Post # 31
What you’re saying isn’t at all how the mortgage process goes. A down payment is made at closing not upfront. The bank orders the appraisal not you and it wouldn’t be completed before being under contract. A final inspection is for required repairs listed on the appraisal and isn’t the same thing as a home inspection. You appear woefully uninformed about the homebuying process so your parents apprehension appears to be founded.
Post # 32
Check to all of the things you mentioned. We had our contract looked over by an attorney and it is in a check, pending the apprasial and inspection.. although upon family examining it (not certified inspectors, but in the industry) have seen no site for it to fail and the last apprasial was done 3 months ago so we are due for it to be re-done for the sake of the loan. Our loan DOES NOT require an inspection, but I requested it for my sake of mind. I would say most likely ours is different… this was a for sale by owner instance and we knew the sellers (very small town), Future Mother-In-Law is handling the closing so we are actually able to have a lot of fees waved that way (including the attorney as we are using her firms) so we should be closing by the end of this month.
Post # 33
Even with your FSBO status and your Future Mother-In-Law handling closing, you will still have to go through Appraisal, Inspection, and Underwriting to be able to get the money loaned to you by the mortgage firm/Bank.
We also had a Pre-Approval in hand when we were shopping for our home, and then when we went under contract it was an entire different ballgame. I hope your homebuying process is as easy as you are expecting… but don’t be surprised if you are thrown a few curve balls…
Post # 34
Do you mean you gave then an earnest money deposit? Good luck with this. I hope it turns out how you hope it turns out, but as PPs have mentioned, what you’re describing isn’t how it works. I’m starting to think you’re parents might be trying to look out for you because based on this thread, you seem to jump into things (like, really really big things) without doing your homework first.
ETA: I don’t know anything about your family. It’s not really fair for me to say maybe they’re looking out for you. It’s possible for you to jump into things AND for them to be toxic and intrusive. So please disregard what I said about that, but I do encourage you to look into the home buying process some more.
Post # 35
Let’s all stop assuming the OP is incompetent and naive, shall we? We don’t even know where she lives to know what the rules are there. Kind of funny that the issue was her parents pushing their opinions, and now everyone is doing that. It’s between the OP and her fiance, not us and not her parents. OP you don’t have to tell anyone anything until you’re ready. Your parents will get over it eventually.
Post # 36
Except the issue is her parents pushing opinions when they weren’t asked for. OP asked for opinions by opening this thread. Naturally, over the course of time and more information being given, the opinions of Bees can evolve and expand.
OP, just do your due diligence so your parents can’t say “I told you so.” If you trust your Future Mother-In-Law, far be it from anyone else to guide you along. Congratulations on the house, glad it’s working out for you! Great Christmas present to yourselves, for sure!
Post # 37
MsPlucky and nonablu :
Appreciate your comments as well as other PPs… I appreciate the concern in the process of this, however if other bees do want assurance (not that I’m sure any will loose sleep over this) we are dotting our I’s and crossing our T’s before officially closing. We do live in an area where this is not an uncommon process in this situation, like I cannot stress enough how many people sell land/homes/etc without going through what some may seem “official” channels, but in the end we are LEGALLY protected and every step is throughly taken care of.
It is exciting, we’re letting my parents know tonight. They have concerns as a parent, which is understandable it is just SO difficult to discuss anything with them because they have and are always on that “if you don’t do it how we suggest, then its just the wrong way completely” no negotiating. The way my parents have brought up their concerns and advice/expertise because it is obvious they have more experience than we do, but like some PPs they treat us as if we are stupid and incapable of thinking like an adult.