After I posted about the hassles of buying a house, we were able to find a house.
- March 15, 2010. We saw the house in the afternoon and made an offer $10,100.00 over the list price that evening. We did this the day the house was listed. Even in a housing “slump” the banks list property lower than their selling price and collect offers, taking the highest and best offer first. We waited 5 days for the bank to collect offers.
- March 22, 2010. The bank countered our offer and we accepted the counter. Close of escrow tentatively set for May 25, 2010.
- March 30, 2010. We received mortgage approval.
- April 5, 2010. The appraisal was conducted and the value matched our offer.
- April 6, 2010. The appraisal was accepted by the Mortgage company.
- April 12, 2010. The home inspection was conducted. Overall, the condition was good but there was one issue that could potentially be a major issue.
- April 15, 2010. We decided that the issue was something that wasn’t a deal breaker and decided to complete the purchase of our house.
- Our loan processor who was on vacation was grounded in Germany and unable to return to the US due to a volcano in Iceland. That didn’t stop Mortgage from moving forward with our loan.
- April 27, 2010. We signed the final paperwork with Title.
- April 30, 2010. Scheduled Close of Escrow.
It seems that the same games that were played before the housing bubble burst are still being played. Unfortunately, most of the homes on the market are bank owned, but our process has been much faster than most. Most houses take more than 90 days start to finish to close and short sales can take up to a year.