A ? for people that have bought or sold a house

[CedarRidgeChicks]

HarlansHollow..I agree..when we bought this place it took only 2 weeks with the local bank but it was our 6th home we had bought and sold and we had a large down payment..this couple is very young and have never bought anything and financed. I think the "where did you get the money" has to do with..it wasn't in the bank last month but $20,000 is there this month. Farm Credit in Ky is a hoot..nice people..but slooooooooow!!

 

[HarlansHollowFarms]

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I do know that if you are looking and buying out of state...go with a local bank. We were moving from KY to MT and tried Lending Tree....big mistake. They do not know the local areas and therefore do not accomidated for unusual circumstances. They could not find coms in the local area and refused the loan...the local bank looked at comps 300 miles away. Out of state banks can not see local uniqueness!

Good luck to this couple on their first home....once it is all said and done they will have a home!

 

[CalicoFarm]

The weeks instead of months sounds much better. If the buyer gets approved, from what I can tell looking over the paperwork, I will have 60 days to be out. I'm just hoping it goes fast, I don't want to miss out on the house I'm interested in.

 

[HarlansHollowFarms]

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I hope it goes well for you.....it sure can be frustrating waiting on banks!

 

[CedarRidgeChicks]

Calico. trust me..it goes fast..we have to be out by the 19th..the moving co. comes next Wednesday Aug 4th and we should be in Fl by the 7-8th.

 

[CalicoFarm]

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That is good to know. I have planned out how I want to do things so everything will go smoothly on my part, all the packing and moving. I will be moving about 7 hours away and have lots of animals to move, I'm just ready to get started, lol.

 

[koop]

Last house I bought was less then 30 days from offer to handing me the keys. The headaches were after that............but that another story.

Yes banks want to know where the money comes from because of the dept ratio's, but one thing you can do (or atleast we can do here) is use a HELOC for a down payment (its a Home Equity Line of Credit), but thats also for investment properties, and you have to have less then 80% LTV.

 

[pbjmaker]

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I guess it all depends on the bank, when we bought our home, we closed in less then 30 days!

Question....why do they care where we go the $$$$ for the down, do they not think people have savings anymore? or are they thinking we robbed on of their banks!

We had to do the same - they want to make sure you don't have to pay back the down payment to someone as that affects your credit.

 

[Sonoran Silkies]

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Your contract and acceptance need to state a timeframe. This allows you to back out without cost if getting a loan does not happen within that timeframe. As an earlier poster said, 30-45 days is typical. All the homes I have bought or sold said 30 days. If it does not, call your agent and make the change before he/she contacts the buyer.

As someone who has had a home sale fall through, you want to have everything on your side in case the purchaser is as much of a flake as the one who tried to purchase my m-i-l's home or the other two who tried to purchase my neighbor's.

With m-i-l's, they wanted us to provide a 2nd mortgage that they would pay off in either 2 or 3 months (don't recall which); the primary lender insisted that it have a 1-year term. Their realtor tried telling us that yes, it would be a 1-year loan, but they would pay it off far sooner as they had a large cash payment coming to them very soon. As we were trying to settle the estate, adding a year on was not an option we were happy with at all. Further questioning brought to light that the large cash payment they expected was from a lawsuit relating to a traffic accident, and it had not even been heard in court yet! Backed out and found a purchaser who didn't want us to carry the mortgage.

With neighbor, one purchaser had in the contract that he could get out of the contract if he did not sell two other homes he owned (that would provide some of the financing). He was wheeling and dealing and shifting ownership between his and other family members. The first opportunity to pull out without loss my neighbor's did. Next potential purchaser was at odds with her son (who apparently had legal control of her finances). She wanted the house, he did not want her to purchase it; she tried coming back a couple of months later using a slightly different name; apparently trying to go behind her son's back. Very odd situation. Anyways, my neighbors decided to remodel and remain instead of selling.

 

[CalicoFarm]

I just got a call from my agent, all the dealings are done. It's all up to the buyer to get financed now. I think they are needing to get out of their current house as soon as possible so maybe it will all move quickly and smoothly.