Current Events > The home buying process is annoying.

(+) Yeah! (+)

Like so far everything has gone fine. Offer accepted, contract signed, inspection is tomorrow.
But I'm still stressed out about it non-stop. I just want it to be over.

Only thing sort of up in the air is the mortgage because I haven't figured out who I am going with yet. Maybe I will calm down after that's settled.

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agreed, it's basically like buying a car only instead of it lasting for an afternoon it lasts for 30+ days. we did a 60 day close and even though it all went smoothly, it was stressful

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How'd you get a contract signed without a mortgage already lined up? Also why did YOU sign a contract before the inspection?

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s0nicfan posted...

How'd you get a contract signed without a mortgage already lined up? Also why did YOU sign a contract before the inspection?

if a house doesnt pass inspection the owner of the property still has to fix all of the issues mentioned and if they dont or you dont agree then you can back out.

s0nicfan posted...

How'd you get a contract signed without a mortgage already lined up? Also why did YOU sign a contract before the inspection?

you just need a pre-approval to put an offer on a house. also you are under contract as soon as your offer is accepted, but you can drop out of the purchase any time before the inspection period with no penalty.

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s0nicfan posted...

How'd you get a contract signed without a mortgage already lined up? Also why did YOU sign a contract before the inspection?

Offer/contract is contingent on inspection.

And I am approved for a mortgage with one company, but I think I can get a better deal if I end up going with someone else in the end.

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DuranOfForcena posted...

/humblebrag

I promise I am not humblebragging about buying a $66,000 house in rural Ohio.

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Ex-Kefiroth posted...

Wow. you can still get a house for <$200k in this country?

Of course, if you're ok living where no one wants to with nothing worthwhile for great distances.

ocelot51 posted...

Of course, if you're ok living where no one wants to with nothing worthwhile for great distances.

I agree that urban areas suck, but he was talking about cheap places.

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It's stressful until your first payment.

Had the inspection today.

Biggest issue was a beam in the basement with termite damage but the inspector couldn't tell if it was old or recent, so getting someone else to look at it. The inspector did say the amount of damage there didn't ruin the integrity of the beam.

Also water gets in the cellar when it rains a lot, but I knew that. It's an old farm house so it is sort of expected. But there are things I can do to alleviate it.

There were some other smaller issues but neither the inspector or realtor seemed that bothered by anything they found.

This whole process is driving me crazy.

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s0nicfan posted...

How'd you get a contract signed without a mortgage already lined up? Also why did YOU sign a contract before the inspection?

The mortgage company typically isnt chosen until shortly before closing. You lock in the rate before then however.

Also, everybody signs the contract before inspection. After its done you make some demands for further repairs and go from there.

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From the time our offer was accepted until the day we closed was like 53 days or something like that. I was not able to relax until the keys were in our hands. Congrats and itll all be worth it.

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Ex-Kefiroth posted...

Wow. you can still get a house for <$200k in this country?

Most of the country in fact
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The most stressful part for me has always just been getting the documents all squared away to get preapproved for the loan, once thats done its cake tbqh. Anything found in the inspection or appraisal you can get the seller to pay for, or just back out.

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My mortgage company sucks dick and almost screwed over me and the seller by being slow and indecisive (multiple last minute calls for various documents, like a scan of my fucking SSN card four days before the planned closing date)


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You'll get used to it and think it's like any other thing by the time you sell this one and buy a bigger house. It isn't so bad.

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I sent my dad the inspection and he basically had a melt down "Don't do it. Back out. You're not gonna get your money back on this house. I don't want you to get hurt." and other melodramatic things. I could predict him saying this about literally any house I see. My brother said he said the same things about his two houses which were both super nice lol.

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So I decided to go with my local bank over Quicken for my mortgage. Even though the process has started people said I still have time to do that. So I told Quicken I wish to not move forward with them and the guy seemed dumbfounded like he couldn't imagine why I would switch. My bank is offering me a lower rate, which he said he would match - then why the fuck didn't he offer me that rate in the first place??? But closing costs with my bank are literally half of what they would have been with Quicken. I am not sure why saving thousands of dollars was so hard for him to understand.

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I had to do $3000 in repairs on a old house before one place would lend me a $100,000.

I was like "if I had a spare $3000 I wouldn't be asking for a loan", so I backed out.

And I lost about $400 for the house inspection.


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Not that anyone cares, but I need a beam inspected because it has damage in the basement and I need to know if it's serious or not. Septic inspection is on Monday. After that is done I will present a list of requests from the seller.

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