I have good news to share with my fellow Genviber's. Hopefully by the end of this month my wife and i will be handed the keys to our first house!We have been looking to buy a house for the past few years but only recently started getting serious about it. Over the past few months we have looked at nearly 50 houses. Due to a lack of good planning on our part we did not have enough money saved up to put towards the down payment, so we were looking into buying a Short Sale property. For those of you who don't know what I am talking about...a short sale is basically a pre-foreclosure. The seller owes more on the house than the current market value and is facing foreclosure. Thus attempting to avoid foreclosure they attempt to sell the house as is and far below what is owed, shorting the bank on their money.Usually this process can take anywhere from 3 to 6 months just for the sellers mortgage company to approve the short sale.We found the house we were searching for and made an offer around October 25th. The seller accepted our offer a couple days later and submitted our offer to their mortgage company on October 30th. We were expecting to get an approval some time in March. To our absolute amazement we received the offical short sale acceptance letter from the mortgage company November 10th. I don't have a clue as to how this happened so fast, but 11 days is unheard of. We were looking into short sales so that we would have a few months to save up for the down payment. We were informed that the closing date would be on or before December 6th. So with literaly no time to save up enough money we started panicking. We really really really wanted this house so we started looking at our finances to see what we could do. No matter what we would end up about 2K short of the needed money. Over the past 3 months I have had to travel back and forth from Phoenix to Tucson to help out one of my employers other offices. From what I was told on a regular basis I was doing an outstanding job and was a great help. On my last day in Tucson I was shooting the breeze with one of the upper management personel in that office. We were talking about this house we were looking to buy, and without asking her for help she told me that if by chance we came up short on our funding to let her know and she would help out. At that time my wife and I were still anticipating a 3 to 6 month wait for acceptance on the short sale. It was literally two days later that we got the acceptance letter. I am not the type to beg others for help but under the circumstances I was a bit desperate. Like I said we really wanted this house and for us this would be a once in a lifetime shot at finally becoming homeowners and recieving the 8K tax credit. Reluctantly, I called this woman and explained the cituation. Without a moments notice she offered to send us $2500 to put towards the purchase of this house. Her only stipulation was that we pay her back at some point and keep the chain of love going. She explained that she has had a rough life and after being blessed by other people's love and support she is trying her best to help others when she can.Anyway, now that I am getting all misty eyed again...we now have enough money combined to make this dream come true. We have officially started the paper work for our first mortgage loan, and today we are doing the inspection on the house. Our mortgage loan officer seems to think that we will actually close escrow on November 25th. So with any luck the inspection will turn out good and we will have the keys to our first house by the end of the month.Sorry to write such a long post but I am really excited and very nervous. Can you tell?
2006 TOYOTA HIGHLANDER Overall...an amazing vehicle for my family and lifestyle!!! Thanks everyone for allowing me to stay on GENVIBE SPECIAL THANKS TO KAMIKAZE FOR THE NEW SIGNATURE
Major congrats!!! And for that lady to help you out like she said is unheard of now-a-days. Glad that things not only worked out for you, but worked out far better than you planned on!!! And you know we will want pics we'll give you a month or two to get it situated like you want though lol
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This probably happened so fast because of something called, I think, "extreme short selling".This happens when the mortgage company takes a look at what the houses in that area are settling for in a full forclosure, then subtracting legal fees, they look at that amount as the most they could get for the house. Any real offer will be much greater than this amount. If I was a mortgage company in that case, I would try to lock in the deal as soon as I could. I would put every spare hand on the job pushing that paperwork through the system to get it done before something else happens that could make me lose the sale. Think of them as a very motivated seller. With that being said, congratz on the new home! I wish I had bought my house that way (we closed in 2002).
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Congrats!I'm really looking forward to get to that day of being able to put a key in a door of a home, open it, and savour that I own it. Seems like a big milestone to me. Great story --Enjoy your accomplishment!
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CONGRATS!! Every year at this time I start to get house lust, fearing my AOAO maintenance fee increase for the new year, but somehow, it's staying the same Yay
Quote, originally posted by Tubaryan12 »This probably happened so fast because of something called, I think, "extreme short selling".This happens when the mortgage company takes a look at what the houses in that area are settling for in a full forclosure, then subtracting legal fees, they look at that amount as the most they could get for the house. Any real offer will be much greater than this amount. If I was a mortgage company in that case, I would try to lock in the deal as soon as I could. I would put every spare hand on the job pushing that paperwork through the system to get it done before something else happens that could make me lose the sale. Think of them as a very motivated seller. With that being said, congratz on the new home! I wish I had bought my house that way (we closed in 2002).The big banks are often their own worst enemy when it comes to acting in a timely manor to minimize their losses. Maybe it is because they know the govt. will bail them out.
2009 Vibe 1.8L Carbon Gray AT Power Pkg 1/12/092003 Vibe 1.8L Neptune AT Mono Power Pkg 1/27/03 [sold 2/2/09]2007 T&C SWB 7/31/07 "Broke people stay broke by living like they're rich. Rich people stay rich by living like they're broke."
Quote, originally posted by Tubaryan12 »This probably happened so fast because of something called, I think, "extreme short selling".This happens when the mortgage company takes a look at what the houses in that area are settling for in a full forclosure, then subtracting legal fees, they look at that amount as the most they could get for the house. Any real offer will be much greater than this amount. If I was a mortgage company in that case, I would try to lock in the deal as soon as I could. I would put every spare hand on the job pushing that paperwork through the system to get it done before something else happens that could make me lose the sale. Think of them as a very motivated seller. With that being said, congratz on the new home! I wish I had bought my house that way (we closed in 2002).Thanks for the info...this sounds like it could be the answer I have been looking for.On a side note, we did have the home inspection yesterday. The inspection took nearly 2.5 hours and the only things the inspector found were things like "This celing fan has a slight hum to it.", "The garbage disposal is unusually loud.", "Your thermostat is within 10 ft of a celing fan and an air conditioning vent."So, all in all, this seems to be a great house that has been very well taken care of in its 3 years of existance.
2006 TOYOTA HIGHLANDER Overall...an amazing vehicle for my family and lifestyle!!! Thanks everyone for allowing me to stay on GENVIBE SPECIAL THANKS TO KAMIKAZE FOR THE NEW SIGNATURE
"Yes, Virginia...this really is good news!"My wife and I signed our closing documents earlier tonight! We should be getting our keys within a couple days, but I think it's safe to say that we are officially HOME OWNERS!!!I am so relieved that the process is nearly complete. I can't wait to finally walk through the front door of OUR NEW HOUSE for the first time.Pictures will be coming soon!
2006 TOYOTA HIGHLANDER Overall...an amazing vehicle for my family and lifestyle!!! Thanks everyone for allowing me to stay on GENVIBE SPECIAL THANKS TO KAMIKAZE FOR THE NEW SIGNATURE
We got the keys to our new house!!!!! We spent the entire weekend painting my daughters room. We are not done yet but very close. I will have pics when when we finish.
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2006 TOYOTA HIGHLANDER Overall...an amazing vehicle for my family and lifestyle!!! Thanks everyone for allowing me to stay on GENVIBE SPECIAL THANKS TO KAMIKAZE FOR THE NEW SIGNATURE
2006 TOYOTA HIGHLANDER Overall...an amazing vehicle for my family and lifestyle!!! Thanks everyone for allowing me to stay on GENVIBE SPECIAL THANKS TO KAMIKAZE FOR THE NEW SIGNATURE