Need Sympathy re: buying a house

My husband and I have been trying to buy a particular property since November 1st. We both got the moving bug this summer and were scouting out homes in our budget (v. small) in a desirable locale. This house is the second we've looked at and we are determined to buy it. It is a forclosure and in need of a lot of cosmetic repairs, but it is also priced $20k below comparable neighborhood homes. We submitted our offer right after touring the house; my husband got preapproved for the loan for a period of 30 days. The 30 days past, during which we had upped our offer twice because of competing bids. DH went ahead and applied for the loan process, got the loan and locked in the rate for 30 days.

Right before Christmas weekend, DH got the call that the seller (a non-local bank) had verbally approved our offer. We celebrated and said it was the best Christmas gift. We hoped to close the week of Jan 1st. DH's rate lock-in expires tomorrow and the seller has yet to fax over the appropriate paperwork to get the closure moving. Meanwhile, we had the property inspected ($285) and paid for the appraisal (another $250) and requested the title work completed (who knows what that costs) and we still don't have a day of close or anything in writing!

My husband and I are at the end of our ropes now. DH will have to reapply for the loan and hope to get as good a rate on the mortgage. We can't make any plans to move or decorate as we don't know if or when we can move in. And we are now on a month-to-month basis in our apartment and don't want to write them one more check (we're good through the end of the month).

I'd like to hear your sympathies, vibes, or anything else you have to share. Thank you for letting me share my frustrations!

I hope things start looking better for you. If I could I would buy but right now I rent an apartment. But I wish you the best of luck on your loan and mortgage.

I hope it all works out for you! Is there a way to "light a fire" under the seller? Sounds like a very unprofessional bank!

We just got a mortgage pre-approval (this morning!) and it's good for ninety days, and we were told that can be extended with a phone call. I wonder why yours is only thirty days? I hope you get some good advice, and that you move into your new home soon!

Cheers, from
SwampWitch

Let me say right off the bat that I know exactly what you are going through and I sympathize. I know how frustrating it can be.

Ok, lets see.... you shouldn't have to reapply. Talk to your bank/mortgage broker/loan officer and ask them how much it would cost to extend the rate lock. This happens all the time and I've seen people extend their rate locks 30, 60, 90 days or more.

Secondly, and I'm sure you don't want to hear this, but sometimes when it's this hard it means it's not meant to be. When I was first looking to buy a house (Jan 2006) the second house I looked at and I was sold. Also prices 20K below comparables because it needed some work, but I was willing to do it. I just loved the house. Put in an offer, got accepted, and then everything fell apart. The house had to go into probate because a lawyer messed up a prior deed.. the seller's realtor went psychotic and blamed ME for the probate (as if... how could probate on the seller's dead husband possibly be my fault?)... I offered to rent the house from them while it was in probate as long as part of my rental money went towards the down payment and the granddaughter of the seller went crazy. After six months I walked on the deal... and everyone involved was convinced I had the patience of a saint for dealing with them that long.

The next day, BF and I went to look at another house. Brand new, bigger, two car garage, no work needed (well any work was voluntary.. like painting because I can't live in a white house...). We made an offer while we were standing in the house. I got the house for $30,600 below appraised value *and* the previous owners threw in their 65" projection HDTV. It was the easiest transaction I had ever been through.

So yeah, I lost out on money from the first deal... but I also believe that the "gods"/fate/etc put me through probate just to slow me down so I would wait for this house. And now that I'm here, I can't believe I wanted to buy that other house which seemed so perfect.

The moral of the story, IMO, if it's too hard it's because there's something better out there.

Same thing with us.

Back in late July 2006 we looked at a foreclosed house, 6+ acres, needed a BUNCH of work but was in the right location. Local realtor handling it for out of state bank hemmed and hawwed, we got our realtor to make the written offer (verbal is NOT valid at all) and the seller said "Oh, too late." We were : but luckily we weren't our any $$$!

Less than two weeks later, we found THE house. Little less land, 3+ acres, in a better location and FULLY remodeled. And with a separate single-wide mobile home for the son to rent from us, a HUGE workshop and another storage building. No one interested in it, sellers were in dire straits (poor health, second mortgage) so we made offer. After one counter offer, we got it for less than listing price and below tax value. To get the deal, the sellers had to throw in ALL appliances (for house and trailer) including dishwashers, two NICE patio sets, a 20 foot utility trailer and a 27 foor driveable RV. So we made out like bandits.

They did present us with a snag two weeks before closing, but it got worked out and we've been there since mid October and LOVE it!

I'm sorry its so frustrating..I have no advice for you, just some

We where renting in 1985 through 1987 from a liitle old landlady. We gave us notice as her daughter was moving back into the area and needed a place. We hurried up and found a place-then our landlady changed her mind!! At that time we decided to start looking for houses. We put in an offer on a house for sale my owner and got a verbal acceptance. While waiting for the mortgage company our landlady once again gave us notice as daughter really was moving back in area. We asked for another month as we would be closing by then-no luck. So we moved all our possession into the in-laws old garage about 60 miles away. He lived with his parents as they were closer to his office. I lived with a co-worker Sun nite through Friday am and drove up to his parents every weekend. It was terrible!!.. The mrtge company appraised our house wrong-another delay!! We closed finally on 9/1/87. I took off work that week and started making 2 trips/day with the truck as I was tired of the living arrangements-FIL couldn't understand why!! We didn't rent a truck for the 2nd move-just did pickup loads. We haven't moved since!