Our First Home
We are finally homeowners!
We are the new owners of an 1100 sq.ft. 3 bedroom, one bathroom raised ranch that was built in 1989. The house is a great size for us right now and has the possibility of adding about 700 sq.ft. of living space in the future if we decide to finish the basement. It also sits on 25,000 sq.ft. of land which is great!
Here's how it happened...
The house first came on the market on a Monday in March. Our real estate agent was really busy that week and couldn't get us in to see the house until the following Sunday. We were a little worried with how quickly houses were selling, but we waited until she was available and saw the house 6 days later on March 15th. We were really interested after seeing the house, so our agent called the listing agent to find out if there were any other offers. We got a call from her that day telling us that house was already under contract after only a week on the market! We were pretty disappointed, but kept up our search.
Jump forward to about a month later...
On Friday, April 17th, the house popped back up on our listings as being "Back on Market." I was so excited that I called our real estate agent that night to set up an appointment for the weekend. We went back to see the house on April 19th and put in an offer on April 20th. On Friday, April 24th, our offer was accepted!
What's happened since then?
We are the new owners of an 1100 sq.ft. 3 bedroom, one bathroom raised ranch that was built in 1989. The house is a great size for us right now and has the possibility of adding about 700 sq.ft. of living space in the future if we decide to finish the basement. It also sits on 25,000 sq.ft. of land which is great!
Here's how it happened...
The house first came on the market on a Monday in March. Our real estate agent was really busy that week and couldn't get us in to see the house until the following Sunday. We were a little worried with how quickly houses were selling, but we waited until she was available and saw the house 6 days later on March 15th. We were really interested after seeing the house, so our agent called the listing agent to find out if there were any other offers. We got a call from her that day telling us that house was already under contract after only a week on the market! We were pretty disappointed, but kept up our search.
Jump forward to about a month later...
On Friday, April 17th, the house popped back up on our listings as being "Back on Market." I was so excited that I called our real estate agent that night to set up an appointment for the weekend. We went back to see the house on April 19th and put in an offer on April 20th. On Friday, April 24th, our offer was accepted!
What's happened since then?
April 27th--Signed P&S agreement
April 29th--Officially applied for the loan with the bank
May 1st--Inspection was done and everything came out looking pretty good. Also, our mortgage was approved for income and credit.
May 18th--Bank appraisal was done (finally!!) and once that paperwork is sent to the bank, all of our loan paperwork can be sent for final approval.
May 26th--Bank finally got the appraisal report and was able to put all of our paperwork together for underwriting. The problem is, they only meet on Fridays, so if ours doesn't end up getting looked at/approved this Friday, it'll be pushed to next week and we won't make our closing date. Not closing by June 5th means we have to pay a per diem fee, so we're not pleased that it's taken a month for the bank to get this far!
May 27th--Although the house appraised for over the purchase price, the appraiser turned out to be an idiot. She mentioned things about the house being "unlivable," but then also called all of the work that needs to be done "cosmetic." According to her, the house is in "fair" condition which may prevent us from getting the loan.
June 3rd--After a week of ridiculousness going back and forth with the bank who was going back and forth with the appraiser, our loan was officially denied. Thankfully, we got an extension from the sellers.
June 5th--Our original closing date--Sellers agreed to extend to another 45 day escrow period!
June 12th--Signed the new P&S with a new closing date of July 15th.
June 15th--Signed loan paperwork for the new lender.
June 16th--New bank appraisal completed!
June 22nd--Our loan was approved!!! The approval is contingent on a few conditions (salary verification and a letter stating that we haven't accrued any new debt) but once those are met, we can schedule a closing date!
June 24th--Applied for homeowners insurance and it should be all set before closing.
June 26th--Received more conditions from the lender which should be met now.
June 29th--Got the "all clear" from the bank, but the closing attorneys have decided they need the paperwork for 48 hours before closing, so it's looking like we're not closing until Thursday, July 2nd.
June 30th--Got the official clear to close from the attorneys and are set to close July 2nd at 10am!
July 1st--Closing time was changed from 10am to noon tomorrow and we completed our final walk-through
July 2nd--We closed and got the keys!
When I started this list, I had no intention of it becoming this long, but I'm glad I kept this log of our home-buying process!
April 29th--Officially applied for the loan with the bank
May 1st--Inspection was done and everything came out looking pretty good. Also, our mortgage was approved for income and credit.
May 18th--Bank appraisal was done (finally!!) and once that paperwork is sent to the bank, all of our loan paperwork can be sent for final approval.
May 26th--Bank finally got the appraisal report and was able to put all of our paperwork together for underwriting. The problem is, they only meet on Fridays, so if ours doesn't end up getting looked at/approved this Friday, it'll be pushed to next week and we won't make our closing date. Not closing by June 5th means we have to pay a per diem fee, so we're not pleased that it's taken a month for the bank to get this far!
May 27th--Although the house appraised for over the purchase price, the appraiser turned out to be an idiot. She mentioned things about the house being "unlivable," but then also called all of the work that needs to be done "cosmetic." According to her, the house is in "fair" condition which may prevent us from getting the loan.
June 3rd--After a week of ridiculousness going back and forth with the bank who was going back and forth with the appraiser, our loan was officially denied. Thankfully, we got an extension from the sellers.
June 5th--Our original closing date--Sellers agreed to extend to another 45 day escrow period!
June 12th--Signed the new P&S with a new closing date of July 15th.
June 15th--Signed loan paperwork for the new lender.
June 16th--New bank appraisal completed!
June 22nd--Our loan was approved!!! The approval is contingent on a few conditions (salary verification and a letter stating that we haven't accrued any new debt) but once those are met, we can schedule a closing date!
June 24th--Applied for homeowners insurance and it should be all set before closing.
June 26th--Received more conditions from the lender which should be met now.
June 29th--Got the "all clear" from the bank, but the closing attorneys have decided they need the paperwork for 48 hours before closing, so it's looking like we're not closing until Thursday, July 2nd.
June 30th--Got the official clear to close from the attorneys and are set to close July 2nd at 10am!
July 1st--Closing time was changed from 10am to noon tomorrow and we completed our final walk-through
July 2nd--We closed and got the keys!
When I started this list, I had no intention of it becoming this long, but I'm glad I kept this log of our home-buying process!
Our house is a little rough around the edges, but there's huge potential and the neighborhood is practically ideal. I know we'll be happy here.
Here are a few more outside pictures:
Here are a few more outside pictures:
