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To the OP:
You will lose much sleep between now and Nov 15th (or 30th).
The loan process is not simple. No one is on your side. Put pressure on anyone you can to move things faster. Bluff your mortgage broker that you might walk from the deal.
Also, I will reiterate what some others said: A flipped house should be purchased with extreme caution. Ever watch DIY network (or that other one?) with the 'Flip That House' show? Flippers cut all sorts of corners (the ones in the show are probably not even the worst out there).
Uh, the 90 day rule requires that you can't have an accepted contract until the 91st day. How can you already be doing the appraisal?
I was going to say the same thing. This was my understanding. Get the contract extended till November 30th and make sure all documents are dated after November 5th.
Uh, the 90 day rule requires that you can't have an accepted contract until the 91st day. How can you already be doing the appraisal?
I was going to say the same thing. This was my understanding. Get the contract extended till November 30th and make sure all documents are dated after November 5th.
I was going to say the same thing. This was my understanding. Get the contract extended till November 30th and make sure all documents are dated after November 5th.
This is what we're doing. Appraisal will be done after the 5th, sorry if I wasn't clear. I just found out that we don't even have rates locked in yet because we have to wait until after the 5th before we have the contract. Is that ridiculous? I feel like we don't really have any control.
The mortgage broker we're using seems to be slow to reply to questions and doesn't update me as much as I like. I'm just waiting to see how the appraisal goes, I'm willing to walk away from the house if need be. It will be devastating as we love the house, and we will have to look for another place to rent asap, but I don't want to let emotions cloud our judgment.
As for flipped houses, I agree they are risky as well. The inspection was done by a reputable company though, we have no choice but to trust in what they say....
This is what we're doing. Appraisal will be done after the 5th, sorry if I wasn't clear. I just found out that we don't even have rates locked in yet because we have to wait until after the 5th before we have the contract. Is that ridiculous? I feel like we don't really have any control.
The mortgage broker we're using seems to be slow to reply to questions and doesn't update me as much as I like. I'm just waiting to see how the appraisal goes, I'm willing to walk away from the house if need be. It will be devastating as we love the house, and we will have to look for another place to rent asap, but I don't want to let emotions cloud our judgment.
As for flipped houses, I agree they are risky as well. The inspection was done by a reputable company though, we have no choice but to trust in what they say....
So you even paid for an inspection without a contract? You are a gambler . There is also a risk that another buyer could come in with cash or another loan that does not have to follow the 90 day rule. If I were the flipper, I'd want to sell ASAP to minimize costs and not gamble on waiting to the end of 90 days to sell. However, since deadline is up soon, probably not a real issue for you now.
@ Chet Everett - The question I posed was as it was - a QUESTION - Not trying anything 'creative'.....just trying to get some knowledge on the situation....because I did not know how it worked....thanks for the link anyhow.
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91st Day
. There is also a risk that another buyer could come in with cash or another loan that does not have to follow the 90 day rule. If I were the flipper, I'd want to sell ASAP to minimize costs and not gamble on waiting to the end of 90 days to sell. However, since deadline is up soon, probably not a real issue for you now.
