True, cb - our realtor is doing the final walk through on Monday then the closing is supposed to be Thursday. Hope your trip is going well and you’re able to spend time with friends and family and forget all this stress.
@coralbrook, any news? Has the new lender rushed the paperwork through?
Very uneventful day. No poop, nothing broken, no inspection failures!
All of the furniture, art and knick knacks were moved out on Saturday. House looks empty and boring.
Buyer’s loan came out of preliminary Underwriting with two more document requests and lender “reviewing” appraisal to approve collateral for loan. We should probably get final loan approval tomorrow. Hopefully Buyers will be removing final loan contingency tomorrow also.
I just have to go back and scrub everything clean this week. Hoping to close escrow on Friday. But then title and escrow will probably take their sweet time “processing” until next week to release my funds.
Boring and no events sound great!!! Hope you had a great weekend, cb!
I want to buy my next house from coralbrook.
I want to be able to afford to buy my next house from CB. And it’s always been our dream to retire to San Diego…but the real estate is simoly too costly.
The only parts of the house that are really dirty are the floors after lots of moving of furniture and messy footprints coming through the house. No matter how careful I am with felt pads on furniture and chairs and yelling at everyone that ever moves anything we always manage to scratch the brand new refinished floors. Those scratches become very visible when everything gets moved out. I just cannot figure out how to avoid it. I discovered that the big Shop Vac makes scratches too so now I make the guys wrap the Shop Vac in a blanket before it is allowed into the house.
Meanwhile my personal home vacuum has been captive over at the project for weeks - can’t vacuum my own house. Not that I’m busy cleaning at home… when you spend weeks on your hands and knees cleaning and re-cleaning for Open Houses, showings, clean up after repairs, I just don’t care about cleaning when I get home.
This morning’s update is that the Caliber Home Lending detailed appraisal review is complete. But now, of course, there’s some kind of tax transcript document still missing before they can submit Buyer’s loan package into Underwriting for final review and full loan approval. It’s just dragging on, as usual. Buyer is supposed to release full loan approval contingency today (already a week late), but we will see what happens.
Everyone is dreaming that the escrow will close on Friday, but I don’t see how that is going to happen. Even if Buyer gets full loan approval today there are pages and pages of loan documents that have to travel circles around the country, getting signed and returned before the lender will ‘fund’ the loan.
I’ve been waiting on your update. Egads this process drags on.
Tax transcripts are pretty trivial for the buyer to print right from the web. I can do one in about three minutes.
cb, sounds like our process - always one more thing to sign. We’re supposed to be getting our loan docs to sign today but it may be tomorrow at this rate. In theory our escrow is supposed to close tomorrow but I’ll bet it goes to Friday - we’re neck-and-neck with you! DH thinks there are too many fingers in the pie - everyone wants different verifications before they’ll clear. He’d much rather work with lawyers than escrow after our experiences selling our house and buying this one. Of course the mortgage process makes most of the difference. Luckily we’re in no hurry so just keep waiting for people to tell us what to do next.
OK, it’s now Thursday morning and we still don’t have full loan approval. The lender apologized that they could not get through Underwriting yesterday but evidently the huge mound of paper involved with Self Employed loan is a lot for the underwriter to go through. So, even if we get loan approval today I really doubt we are closing on Friday. So, I am resigned to an escrow close on Monday and this extra week has actually cost me close to $1,500 in more holding costs.
Meanwhile I am starting to search through the upcoming foreclosures and possible projects on the MLS. I actually went out to inspect a terrible little home in North Park yesterday. I received information from a wholesaler who is trying to sell a 3/1 that they bought directly from a homeowner. He held it open for 2 hours yesterday for investors. There were tons of men swarming this place and they were all big talkers, schmoozing the wholesaler on the sidewalk. I gave him my card when he was free for a minute and introduced myself.
Walked through the place and I definitely do not want it. I believe that this home may have been a gorgeous Craftsman at some point in it’s life because it was built in 1916. However, over time all of the original details were covered up or removed somehow, the exterior is a stucco box, front porch was enclosed (and probably the beautiful posts and porch details were covered up with paneling and stucco). The ceilings had been lowered with false asbestos tile stuff. Warren of little rooms. I just didn’t feel it - it would be a huge effort to rebuild it back to original charm. The home is surrounded by renovated Craftsman cuties on the street but I couldn’t even see one bit of original Craftsman in this house.
I overheard several conversations about gutting it and adding a second floor. Also heard that it will probably go for about $50,000 over asking price.
Just curious CB…$50,000 over the asking price for a full gut! What IS the asking price?
When the gentleman sent out an email to his private investor list with a preview offer to sell before he took ownership (wholesale, not on MLS) about March 31, his asking price was $485,000. He bought the house directly from the elderly owner for $400,000 and closed escrow on 4/2. I didn’t bother replying because I didn’t have cash or proof of funds to make an offer.
Then he listed it on the MLS at $499,000 about 4 days later. Not sure why he listed it, probably to try to get higher offer. I’m guessing someone will end up paying about $540,000 for it. I feel that the house will get about $650,000 if it can be fixed up and brought back to some kind of Craftsman style, but it will take a full $80-$100k of remodel funds. He thinks someone is going to add a 2nd story and square footage and then try to sell about $800k. That’s not me, no thanks 
cb, given that Quicken Loans cost you an extra $1500, maybe you and the seller want to collectively take them to small claims court.
I am nothing if not litigious. $-)
End of day Thursday and the lender has issued ‘final approval’. I believe that the Buyer will be sending full contingency release this evening. However, the lender will not fund the loan because they requested a tax transcript (with a release form signed by Buyer) five days ago and the IRS has not sent the tax transcript. It’s not the Buyer’s fault but I guess the IRS is swamped right now. I have no idea why someone needs to wait for this. A tax transcript can be ordered instantly on the Internet. But, they won’t let the Buyer produce a tax transcript, it has to be ordered by the lender.
I believe the IRS promises a tax transcript within 5 business days and today was the 5th business day. Hope they get it tomorrow.
Oh geez . . . Waiting on the IRS? Pul-eeze. Talk about something outside of anyone’s control. I hope the IRS takes their five-day rule seriously.
I have full contingency release this morning. I have no idea where the tax transcript is and it’s anybody’s guess when we are actually going to close this escrow. I’m waiting to see if the loan documents have been produced and are emailed to Chicago for the Buyers to notarize and return.
Getting closer!
I admit I don’t understand how it works, but this whole escrow process sounds a hell of a lot more complicated than any of the closings I’ve done with a lawyer.