Friday, October 21, 2011
I'm panicking. Our loan still has no funding. Other lenders are no longer accepting applications for these loans until sometime after mid November. We are set to close on November 18th. It's 4 weeks from today. We had hoped to close sooner than that but obviously that's not looking like a possibility. It only took 2 weeks the last time the loan had funding pulled and 2 days the time prior and now it's our house on the line and it has already been 3 weeks and no word of the funding coming back. I'm just so damn scared.
Tuesday, October 18, 2011
The appraisal was challenged and they LOST! So we now get a cool $10,000 knocked off of the sales price! Holy crap - we are stunned and ecstatic! Maybe the appraiser couldn't see past the ugly yellow front and side door and all of the AWFUL wallpaper inside, oh and the ugly bathroom flooring. But all of those are "easy" cosmetic fixes! Please pardon me for bragging, because I totally am ~ thank you to the appraiser for helping us get our 3,200 sq ft, 3-1/2 bath dream home on 1.50 acres for 10k less!
Monday, October 17, 2011
News on the "hope to be" new house:
It was broken into sometime over the weekend and they ruined at least the 9ft patio doors which are really expensive to replace. :-(
Our loan still has no funding, so a big "thank you" to the Government for possibly making us lose this house.
The appraisal came back low, which is pure crap according to all local comps for houses sold within the last 3 months. They are challenging the appraisal and if it doesn't work they have the option of pulling out of the contract and we lose all of the money already invested in the house, or lower the sales price to what the house DID appraise for which would be good for us.
I'm tired of all of this. We NEED to get out of my parents house since it's just getting worse every day. The kids need stability. We need our own space and my parents need their space back! I'm ready to move on, literally!!!
Praying this all works out and all of this headache and worry will have been worth it!
Tuesday, October 11, 2011
We had our home inspection today that went pretty much as we had expected. Our 1st water test was bad so we're working on shocking the well and retesting. Late this afternoon was the termite inspection which we don't have the results for and tomorrow is our appraisal. We are the most anxious about the appraisal because that will tell us what our loan is going to require us to fix. The next hurdle to overcome and certainly the biggest is us getting our mortgage!!! It's so stressful because as of right now there is NO funding for our loan. The government better get it in gear and sign off on the new funding!
We cannot wait to get on with our lives - we feel like we are in severe limbo! We drove by the Y today and I miss it so much! I want to get the kids back into their programs and us back into the gym!
I am so excited for the kids to see their new house. Oh how I hope it ends up as our new house.
Thursday, October 6, 2011
We went to see our house tonight. And we absolutely LOVE IT! The yard, the stone pillars and fireplace, and a driveway with a garage! After 5 plus years of parallel parking - a driveway is heaven!!! The septic inspection has been completed and is fine, the bank did the inspection and provided us with a copy. We are fine with it and we didn't have to pay for it! Ha! Tomorrow morning we go to do mortgage things and pray that the government gives funding back to our loan program or we are screwed, but I'm trying not to think that way! Tuesday at noon is our home inspection which I'm nervous about. Our loan has strict safety codes and if there's anything that they object to we have to fix it ourselves before settlement since this house is bank owned. It's scary! We already know that we need to install a railing on top of a retaining wall and probably power wash and stain the deck since there is not allowed to be any peeling paint and the deck needs to be stained really bad. I'm kind of glad though because we don't like the color anyway.
The house has tons of horrible wallpaper. Oh my word. It's everywhere! They even wallpapered the outlet covers and light switches!! We have our work cut out for us with removing all of that. We also have to paint every room but will have to do it after we move in since staying here longer than necessary just isn't an option. There are many updates to be made, flooring in some rooms, doors, light fixtures, etc, but when we are done it's going to be our perfect house! I'm struggling with being too excited and then being let down by something going wrong with the inspections or mortgage. The mortgage wouldn't be a worry if the the government would just pass the stupid fiscal budget already. Ug. Our loan doesn't have funding as well as the VA loans. Say a prayer that everything works out.