[MovingtoLV]

We put in an offer on December 17th and it was accepted on December 19th.

We are putting 20% and have good credit and a good work history. We were required to put nine months of reserves in the bank.

We have been waiting for two months. Is this common?

We are suppose to close on Febuary 25th?

[Daddys///M3]

No, not common although it does happen. I'm curious about the nine months of reserves, is this a jumbo loan? Is there any info about this loan that I am not aware of that might be complicating the process? What has your loan officer told you the hold up is?

[MovingtoLV]

We have to buy the house as a second home since we are currently in Minneapolis and do not have jobs in Vegas.

The nine months reserves were because we own three properties.

[mjjudd]

I bought my house last year. Offer was accepted in May, closed in mid-August (would have probably been Sept if we did not push it). Delay mainly had to do with the escrow company.

Be sure to keep in steady contact with your realtor, and definately call the escrow company yourself as follow-up (the last week before closing, my wife ended up playing mediator between the escrow company and my loan officer.. escrow company kept saying they didnt have this or that...ugh). Turned out my loan officer changed from when I received my loan and closing, and the previous loan officer did not send the necessary documents to the escrow. That said, the escrow company also makes a difference. My house was under Harmony Escrow, which from what I have read is notorious for their slow transactions since they do most of the freddie mac/fannie may homes and have plenty of business.

[Eyes]

Depends on what kind of sale ..
After more than three months the sellers bank wanted 25% more than the originally "accepted" offer.
We declined.
We begin again.

[PugMom17]

Consider yourself lucky. We are in escrow on a new home in Vegas that was built 4 years ago and supposedly never lived in. The builder did not give us any of our concessions and we still accepted because we liked the location and the house, etc. Since playing hardball and going into contract with us, the builder lowered the price by 100's of thousands on it's other remaining houses. One that was listed for a million is now $719K. We haven't closed yet and it just appraised for only $5000k over what we agreed to pay for it. We feel sooo ripped off! At least you get to start over. I believe as many others on this board do, that the Vegas housing market has not hit bottom yet and that prices are going to get lowered even more. Look at this as an opportunity to find something better.

[olecapt]

Originally Posted by PugMom17

Consider yourself lucky. We are in escrow on a new home in Vegas that was built 4 years ago and supposedly never lived in. The builder did not give us any of our concessions and we still accepted because we liked the location and the house, etc. Since playing hardball and going into contract with us, the builder lowered the price by 100's of thousands on it's other remaining houses. One that was listed for a million is now $719K. We haven't closed yet and it just appraised for only $5000k over what we agreed to pay for it. We feel sooo ripped off! At least you get to start over. I believe as many others on this board do, that the Vegas housing market has not hit bottom yet and that prices are going to get lowered even more. Look at this as an opportunity to find something better.

YOu are actually doing pretty well. We often see appraisals well below list price.

If you like the house and location grin and bear it. If not hire a lawyer and escape.

YOu will be quite happy five years out I think .

[PugMom17]

Originally Posted by olecapt

YOu are actually doing pretty well. We often see appraisals well below list price.

If you like the house and location grin and bear it. If not hire a lawyer and escape.

YOu will be quite happy five years out I think .

I'm keeping my fingers crossed that you are right!

[MovingtoLV]

Looks like the house might be ours!

We got the COE extended due to never recieving the HOA packet of rules and such.

We will will see!!!