August 2010 Weddings
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Cross fingers - small update
Hi Ladies,
You have been awesome crossing fingers before, and I need you again. You may remember that we put an offer on a house with a bad foundation. Since then we backed out of that house, and found a new one. It's a foreclosure and the price was way below it's real value, but still a little over our budget. We offered a little less and are now waiting for the response. We already love the house and with my contractor dad we could really make it great at a very low cost.
Apparently foreclosures take longer to respond and to close. Cross fingers ladies, with the mortage rates below 4% it would be great to get it as soon as possible.
Re: Cross fingers - small update
Crossing them for you! Can't wait to hear details!
We looked at a house today too! that we LOVE! so give us some finger crossing back and we'll hopefully both be on our way to owning new homes soon!
KMFX for you guys!!! That is super exciting. I hope that everything goes through for you!
We have our eyes on a house that is up for short sale, we haven't put in an offer but there is a really good chance that we will soon. They say that short sales can take a while... I'm anxious to see how this process goes!
Isn't it funny that they say that? I heard the same, but it's kind of counterintuitive - you would think a SHORT sale would take a short time
So it looks like we will have the agreement. They went down to what we were willing to pay them, but since it's a foreclosure, we may wait for them to sign our binder for a while... waiting is annoying!!!
My Blog
So a little update: They verbally accepted our offer (there was some verbal back and forth and the last time they said they cannot budget in anymore). We sent them a revised binder on wednesday and now just waiting for them to countersign. I hope they do that soon and we will be able to schedule an inspector. I saw some signs of water damage from the two skylights they had in the kitchen but other than that, I hope nothing serious is going on there.
Our best friends just shared their closing story with us, including all the costs, and it stressed me out as hell. Should we hire a lawyer? Not sure if a lawyer will be necessary but I want to make sure I understand what's going on.
My Blog
I think you should get a lawyer for closing. I dont know of anyone who didnt have a lawyer. Ours was really helpful in keeping the process going.
Are you buying a short sale or a foreclosure? If its a foreclosure than the house is already owned by the bank and the process will be faster. If its a short sale get ready to wait it out. Our short sale took a long time after the sellers approved it to get bank approval.
You see, this makes be believe that our realtor is not super experienced. She told us that the bank owned foreclosures may take up to a year to close... REALLY!
This is a foreclosure, but the owner is an investment company not a bank. I am not sure how to find out how big they are, but the realtor keeps telling me it will take time to close. I hope we close before the end of this year!
BTW - love the picture of your kitty!!!
My Blog
I dont know how that works. I was told by our realtor that those are easier to close on. My realtor was not super experienced though so I have no idea. I thought when something was foreclosed on the bank owns it and they just need to get rid of it. You buy the house as is and you cant go back for money after inspection. In fact I dont know if you even get to do inspections after you put in your offer.
Short sales which is what I bought are houses that the bank is threatening to foreclose on but they havent yet been foreclosed on. The owner still owns it but because they have hardship and cant pay their mortgage then they sell it to you. The bank agrees to take a loss on the property. This is what I did so the seller agreed to a selling price but then the bank has to approve that selling price because they will actually be losing money and they need to assess somehow if they want to take the loss. This assessment period takes forever sometimes. In my case it was 6 months.
I would ask your realtor more questions and figure out what the deal is. The girls on the real estate board are super helpful with this type of stuff too if you have more questions.
Its sometimes hard to wait but in our case we got a beautiful house that we really love and the wait was worth it.
Good luck too. Its such an exciting thing to get your own home.