Post # 1
I was so naive thinking that the home buying process would be easy. Silly, silly deceptive HGTV!
We listed our house for sale and got two offers right away-score! Weeks later, after we put an offer in, our buyer’s financing fell through! Then we relisted it, got more offers, went with the original buyer when she got new financing but needed more for closing. Ok, that’s a loss but at least we saved having another inspection with more contingencies.
House we are buying is a flip and the owner didn’t pull any permits for the electrical work or anything. Big headache, which actually ended up working in our favor because we requested after the fact permits and there was a ton of stuff the city required that we won’t be liable for. Yahoo!
We are moving to a new state. I wanted to find a job ASAP. Luckily I found one that pays more and is mere minutes from where we will live and I start the week after we close, yippee!
Except, the bank doesn’t like that. Now we don’t even know if we will be closing tomorrow because they did a final employer verification today and my current employer told them it’s my last week…ugh!!
So stressed out! Our broker is trying to figure out a solution, but we are packing up the truck tonight with no where to go…I just can’t wait for this whole process to be over!
Anyone else have some home buying nightmares?
Post # 3
@kmarie719: Yikes! I think the fact that you have a home to sell and you’re moving to another state definitely complicates things. Is there any way you can have your future employer write a letter to the bank? Hopefully your broker will be able to figure something out. Best of luck!
Post # 4
@kmarie719: I have no advice but I can relate. It took 3 months longer than it should have to close on my house. The previous owners were behind on getting things inspected as they completely gutted and remodled the house. I was very upset because at that time i was living in the city surrounded by drug dealers and shootings. Those were perhaps the longest 3 months of my life.
Post # 5
@Glenda_the_good_witch: Ugh that sounds awful, glad you were able to close and get out of there!
Basically, if I didn’t get a new job it wouldn’t be an issue closing tomorrow. But my commute would have been 2+ hours each way, and it’s hard to find a job in my field where were are moving to, it really would have been crazy to pass it up!! Who knows how long I would have had to keep this job.
I forwarded my signed offer letter which states my start date, annual salary, and bi-weekly pay, I am hoping that will be enough for them. It’s just not the kind of stress you want the day before!!
Post # 6
I used Provident Funding and they were really good: we managed to get cleared to close 2 weeks after our offer was accepted.
We are currently playing the waiting game as our contract states a close date of Mid August
Post # 7
I will take all of the positive vibes I can get 🙂
Post # 8
Yeah, changing jobs before closing (or even giving notice before closing) is on the Big List of Things Not to Do while buying a home. Hope it all works out for you!! Hopefully the bank will be ok with the verification of your new job offer/salary. I know what a pain in the butt all the verification can be!! I changed over from contract to permanent at my job when we bought last fall, and had to jump through similar hoops!!
Post # 9
I purchased my home right at the beginning of the crazy housing market boon. Houses would go on the market and get several offers the same day and the sellers made a decision the next day. Every contract had an escalation clause to bid, bid, bid against another contract. I had already made 2 offers on homes and was beat out.
I finally found the house of my dreams. It came on the market on Saturday and already had one offer by the time I walked through the door. My realtor the seller we were writing an offer and he said they were making a decision within 24 hours. We got the offer in that afternoon and Sunday I got on a plane to go to Arkansas for work.
When I got to Arkansas I talked to my realtor and I had gotten the house. Then I proceeded to do everything that needed to be done from 1000 miles away. I wore out my cell phone and the fax machine at the Hampton Inn getting everything in place.
I never want to go through that again. LOL
Post # 10
@kmarie719: O-M-G…I definitely understand. Just bought one in March and it was a nightmare as a whole. They not only got job verification, but actually called my job and asked to speak to my boss! Then, the teller had to sign and date each freakn page of my checking account statement; imagine the look on her face when I made that request. Plus, then ran my credit each step of the way, annoying. The worst was not being able to spend any money because they want to see I had the full closing cost in my checking and savings at any given time…It took 4 months to close.
I feel your pain and I understand where you are coming from. Worst case scenario, rent for 6-1 year and then buy. This way they can get verification at your new job. You should be able to let them know that you now have a new, higher paying job and give them the contact. They just hate when you switch jobs though, buy anything new, open a new account, etc. They like stability, so that’s why they are giving you a hard time. Hang in there though; it all works out well in the end…just an annoying process to get there though.
Post # 11
One of things I always advise clients to do is not to make any major changes during the loan approval process. Don’t buy anything and certainly don’t change jobs. This is easier said than done when people are moving out of state and starting new lives. Lenders do have provisions for this and there should be some documentation that can be provided by your new employer to convinec the lender. Good luck – once this stressful period is over I’m sure you’ll find much happiness in your new home & life. It actually sounds like many things went smoothly for you up to this point so be thankful for those bright spots 🙂
Post # 12
I agree buyng a house is VERY stressful. My FI and I are in the process now and I never realized how much actually went into it. Theres been alot of back and forth with the sellers. We started the process almost 2 weeks ago and hopefully by early next week we can go to the bank and apply. I would NEVER want to do this again unless it was absolutely necessary. We’re planning on staying in this house forever. Once it is all said and done i will be so happy and will only have to stress about our wedding. Lol