My house has an accepted offer/sold in 45 days

[little lady]

I said I would keep you posted,(anyone interested anyway)and here I am. I haven’t posted lately cause my last one seem to be too upsetting for some.

Here’s my news, I got 12 showings no offers,until the day(thursday) I dropped my price 1ok(really didn’t drop it, I was offering 1ok in closing costs
and just took that away.) We had an full price offer by the end of the day.

I was really starting to get nervous because a house that had been a flip, that went on the market the same time as mine, with less square footage,busy street etc., but granite/updated two the max and 50k over my price sold the first week.
Then two weeks after mine my next door neighbor(whose a landlord) had updated, (new everything but windows)more square footage, with an inground pool put their house on the market 10k more than mine.

That being said my broker was talking to me about the current tightening of lending practices and that subprime loans have been put on hold. He said he’s delt with their lender for years and it looks good…it does seem TO ME the market has picked up…but there are still people listing their houses around here 100k more than what I did(delusional) …. we will see if it REALLY goes through.
TTFN,
little lady

[Bugs]

Whether that sale goes through may depend on the availability of financing to either your buyer, or if they have a “downleg” sale pending, to the buyer of their other house.

[little lady]

They have no house to sell. My husband’s best friend got a loan for a condo for 300k with a 4.4 interest rate VA loan…his payment with everything including hoa is 1900. He is getting the loan by himself and I think he makes around 70k a year so if they are making good money an got a rate like that they’ll be good to go…….we hope….

[barnaby33]

Thanks for the update little lady, good luck.

Josh

[Happy renter]

May I know the price for the accepted offer and in what area? How come the interest rate is so low, 4.4%? How much down does he put?

Thanks

[little lady]

I will tell you the price after the sale goes through or I should say if …….He said he thought he was gonna have to put down 10k, but now it looks like 3k and he said he bought the interest rate down (I think 1 full percentage point) . I was floored when he said 4.4%.

By the way I will be a “happy renter” too, renting the house I grew up in from my mom……..

[Happy renter]

If you can sell your house now before it goes down (We all assume), you are very lucky! But you have to be careful since he does not seem to be a strong buyer.

1. 3K down is only 1% down. I think the new regulation is 5% down min.

2. 4.4% interest rate is unbelievable.

Anyway, you are going to rent, so you would not have too much pressure.

Good Luck!

[little lady]

We are talking about 2 different people, I don’t know what the people buying my house have, but I think it’s at least 12k. MY FRIEND is buying a condo with a VA loan. Ever heard of a VA NO NO? It means you pay nothing. I did it on my current home, that I am selling.(that I bought in the bottom of the market last time around) However, he DID think he was GOING to have to put 10K down on it,…I don’t know why it changed.

[Happy renter]

Little Lady! I had bad experience for selling my house since the buyer lied. My agent did not do his job to check and verify the seller. I counted on my agent since I paid him commission. But the reality is that most agents don’t do their jobs, some even lied also in order to get their commissions.

May be you have a very good agent? My advice: Have your agent to confirm the source of fund/ down payment, credit & income. During the house bubble, everybody can get the loans. But not anymore!!!!

Good Luck!

[Pasadena Broker]

4.4?

Nope. Have your agent do their job and get another lender to qualify the buyer.

An offer is just that, an offer. Until they sign off on contingencies and the loan is funded, it can fall out of escrow even on the 29th day of a 30 day escrow. Lately, lenders are adding on conditions on top of their original conditions and some have flat out refused to fund the loan even when all the conditions have been met.

[little lady]

“May be you have a very good agent? My advice: Have your agent to confirm the source of fund/ down payment, credit & income.”

I see what your saying, and he says it looks good, and had some figures down on the forms I signed.(I think it said 12k and we talked about it, just didn’t seem too important to me) I could ask him for more details, but like you say I can wait and I am not that worried. I don’t HAVE to sell, I wan’t to sell.

My broker has been selling houses since ’72 and he is in the top 1% in the nation. He is famous around here for his excellence in his field. That’s why I chose him. However nothing is set in stone. If it falls through, so be it.

Thanks for the info though. I appreciate it and didn’t even think about all that.

[Chris Scoreboard Johnston]

Chris Johnston

I think if you had posted you won the lottery, you would get comments about how you were really only getting half the amount due to tax, so it was not so great. Congrats on getting your house moving.

[carlislematthew]

I think if you had posted you won the lottery, you would get comments about how you were really only getting half the amount due to tax, so it was not so great.

We are in a lottery bubble and it’s not sustainable. Pretty soon there even *be* any lotteries!

But that doesn’t matter anyway as we’re about to enter a depression, have 105% unemployment, interest rates will shoot up, we’ll have mass inflation, stagflation, and deflation all the same time. Then the sun will die.

So go ahead, buy a house right now, fool.

[CardiffBaseball]

I can’t speak for the 4.4%, but you can get VA loans with nothing down. There are some funding fees, and such. I bought two houses with VA loans, and I think the max is now over 400k.

The new lending guidelines will not apply to VA loans.

[little lady]

Chris Johnston

Cardiff baseball

Thank you guys, I read both your comments often and always am enlightened by your information……

ttfn

[Author]

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