Buying A Home
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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.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Timing
I feel like I had to come up with all this paperwork and did all this running back and forth in the beginning and now I'm just sitting here twiddling my thumbs with nothing to do but shop for curtains and dishes and other crap (hubby is NOT happy about that either). So my question is from the time of the appraisal, how long did it take you to close?
Re: Timing
Didn't your contract establish the closing date?
Our appraisal was complete a week ago, and per the terms of our contract as requested by the seller, we are closing on June 8. Just today we set the time for our final walk-thru and made the appointment with the title company for closing. We'll do our walk-thru that morning and then close that afternoon. We also confirmed with the seller that all agreed-upon repairs have already been made, and they are faxing the documentation to us this afternoon.
Here is what we are working on now: fulfilling any requests from the underwriters, putting a deposit down for our movers, packing, setting up our new utilities, canceling our current utilities, doing the change of address stuff at the post office and everywhere else, and dealing with showings our our current rental.
We are supposed to close by May 31st per our contract. As of today, the appraisal has been ordered, but not done. That leaves 7 business days to get it together. I have my doubts. This will make you feel better:
-I haven't packed (although 75% of our stuff is in storage)
-I haven't given notice on our apartment (they require 15 days, we have to break our lease) I also have not given notice to have our rental furniture picked up or on our storage unit which requires a move-out notice.
-I haven't booked movers (although I have talked to a couple of companies and got quotes) Of course, I can't book because I don't know WHEN we are really closing.
-No work done yet as far as changing utilities here or at new house.
You see we were less than 10 days from closing on our last house and the deal fell through. It did not appraise and there were no negotiations and we walked away.
So, you have time. But definately get a plan and a to-do list together.
It really just depends on your lending. My appraisal was done a little over a month before I closed and had nothing to do with my closing being delayed. I had a 45 close date on my contract and we ended up exactly one week late.
Thanks!
First off, I am not trying to scare the pants off of you. This is new information for a lot of people and this situation is kind of rare. We went all the way to the end of the underwriting process, and when the bank's appraiser went to find the value of the house...they use comparable (comps), recent sales of similiar homes in the area and value the house you are buying compared to these other comp sales. For instance,a house down the street sold for $88 per square foot and the house you are buying is at $120 per square foot, the appraiser will examine the differences between the two and set the appraisal probably somewhere between the values. What happened in our case is that our appraisal was $45k less than what we were buying the house for and after 2 other appraisals that were also low and no negotiation from the seller who happened to be a builder, we walked away from the deal. I can't tell you how disappointed we were, but life goes on and we found another house and hope that our appraisal goes smoothly. We are still waiting for it to be done.
You will be fine, you have lots of time and hopefully you pass appraisal way sooner than ours seem to be scheduled. It looks like many here go through appraisal much earlier in the process than it seems to be happening for us.
Luckily you didn't budge and sink cash into that house without the equity to show for it! I'm assuming you had an appraisal contingency and got your deposit back? We went into the deal with our house knowing that if it didn't appraise at the sale price and the seller wouldn't give it to us at the appraisal price that we would move on, no matter how close to closing it was.