Limbo – revised

February 12, 2007 at 7:57 pm (Uncategorized)

Hi all, I’m still not up and running with the internet at home and thankfully we have internet access here at work. I’m having problems with my phone/internet still, so I haven’t gotten that fixed yet. That’s a whole other story.

Two important issues I’ve learned while trying to purchase a home that I would like to share with you:

1. Never go look for a house until the buyer for yours is 100% totally cleared for a mortgage, even though you signed a contract and it’s a day before closing, this means nothing.
2. Follow-up with their mortgage company everyday to verify status
3. Follow-up with your real estate agent everyday to see if they are following up with the buyer’s mortgage company (see #2 above).

Now I have to straighten up the house and move some boxes for potential buyers to come traipsing through the house again.

Do any of your homeowner’s have any other words of wisdom?

UPDATE:

My house is back on the market as is the house that I was buying. The buyer for my house is still gathering some paperwork and still wants the house. She has an $11,000 medical bill that needs to be taken care of because her income-to-debt ratio would be too high otherwise and this is the item that postponed settlement, well along with her crazy, incompetent mortgage company. So basically there are three “doors” that are still open and we just have to wait at this point. The seller said that our contract is still good if the buyer comes through, so that makes me happy.

I’m actually feeling alot better, mentally. I have some answers and I still have some hope.

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6 Comments

  1. Amy said,

    I’m not a home owner… but I just wanted to pop on here and say “hey!” and wish you luck with all this, Teri!

  2. Anonymous said,

    Go for someone who is Pre-Approved and Pre-Qualified. We were and the whole process from start to finish took three weeks and our Lender wanted us to move faster (translation we could have been done within a week). So, hopefully that will help.
    Superwoman

  3. teri said,

    Thanks, Amy!

    Superwoman, she was pre-approved but I asked my agent why she couldn’t be pre-qualified before we even sign a contract and he said “that’s not how it works”. Well, it should work that way. Why waste everyone’s time and energy?

  4. SushiBoy said,

    Ah some hope at last. I hope that everything works out.

    Thats weird they couldn’t pre-quailfy the gal for a certian amount and below. It must be one of those differences between states.

  5. Sans Pantaloons said,

    Yahoo!!!!

    I just thought I’d shout that.

    OK?

  6. Zed said,

    I love the update: it could still work out. That would be great! Hoping right along with you, Teri.

    Glad you’re feeling better!

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