• Hello there guest and Welcome to The #1 Classic Mustang forum!
    To gain full access you must Register. Registration is free and it takes only a few moments to complete.
    Already a member? Login here then!

I'm buying my first house

"JeffTepper" said:
Usually your offer contains a provision for the close of escrow either a date certain (ie: 30 days, 45 days , etc., from acceptance) or a set number of days after the occurance of a contingency (ie: 20 days after sellers' bank approves the deal). Usually the sellers' bank is not consulted unless it is a short sale in which case the sellers' lender must agree and this can take some time depending on the bank. Make sure that your real estate broker rides herd on that point as well as all the other contingencies and approvals as your lender's commitment to give you a mortgage usually has an expiration date on it and could be a problem if too much time passes. Read your contract papers and make sure your broker explains everything to you to your satisfaction.
Click to expand...

Ok, it's 30 days after acceptance. It is a short sale, but the selling agent has said that the bank already approved the sale to a buyer who backed out. We're told the buyer was transferred to San Diego--I'll have to ask my agent how confident we are of that explanation. I'm a little concerned there may have been another reason.
 
Congrats, Frank!
Nice looking house and nice little yard. When can I bring the kids over? :thu
 
"crustycurmudgeon" said:
I'm a little concerned there may have been another reason.
Click to expand...

Maybe it was that rotting mailman corpse odor coming from the right rear corner of the yard? Just saying another sniff, sniff might reveal something.

"blu67" said:
Congrats, Frank!
Nice looking house and nice little yard. When can I bring the kids over? :thu
Click to expand...

Oh there goes the neighborhood.
 
Sorry Frank for the late entry, but this is awesome news!!!!! I remember my first house, it was very similar to yours and I had so much fun with the yards, building cars and such....Now I am just overwhelmed with 5 acres and a huge garage full of stuff!

Now I need to build a shop so I can work on the stuff piled up!

Anyway, good for you, you will love it and the commute is worth it to be able to do as you please in your own home. I'm sure you will have great neighbors and be able to have loads of fun times there.

Hollister is a nice town, I have some friends there.

Mel
 
Congrats frank.

Joann said now that you have a two car garage....you need another Mustang. :thu
 
Congrats Frank. When's poker night? Hollister is a nice little town. A few years back I spotted a P51 at the airport called "Valhalla."
 
"DEL65" said:
Congrats Frank. When's poker night? Hollister is a nice little town. A few years back I spotted a P51 at the airport called "Valhalla."
Click to expand...

I was thinking about that. Chris, do your kids play poker?

Frank
 
They've already begun to creep up around here. A few months ago, I was looking at homes in Gilroy and found several in my price range. After I got pre-approved, there were no more affordable homes in Gilroy, the mean price had gone up about $50,000 in one month. I had to move my search a little further south. I think it's because of the investors. Also, there's very little inventory available now.
 
Yes they are creeping up, anyone that is still waiting for the market to bottom out has already missed an opportunity
 
Nonsense. I hear there's some cheap properties along the NE shoreline (e.g. NJ, NY...)
 
We were supposed to close next week, but it looks like I'm on the hook for replacing my roof before the buyers can insure the house. I'm losing my ass on this place.
 
"lethal289" said:
See, i like the security of the longer term, The interest may be a tad higher, but if you can afford the shorter term, why not get the longer one, and make the shorter terms payments or more, when ever you can. It really is amazing how fast they come off the back end.
Click to expand...

I've always done the same thing. Paid an extra $20 one month, extra $50 the next, etc. It will take years off your payment.

That said, I just recently refinanced my mortgage. We had 25 years left on our 30 year note. Rates had gone down so now I'm paying off the same note in 20 years and my monthly payment went up a whopping $2 per month. I figure the extra 5 years of payments on the old note was basically interest.

Just paid the first payment on the new note yesterday. Plan to start paying extra principal next month. We haven't had a car payment in years and don't plan to ever have one again...now I want to get rid of the mortgage debt...I hate debt.

Congrats on the new home purchase!
 
Best advice right there. Pay a little more each month.

I should have my house paid off in just over a year. :thu
 
Yep house prices have been increasing steadily here!! Congrats Frank!!!

That commute is nothing I have an hour commute into the City every day.
 
You must log in or register to reply here.
Back
Top