Ok So My crazy bone is showing….

I went to see a home yesterday and then immediately put an offer on it, without even approval for the Mortgage.

I actually went to see two homes.  The first was a typical short sale…Home not clean, carpet was Destroyed by pet stains and chewed marks…I would absolutely have to have it removed and retiled and a wierd and suspicious water stain all over the ceiling.

Second home had all the “upgrades”  and was meticulously maintained.

Both the same price.  So I offerred on the second one.

At 7 pm my Mortgage broker called and told me I was getting what they call a “Priority Approval”  for the Mortgage I was requesting.  I am not sure if this is a good or bad thing, but maybe Anne knows.

Unfortunately the home is a short sale.  So….Even if I offer the full purchase price, I may not get it.

It really is a perfect size for me and has the things I was looking for.  Tile throughout the first floor (No more Dog hairy carpets!!!!!!!)  tons and tons of counter space in kitchen.   A gated and safe neighbourhood…

And My Payments would be less than my rent.

Now….that all that was done so quickly…I now must sit and wait.  Short Sales are Messy Messy.

And Yes Anne  It is with WF.  the former name of that place has always done so well for me that I decided to continue that there.

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8 thoughts on “Ok So My crazy bone is showing….

  1. You’re not crazy for offering on a house that’s on short sale. I do hope you get this house. If not, I hope you have a plan B set and ready to go. “Priority Approval”, not exactly sure what it is, but as a former RE agent, I’d guess it means you were put to the top of the list for approval and that **might** help you to get the house over anyone else. (If there is anyone else). Your credit record must be very good to get that priority approval, Bravo! With all the foreclosures on the market, you’d think short sales would be unnecessary; that banks would want to get rid of homes as fast as they can.
    I have to admit, I don’t have the stomach for long-drawn out deals like this one. If I’m in the market for a house (I’m not) I’d want to go for a house that I know I have a better than 60% chance to get. I commend you for your courage; I just don’t have that level of courage or patience. Waiting for 4-6 months to learn if I got a house or not, it would drive me batty.

    Good Luck!

  2. Best of luck! I hope everything goes smoothly. It sounds like a great place. Having a shedding dog I can definitely relate to having tile over carpet. Its so much easier to clean. Cooler too in the summer months.

  3. Anne says:

    Sorry – can’t get logged in, but it is me … Anne. And yes, what you’ve gotten is our “Priotity Buyer” approval. It is a system generated approval that our loan processing system gives. Essentially, you are good to go now unless something shows up in your documentation that is drastically different than the original information you gave your mortgage consultant. In this day and age, it’s not easy to get that up front approval so congratulations!!

    And yeah. Now it is hurry up and wait. My advice now is don’t make any major purchases that could affect your credit score (e.g. furniture, a car, etc). That is the number one reason I see folks loose their approvals. Deeding on how long it takes to close it may require an updated credit report to be pulled. If your debt and/or score change too much it can screw things up. Wait until after the loan has funded and you’ve got keys in hand. 🙂

    I’m sending good haapt house thoughts to you! Feel free to email me if you’ve got other questions for me. And of course, don’t hesitate to contact your mortgage consultant, too.

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