When did you feel confident you're closing? (contingency, documentation, appraisal)
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Hello, at what point during the home purchasing process did you feel confident enough to set the wheels in motion of making the dream a reality and actually prepare for moving (i.e, packing, hiring movers, in my case breaking a lease on my rental, getting homeowner's insurance, registering for daycare and withdrawing from the current one, looking at furniture, preparing to get rid of some, etc....)
I am now in Underwriting (or so I think). Appraisal came in this week at value and per LO, the processor would submit to UW within 48 hours. I don't know when I am getting a response. I have preemptively provided all stipulations relating to income documentation to the loan officer / processor. The title work has been ordered this week. Going for a conventional loan, good credit, and up until now the only thing that had me concerned was that the appraisal would be low (it came in for exactly the purchase price). I'm just looking for some assurance since closing is scheduled for exactly a month away and there's no sense of certainty this is 100% going to happen. Thanks.
Thanks. I understand as a home buyer that there are always risks inherent with obtaining a mortgage amongst other things for closing to be successful but I have to assume other buyers in their experiences have already prepared to do the things I mentioned above days, weeks, if not months in advance of the closing date and not wait post closing. Trying to gauge based on others when they felt the commitment was strong enough to move forward with planning a move (absent of a real commitment letter which may come too soon before closing date and not adequate lead time to prepare moving.
There definitely needs to be more of a "commitment" from lenders with a significant lag time until closing so buyers/sellers can make proper moving arrangement without the risk of being hung out at the last minute.
I felt confident when I finally had the keys in my hand and opened the front door...no kidding. I am a paranoid worrying type. real Murphy's law type of guy.
Hello, at what point during the home purchasing process did you feel confident enough to set the wheels in motion of making the dream a reality and actually prepare for moving (i.e, packing, hiring movers, in my case breaking a lease on my rental, getting homeowner's insurance, registering for daycare and withdrawing from the current one, looking at furniture, preparing to get rid of some, etc....)
I felt confident the day of closing, we signed the last paper and the closing lawyer said, "ok, we are done, have a good day".
As for getting homeowner's insurance, that must be done before closing.
As a home seller, I worried the entire time about closing, because we are expected to be completely moved out of the house by closing. We were planning to downsize and move out of state, so we sold a lot of our furniture, packed up our lives into a truck and sent it out of state.......... only to find out closing would be delayed........ and delayed again. We slept on air mattresses at a relatives house for 9 days waiting to sign. Talk about stress!
That was a week ago, now I'm on the buying end and closing is a little over a week away. We are fully approved pending appraisal because it took over 2 weeks just to find an appraiser and when we did, they couldn't do it for another two weeks, so the entire process is only waiting on appraisal. At this point, I'm sure all parties are confident it will close since underwriting approved in less than 48 hours.
I am confident enough to pack up most of my house now and I booked the movers for the day before closing, but not confident enough to sell the tractor yet. It won't be 100% until I have the keys in my hand.
I would feel confident after the mortgage contingency has been met which is usually the last and biggest hurdle then it is just a count down to the closing.
I would start packing the things you don't need in the immediate future. As the closing gets closer keep packing. If for some reason the buyer flakes you have the option to keep the deposit money for your troubles. Then the house goes back on the market and due to your pre packing the house is tidier and you won't have to do as much work when it goes under agreement again.
I used to be in car sales and I never counted any sale until the car was "over the curb and burning gas" and then I still held my breath for about a week after that. I am now in real estate and I don't count anything until my check is cashed and I still hold my breath. I know of one case which happened to a fellow realtor where after the closing the whole deal fell apart due to a major title problem that was missed by the attorneys and the monies had to be returned but that is rare.
We did have a deal that was delayed due to paperwork not in order and we had another that was delayed due to a crack in the ceiling that had to be repaired before closing due to the nature of the loan. Once again rare happenings.
As a realtor, almost anything can make a deal fall apart.
That said, start packing!
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