I am so of house hunting, I feel like I could scream.
We thought we found a house a couple of months ago only to have it purchased before we could submit an offer. Last week we put an offer on a house, only to have them raise the price and refuse to fix anything found in the home inspection.
Now, we are putting an offer another house that is still being prepared to be put on the market. The big IF on that is we are still awaiting our loan approval letter from the mortgage company and don't know for sure how much they are going to approve us for when they finally get through with the process. The offer could be accepted and we be unable to get the necessary funding. The subprime market picked the worst time to fall apart as far as my house hunting is concerned. It is all just so frustrating.
I try to remember that at least we are not under any pressure to move from the rental that we are occupying.
Have your approval letter handy before looking. Most sellers will give you high marks for already being preapproved. You'll have the upper hand when competing. That should take some of the stress away.
Good luck house hunting though!!
__________________ Nicole, one busy full time working Mamma to Anna (5).
Wife to DH of 12 years and Momma to two huge bullys named, Bo and Bernie.
Learning to live with Ankylosing Spondylitis and cronic pain, but not slowing me down!
I know its frustrating. I have done it twice now and must have looked at about 40 houses or more each time. I didn't think they could raise the price after an offer was put in. I know here they can't do that.
I wish you luck in finding one and hope they approve you soon too. Then you should have no problem. Good luck.
We started the process (paperwork submitted in late February) to get our approval letter just before the subprime market nose dived, which is why the process stalled. Our financial contact is trying to get it back on track, but until that market finishes its "adjustment" there is not a lot he can do, but wait with us for that important piece of paper - and he is a manager with familial ties to the owners of the company.
The problem is that when our last house was on the market - almost 4 years ago - a hurricane dropped a tree on it. This caused us to lose the tenants who were in it while it was on the market. It took almost a year of ing with the insurance company, and then finding contractors to do the work, to get the house repaired and back on the market. With all of that, and assorted other problems from my husband being under employed for almost 2 years after being laid off just before 9/11/01, we ended up in bankruptcy and then the house was foreclosed on. Even though we have worked hard to re-establish good credit, that means that we are having to deal with those same sub prime lenders who are in a panic and drying up (over 50 have either closed or been absorbed by larger companies).
I could understand it better if we were in Ohio (over 11% of loans were late there in the last qtr of 2006) of Texas (almost as high a percentage as Ohio), but we are in Virginia (where the delinquency rate was 1.8% - which is still below the normal rate for delinquency on loans). The frustrating part is that there is not a thing that we can do to speed up the process.
Oh gosh you have really had some tough times there. I really hope this is all settled for you soon. Its such a relief when you sign those final papers and then you have the fun of moving and getting settled. That is minor compared to the waiting period. I sure hope you get approved soon.
We have been told that we should get an approval letter early next week. I am trying not to get my hopes up as I have heard that before. The good news is that we may not have to pay PMI, which means that our mortgage payment will be about $150 less than I had figured.
We put the offer in for a different house on Friday, and if it is accepted we may be moving next month. We should know by 5 p.m. on Monday.Then, there is still the home inspection to get through. If for some reason there are problems, we will keep looking for the place we are supposed to be. I found 3 possibilities in today's home section in the local paper that are in our price range, but as I have learned, I will need to look and them to see if they are right for us.
I'll be sure to keep everyone posted as to what happens.
I know how frustrating it is, I have been there and I know what you are feeling right now. The house that is meant for you, is out there and if you are meant to have it then everything else will fall into place. I just kept telling myself that when the time is meant for us, we will find the right home and it will be okay and it was. We had sold our home and only had two weeks left to find a place to live and we did it in the last week. It was push and go I tell you. My fingers are crossed for you. I cant' wait to hear the news.
Yes, I feel for you too. We are currently renting and looking for a house. The Wall Street crash really didn't us out either where lending is concerned. We are paying too much for rent and the power bill is killing us, but there are no other houses in our area that would fit us and to move around a lot we were told can hurt your credit too. It is frustrating. I hope everything works out for you soon!
__________________
Michelle
Mother of: Olivia 10; Sweet and Caring Girl; Dancer, Straight A Student, Excellent Reader, Softball Player
Rebecca 7; Dancer, Singer, Actress, Great Reader, Always on the go
Sawyer 4; Cutie, Loves Dinosaurs, Guys, and Remote Control Anything
of house hunting, I feel like I could scream.
for listening.
Nicole, one busy full time working Mamma to Anna (5). 
ing with the insurance company, and then finding contractors to do the work, to get the house repaired and back on the market. With all of that, and assorted other problems from my husband being under employed for almost 2 years after being laid off just before 9/11/01, we ended up in bankruptcy and then the house was foreclosed on. Even though we have worked hard to re-establish good credit, that means that we are having to deal with those same sub prime lenders who are in a panic and drying up (over 50 have either closed or been absorbed by larger companies).
House Hunting Blues 2
us out either where lending is concerned. We are paying too much for rent and the power bill is killing us, but there are no other houses in our area that would fit us and to move around a lot we were told can hurt your credit too. It is frustrating. I hope everything works out for you soon!
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