*When your mom kicks you out of the house but you’re not ready to leave the basement.*
🏡 Better Homes OFFICIAL real estate bs discussion
- Thread starter OffshoreDrilling
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Aaaaand I’m under contract. The only thing I still need confirmation on is that the offer states the mortgage rate will not exceed 5.5%, and the buyer has the rate locked in, but with a late July closing date I need to be sure that the rate is locked in until then. That would actually surprise me, 30-60 days is the norm.
Regardless, the worst case there is that we would have to close before the rate lock expires if he could not extend it. Not the end of the world
Regardless, the worst case there is that we would have to close before the rate lock expires if he could not extend it. Not the end of the world
Lender is saying the appraisal isn't looking too hot. "Comps" pulled up and not supporting the offer. We're ahead of the time-line here and for all we know it will check out but...
Market is quite clearly slowing down. Multiple houses I've had saved are still sitting and appraisals aren't coming back as high as they used to (according to lender, who happens to be my sister-in-law).
Market is quite clearly slowing down. Multiple houses I've had saved are still sitting and appraisals aren't coming back as high as they used to (according to lender, who happens to be my sister-in-law).
I said to our agent "I'm sure this is a shock to you that a house may not meet appraisal and the sellers may have to negotiate DOWN, compared to the last 2 years." This is after they've already taken our 20k under offer.
"Oh yeah, it's definitely slowing down and it is a shock."
This house has received no other offers nor showings since we put our offer in. Could be bad. Could be great. They need to sell this house as the mom is in assisted living so the asset needs to disappear. Could easily work in our favor for an even lower price.
"Oh yeah, it's definitely slowing down and it is a shock."
This house has received no other offers nor showings since we put our offer in. Could be bad. Could be great. They need to sell this house as the mom is in assisted living so the asset needs to disappear. Could easily work in our favor for an even lower price.
Since the accepted offer showed a 5.5% max mortgage rate and there's definitely a chance he won't be able to get that, my agent just added an addendum that states they will still close even if rates surpass 5.5% by the time we close (late July). Buyers had no problem with this.
It was worded perfectly too, I'm glad my agent is also an attorney otherwise I'd have had to hold their hand on this.
It was worded perfectly too, I'm glad my agent is also an attorney otherwise I'd have had to hold their hand on this.
GLADIATORliterally 100' from my pos house..overpriced & wayyy over decorated...chandelier in every room just for you..one bedroom looks like a Disco Ballroom..nice tile/paint though
is this common deceration,they spent some ca$h here?
would sell for $650k in NWI
i cut grass,you change light bulbs
17207 Center Ave, East Hazel Crest, IL 60429 | realtor.com®
View 49 photos of this 3 bed, 2 bath, 2098 sqft. single family home located at 17207 Center Ave, East Hazel Crest, IL 60429 on sale now for $400000.
www.realtor.com
Jesus lol, that downstairs looks like a dining/banquet area in a cheap church
literally 100' from my pos house..overpriced & wayyy over decorated...chandelier in every room just for you..one bedroom looks like a Disco Ballroom..nice tile/paint though
is this common deceration,they spent some ca$h here?
would sell for $650k in NWI
i cut grass,you change light bulbs
17207 Center Ave, East Hazel Crest, IL 60429 | realtor.com®
View 49 photos of this 3 bed, 2 bath, 2098 sqft. single family home located at 17207 Center Ave, East Hazel Crest, IL 60429 on sale now for $400000.
Nailed that description perfectly.
I actually like it LOL
literally 100' from my pos house..overpriced & wayyy over decorated...chandelier in every room just for you..one bedroom looks like a Disco Ballroom..nice tile/paint though
is this common deceration,they spent some ca$h here?
would sell for $650k in NWI
i cut grass,you change light bulbs
17207 Center Ave, East Hazel Crest, IL 60429 | realtor.com®
View 49 photos of this 3 bed, 2 bath, 2098 sqft. single family home located at 17207 Center Ave, East Hazel Crest, IL 60429 on sale now for $400000.
They signed the addendum and provided proof that their rate lock is valid until 8/1
The addendum means that mortgage rates going above 5.5% isn't a valid reason for cancelling the contract, nothing more.
Correct, I get that. But what I’m saying is if there is a financing contingency and the higher rate puts them over what they can borrow, they can walk. I think I overthink the process. You know I was worried about my sale, going over every possible poor outcome scenario ?
Yeah it def doesn't cover if they can't get past underwriting, which likely wouldn't be the case.
Got my inspection done yesterday at the new place. Guy said the home is in very good condition barring typical stuff of an older couple just neglecting small things the older they get. A couple "newer" windows in the "new" addition the seals are failing/have failed. Skylight seal has failed. Boomer soaker tub has a slight leak at the drain but that will be fixed when we rip it out and replace with a not-boomer soaker. Said the basement is good to go. Roof is good. Attic is fine. Etc, etc, etc.
The water/well/septic guy was there yesterday with the house inspector as well but I have heard nothing from them. Not even a scheduled time they'd be there besides telling Megan "Monday next (this) week."
Appraisal from the VA should be done by this coming Monday.
As soon as I hear from the appraisal and everything checks out, 100% go time to close on my house and pack up the remaining shit in the house we can live without for a couple weeks.
The water/well/septic guy was there yesterday with the house inspector as well but I have heard nothing from them. Not even a scheduled time they'd be there besides telling Megan "Monday next (this) week."
Appraisal from the VA should be done by this coming Monday.
As soon as I hear from the appraisal and everything checks out, 100% go time to close on my house and pack up the remaining shit in the house we can live without for a couple weeks.
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