Buying a Home

[commonsenseman]

Originally Posted by andrew s

We received a counter offer yesterday from the bank. Going over the paperwork now, they were a little higher than we were wanting so we will be putting in another counter offer closer to their price but adding closing cost.

The waiting game will start again once we get this back in.

Good luck Andrew! I know how nerve wracking it can be just waiting.

[andrew s]

UPDATE:

We received a call on Friday while getting into the Keys saying that they had counter offered us again. They swung it a couple of thousand in there favor but close enough that we agreed with their offer. So yesterday we signed their proposal and sent it back, now they have to sign it and get it back to us. Once they get it back to us we have a short time to get it inspected and get the rest of the paperwork in order. None of this should be difficult since we have been pre approved for a loan.

If everything goes well we should be closing on the 28th of August.

Thanks everyone for your thoughts and prayers and we will still be needing them untill closing.

[dj1340]

Fingers are crossed this works out well and you get that home deal done

[Cigar Man Andy]

Thoughts and prayers are with you my brother. Good luck.

[SMOKE20]

That is great. You are in the crunch time now. Good Luck

[Dave128]

Good luck. I hope you get the house. It took us a little over a year to find our house. We love it. It was worth the wait.

[suretolose]

You got it and good luck

[commonsenseman]

Hey that's good news, hope it all works out man!

[tx_tuff]

Great news!! I'm sure it will all work out now!

[fiddlegrin]

Excellent!!!!

[mc2712]

Congrats, I pray it all goes well from this point.

[wlandman]

Sad that my first post isn't cigar related, but anyway -- The girlfriend and I just bought a house in May. The worst part was the counter-offer. Its nice when dealing with actual people, we were able to put an expiration date on the offer - usually 24 hours from what the realtor told me.

I tried to find some foreclosures, but like you said, the bank's aren't the quickest to deal with, and waiting is the worst part of the home buying process.

The best piece of advice I can give is: If you don't get the house, don't be upset or feel bad. We bid and lost out on the house we really really wanted, and ended up buying the house we hated at first glance. And we thank our lucky stars every day we didnt win the other house becuase it was a smaller house, for more money and less potential.

So be happy if you win, be happier if you don't.

[andrew s]

Got some good news yesterday. Finally got the last counter offer from the bank that we signed on the 20th of July back signed yesterday. It is dated that they signed it on the 24th but they held on to it for over a week. Now we have to get the deposit check put in escrow and get the inspections set up.

As long as all of this goes well we are still planning on getting it closed on by the 28th of this month.

[cp478]

congrats, hope this goes smooth for you!

[sboyajian]

Andrew that is awesome news! I am glad to hear some people had good luck with the Forclosure market. My wife and I spent countless days offering and counter offering, finding out 20 people put in bids, even tried our hand at a Short Sale only to get the offer approved by both banks, but the 2nd bank wanted us to close 3 days (and it still didn't have power to do an inspection).

I finally got so tired of dealing with these damn banks, I ended up building. We had planned on Forclosure because we needed to move out relatively quick.. didn't "have enough time" to build.. building would have saved me 8 months hahaha..

Best of luck with the closing and the move! You will surely enjoy it. Just remember, the process is only as stressful as you make it. I was told to except all kinds of bad things. Was told they'd call the day before closing saying numbers changed.. I was freaked out.

Sure enough, 3 days before closing they dropped my interest rate, knocked off a point and instead of me covering the last 20% of the closing costs, they covered it all. So keep your head up, eyes open and don't let the little stuff get to you during the process.