, your inspection should be a cinch and shouldn''t hold anything up at all--sounds like you could easily get your signed agreement in before the 4/30 deadline!

And you are definitely a brave lady to be taking all of this on while also in the final stages of wedding planning! Hopefully everything will go very smoothly and it will work out perfectly--if you close by the 11th, you can just get everything moved in and not worry about anything else until after the wedding. It''s so sweet that you and your soon-to-be husband will have a new home to focus on after the wedding!

Lots of dust for you--let us know when you hear from your agent!

 

[SarahLovesJS]

NEL I am sorry the inspection didn't go 100% well.

But I am glad the mortgage part worked out!

Laughwithme - Sending you tons of luck and dust!!!!! You can do it no worries. I graduated from college in May, moved a week before my wedding from two cities, and got married a week later. You'll make it!

I agree with NEL it will be /so/ nice to know you are going back to your home together after your wedding!

ETA: Audball I wanted to send you best wishes as well! And I forgot to update..not much to say. Our package went to underwriting last week as you all know. They said we'll know today or tomorrow because we'd turned in everything they needed already (pretty much every piece of financial paper work ever lolol). The person we were dealing with was very on the ball. Hoping they won't need anything else. Anyway, waiting anxiously for news...

 

[ts44]

Hi house-hunters, my FI and I are joining the house-hunting party this year. We''ve seen about 25 homes so far, but only one is really standing out for us right now and I haven''t even seen it yet because I could not avoid being out of town this last weekend when we were supposed to see it! We don''t have a lot of options because we''re really zeroed in on a particular area, so it was heartening to know that there is a house there that could be the one.

I''ve read this whole thread start to finish now and WOW is there some great information in here. We have an outstanding realtor and we''re highly motivated to buy so I''m pretty optimistic we can find something before we get married in August. However, I did tell the realtor that if we don''t find something before July, I''m calling off the search until after August so I don''t go completely out of my mind trying to get a wedding off the ground and house-hunt at the same time! Did anybody else here do the two simultaneously?

 

[audball]

Date: 4/19/2010 8:24:59 AM
Author: SarahLovesJS
NEL I am sorry the inspection didn''t go 100% well.

But I am glad the mortgage part worked out!


Laughwithme - Sending you tons of luck and dust!!!!! You can do it no worries. I graduated from college in May, moved a week before my wedding from two cities, and got married a week later. You''ll make it!

I agree with NEL it will be /so/ nice to know you are going back to your home together after your wedding!


ETA: Audball I wanted to send you best wishes as well! And I forgot to update..not much to say. Our package went to underwriting last week as you all know. They said we''ll know today or tomorrow because we''d turned in everything they needed already (pretty much every piece of financial paper work ever lolol). The person we were dealing with was very on the ball. Hoping they won''t need anything else. Anyway, waiting anxiously for news...

Thanks! Sounds like things are going well for you...we have all the paperwork in and signed the request for the loan guarantee this morning. We were approved to schedule the appraisal this morning so we will have that done in the next day or so, as soon as the appraiser can get out. We also have our inspection scheduled for later in the week...things are moving along

 

[rhbgirl24]

Snooper - DUST DUST DUST!

MTG- Good luck hope everything turns out.

NEL- Sorry about the inspection not being 100%, however it seems to be things you can fix, or are willing to fix and not deal breakers!

Laughwithme: Much luck on your offer!

ts44- Welcome!!

Audball- Good luck on the inspections and getting the ball rolling!



As for us... well, we''re in packing hell. Nothing more to report. lol

 

[NewEnglandLady]

rhb! Good luck with all the packing! Do you have boxes or have you been hunting some down?

I tried to start organizing this weekend...I''m not looking forward to packing!

Structural engineer is scheduled t come to the house tomorrow at 4--I am interested to hear what he says.

 

[audball]

Thanks everyone. The appriasal has been ordered, we should have results in hand no later than Monday, probably by the end of the week. Inspection is scheduled for Tuesday....

 

[SarahLovesJS]

NEL sending you structural engineer luck!

Audball - sending you good luck on the appraisal!!

Still no news on whether we''re done with underwriting. I contacted the loan officer yesterday and she said no news. Sigh.

 

[MakingTheGrade]

Goodluck with the engineer NEL! And dust to everyone else in the process too!

Our sellers agreed to fix the radon issues, so we''re on track. Just need to get through mortgage papers and appraisals!

 

[rhbgirl24]

Date: 4/20/2010 10:55:47 AM
Author: NewEnglandLady
rhb! Good luck with all the packing! Do you have boxes or have you been hunting some down?


I tried to start organizing this weekend...I'm not looking forward to packing!


Structural engineer is scheduled t come to the house tomorrow at 4--I am interested to hear what he says.

Good luck with the structural engineer!

I brought home a lot of paper case boxes from work. They have been working so far, but may need some bigger boxes as well.

We hit a little snafu. The short sale bank wants to approve our closing costs. We offered 10K over asking, then asked for 7K back towards our closing costs. So they are getting 3K over asking. Now they want to approve our closing costs. Last time I check it isn't their money, WE are borrow it. I just want to say none of your darn business!

So our mort company has given us an incorrect Good faith THREE times. So the closing paperwork hasn't been completed. Now the short sale bank wants to see it or threatening not to close on time. We went round and round, apparently our loan processor was on Jury duty all last week and no one else took her files, then left sick yesterday. We ended up calling corporate. That got the ball rolling....

We're supposed to close a WEEK from today.......

 

[SarahLovesJS]

RHB that is SUPER frustrating!!!

I am hoping things work out for you, I am glad they finally started being responsive. Sending you dust for an on time closing.

 

[NewEnglandLady]

It sounds like a lot of us are in some type of "waiting" stage. Thanks for all of the structural engineer luck!

Audball, good luck with the appraisal and inspections!

SarahlovesJS, I hope the loan comes out of underwriting soon! When is your mortgage commitment date?

MTG, yay! So glad that the sellers are remedying the radon issue! Now you can move forward!

rhb, I am so, so sorry you''re having closing cost issues--a WEEK before you''re due to close, no less! With an absentee loan officer! Your blood pressure must be through the roof! Please keep us updated!

We hit a little bit of a snag, too. The sellers wanted our signed Purchase and Sales agreement by the end of the week (though in our signed accepted offer it is scheduled to be due next Tuesday). I gave the listing agent our lawyer''s name on Saturday after the inspection and emailed him last night to see what revisions he''d made...he still hasn''t even received it. There is no way it''s happening this week and now we''re pressed for time to have it finalized by Tuesday. Such a headache.

I''m just hoping this afternoon''s structural inspection goes well.

 

[janinegirly]

Date: 4/21/2010 12:23:28 PM
Author: NewEnglandLady
It sounds like a lot of us are in some type of ''waiting'' stage. Thanks for all of the structural engineer luck!

Audball, good luck with the appraisal and inspections!

SarahlovesJS, I hope the loan comes out of underwriting soon! When is your mortgage commitment date?

MTG, yay! So glad that the sellers are remedying the radon issue! Now you can move forward!

rhb, I am so, so sorry you''re having closing cost issues--a WEEK before you''re due to close, no less! With an absentee loan officer! Your blood pressure must be through the roof! Please keep us updated!

We hit a little bit of a snag, too. The sellers wanted our signed Purchase and Sales agreement by the end of the week (though in our signed accepted offer it is scheduled to be due next Tuesday). I gave the listing agent our lawyer''s name on Saturday after the inspection and emailed him last night to see what revisions he''d made...he still hasn''t even received it. There is no way it''s happening this week and now we''re pressed for time to have it finalized by Tuesday. Such a headache.

I''m just hoping this afternoon''s structural inspection goes well.

NEL: just tell them no, not possible. There''s no requirement, they''re just getting nervous and you''re in the driving seat. Oh and on the inspection, it sounds pretty good to me. Nothing is 10% and in an old home it''s par for the course. Enjoy the ride, I think things look good so far!

 

[NewEnglandLady]

We are definitely saying "no" now that it is Wednesday and our lawyer hasn''t even seen the P&S. We have a copy ourselves that our agent sent over on Monday, but apparently the sellers'' lawyer was making some minor revisions and sending to to our lawyer. We''ve poured over the agreement ourselves and have some questions and minor edits, so I''m glad that at least we''ve had a chance to review it. But it''s much more important for our lawyer to review it since this is where things fell apart the last go round.

D spent some time online at the registry of deeds trying to find the exact property lines (we''re going to have to go into the office to get those). It was fun going through some of the history of the home--the oldest record we could find online is from 1925 where the home had a mortgage of $450 I''m really interested to see what other records there are when we go into the office.

I''m not really worried about the inspection today. I do think we will need to replace a couple of beams, which is fine, just want to get an idea of costs.

 

[rhbgirl24]

Thanks NEL - wouldn''t even want to take my BP right now!

I agree, just tell them its impossible, and you''ll have it to them as soon as you can.... good luck!