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September 2010 Weddings

House update

Soo... a lot has happened. The seller accepted our bid and the 2nd bid shortly after he did that last Wed. a 3rd bid for the full asking price was placed. FI had gotten preapproved for a conventional loan based on his last year's income. This year's is less because he's not on commission anymore and FI also went by the number on his contract which included his health benefits. So because the back ratio (how much you take home vs. how much you pay for your house) is too high the bank won't approve him. So now we have to go through an FHA. Even though it might take longer, the people we've been talking to says we can still close before the wedding.

We were afraid that the seller would back out from the contract since we now have to go to FHA because the only reason why he went with us over the 2nd bid is because we're putting 20% down and were going through a conventional loan. We find out on Monday that he's going to stick with us. Our realtor told him that we were young buyers and we made a mistake but we really want this house and we have family in the neighbor, which made the seller stay with us.

We also found out that the third bidder has been calling everyday and even offered more than the asking price. We had to make a change in the contract though since we're doing an FHA loan the seller does not want to be responsible for any of the fixes that the house needs. So we are hoping the inspector won't give us a big list of stuff to fix because we'll have to pay for it. The inspector is coming Friday.

Re: House update

  • Good luck on the inspector! Sometimes you get hard arses who nit pick everything or you get the laid back ones who don't. Good Luck!!!! I hope everything works out.
    Baby Jaxon born 8/18/2012 @ 9:53am, 7lb 2oz!! At 37 weeks 5 days due to Pre-E via C-section.Baby Birthday Ticker Tickerimageimage
  • Will be thinking of you! Hope it all works out and you play the "I'm getting married!" card and the inspector gets your back. :-)
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    I love my puppy ... and my husband, I swear!
  • Wow, that's a lot!  Glad you guys were able to hold onto it, though! :-)  We did our FHA in just a couple of days.  I'm sure you'll be able to make it all work out by wedding time.  No stress, huh?? :-P

    We went through the same thing to get our house, where we weren't sure the buyer would accept.  The realtor went all out with the, "but they're a young couple getting ready to be married and starting out wouldn't you looooove to give them a good place to start their new life?!"  Thank God she's such a good saleswoman. :-)
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  • I know you really want the house, but you neee to ask your real estate agent and mortage broker about repairs. Certain things have to be done and fixed for the FHA Loan to go through..........I hate to be the breaker of bad news but FHA loans can take longer the conventional loans based on the inspection and house aprraisal things like that.
  • guh this all sounds so stressful.  i'm sorry!  good luck with the inspection on friday!!!
  • I hope your inspection goes smoothly with only tiny low $$ items.
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  • thanks guys! I'll need the luck.

    mullen - we've been talking to two different loan people, one is a long time family acquaintence of FI's and so from the two different people, they're saying that it shouldn't take long for the FHA to be approved. Especially considering, FI JUST missed being approved for a conventional by $3,000.
  • In Response to Re: House update:
    [QUOTE]thanks guys! I'll need the luck. mullen - we've been talking to two different loan people, one is a long time family acquaintence of FI's and so from the two different people, they're saying that it shouldn't take long for the FHA to be approved. Especially considering, FI JUST missed being approved for a conventional by $3,000.
    Posted by Northstar1808[/QUOTE]

    Well thats good.........just be careful!! Dont wanna see you get money tied up and something go south! You will be in my house prayers from here on out!
  • Don't sweat the FHA loan.  My FI and I closed on our house July 21.  We made our offer on May 25.  Less than 2 months from offer to close and we went FHA.  Yes there's a lot of paperwork.  And yes they do have certain requirements, but unless the repairs you're talking about are major (septic, water, oil tank), they didn't get involved.  Good luck to you!
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