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Finally trying to buy our first home

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ilikedirt

Well-known member
Joined
Dec 27, 2014
Messages
162
Location
Northern VA
First of all, this process *****. We now know why you shouldn't fall in love with a property. Found one that has everything we need and there's another offer on it. We may know the fate tonight.

We're crossing our fingers and toes. If and when something comes through I can't wait to post my "build"!
 
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landlord30

Well-known member
Joined
Mar 19, 2014
Messages
508
Location
Pittsburgh, PA
Hope it works out for you. If not you'll find another place. You can always add or take away structures, but the lot or land not so much.
 
S

steveo1o9

Well-known member
Joined
Oct 10, 2016
Messages
603
Location
Eastern MD
ilikedirt said:
First of all, this process *****. We now know why you shouldn't fall in love with a property. Found one that has everything we need and there's another offer on it. We may know the fate tonight.

We're crossing our fingers and toes. If and when something comes through I can't wait to post my "build"!
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Congrats, and good luck with the offer! When your offer gets accepted that's when the real fun begins... talk about a crappy stressful process. I recently bought my first home which was a bank owned foreclosure, best and final offer required, with 6 other offers... talk about stressful, it is never fun waiting on a bank.
 
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Cyberbear

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Joined
Nov 23, 2013
Messages
1,524
Location
California
I have found that trying to work with a bank mortgage company is like dealing with a used car salesman, many are unethical shysters who use the available procedures to gain as much money from you as they can. They will often quote a loan percentage rate and then drag their feet while the interest rates keep climbing. Get a locked in rate written on paper before agreeing to anything. Also become familiar with the loan procedure requirements of your state, assume nothing based on verbal promises.
 
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MOTORHEAD383

Member
Joined
Jan 8, 2017
Messages
23
Location
Long Island NY
ilikedirt said:
First of all, this process *****. We now know why you shouldn't fall in love with a property. Found one that has everything we need and there's another offer on it. We may know the fate tonight.

We're crossing our fingers and toes. If and when something comes through I can't wait to post my "build"!
Click to expand...
Sounds like you are initializing the process. Are you fully in contract? Did the lender get an appraisal yet? If i could help with questions in any way let me know.

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M

MOTORHEAD383

Member
Joined
Jan 8, 2017
Messages
23
Location
Long Island NY
Cyberbear said:
I have found that trying to work with a bank mortgage company is like dealing with a used car salesman, many are unethical shysters who use the available procedures to gain as much money from you as they can. They will often quote a loan percentage rate and then drag their feet while the interest rates keep climbing. Get a locked in rate written on paper before agreeing to anything. Also become familiar with the loan procedure requirements of your state, assume nothing based on verbal promises.
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I get upset when i hear that people have had a bad experience, our industry has been heavily regulated making the process very redundant lengthy and tedious, not to mention stressful. I do know some great people in my profession, im in a family owned 30 year old company.

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ilikedirt

Well-known member
Joined
Dec 27, 2014
Messages
162
Location
Northern VA
James-W said:
I wonder what happened? The opening poster hasn't come back and told us if he got it or not so I am assuming he didn't get it.
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Sorry for not updating! So the first house we put an offer on we lost out on. They accepted another offer. Pretty disappointing considering the house made the fiancee happy and the garages made me happy. Almost 1200sqft worth of garage. The house was $2k over our budget though.

About a week passed and another house popped up on the market. The house was a slightly better location and had most of what we needed except it didn't have a garage. BUT it was $100k under our budget. (Actual budget was $300k)

That same day we decided to put an offer on it, couple days pass and then finally get a call from the realtor...."multiple offer notice blah blah". Here we go again...

So we came back at them with an escalation clause a few grand higher. Couple more days pass, realtors calls...got the contract.

Fast forward to today...home inspections done (no major issues), appraisal came back $10k over sale price and we should be closing at the end of the month.

For those who are interested, I have a thread posted for potential garage:

http://www.garagejournal.com/forum/showthread.php?t=352124
 
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ilikedirt

Well-known member
Joined
Dec 27, 2014
Messages
162
Location
Northern VA
Update. USDA put the rubber stamp on the loan (that was the longest 4 days ever). Closing date is set for the 28th!

After we get settled in the planning process starts on the garage :)
 
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