We finally closed

We finally closed

Joined: July 3rd, 2011, 4:16 am

February 25th, 2012, 4:36 am #1

Hey guys,
We finally closed on our new house here in NW Florida........
I have to tell you the banks in the US are out of control, I don't know how it is in the rest of the world, here... it's just awful.
We put down approx. 70% of the asking price in cash and I decided to finance 30% so as not to impact my investments and retirement funds.....it took 6 weeks and God knows how much documentation to get the deal done.
The bottom line is we finally "got er' done" now I am ready to tackle that new F4-U4, no more P-51's, 109's...OK Spits are OK.

Regards,

Mike-Santa Rosa Beach-Fl.
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Joined: May 24th, 2008, 5:07 pm

February 25th, 2012, 6:20 am #2

Our first attempt with Bank of America stalled after a couple months..they strung us along for weeks (soaking us for application and appraisal fees) before telling us it was a no-go because my wife had a bunch of crap on her credit record from a bankruptcy several years ago. It took us months to get all that cleaned up, then we went to a local credit union. Even then, it took nearly six months to finalize the deal. Every time we thought we were close, the underwriters would suddenly need new/updated documentation on something that would set things back another couple of weeks.

Fortunately we were living in the house the whole time (renting.) Our landlord had purchased it in 2006 and completely refurbished it, intending to "flip" it for a quick profit. Unfortunately for him he put it up for sale in the spring of '07, right when the bottom fell out of the market. After several months with no offers, we agreed to rent the place for a couple years until we could get a down payment together. We didn't expect the actual buying process to take another year-and-half.

We got a great deal, but unfortunately our landlord (a good friend of mine) barely broke even, since the house had lost 30% of its value by the time we closed.

This is the first time I've every purchased a home, and granted we probably did just about everything wrong..but still, I hope I never have to go through this nightmare again!

SN
Last edited by bcnewsdude on February 25th, 2012, 6:27 am, edited 1 time in total.
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Joined: June 11th, 2005, 3:19 pm

February 25th, 2012, 7:37 am #3

Hey guys,
We finally closed on our new house here in NW Florida........
I have to tell you the banks in the US are out of control, I don't know how it is in the rest of the world, here... it's just awful.
We put down approx. 70% of the asking price in cash and I decided to finance 30% so as not to impact my investments and retirement funds.....it took 6 weeks and God knows how much documentation to get the deal done.
The bottom line is we finally "got er' done" now I am ready to tackle that new F4-U4, no more P-51's, 109's...OK Spits are OK.

Regards,

Mike-Santa Rosa Beach-Fl.
pain in the arse for they people they should have been making loans to to begin with.

Rediculous.

70 percent down HOW THE HELL CAN THEY LOSE? NOBODY puts down 70 percent. Yet, they're making 90 percent loans every day to people who'll never pay them back...

the idiots...
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Joined: February 27th, 2006, 6:25 pm

February 25th, 2012, 2:00 pm #4

by uncle sugar wasn't it?
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Joined: April 21st, 2005, 4:12 pm

February 25th, 2012, 3:07 pm #5

the same letter? The banks/bankers pulled the wool over the government's eyes and pulled off one of the greatest heists ever. If anyone actually believes the banks aren't benefitting from forclosures then I've got a bridge to sell you.
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Joined: March 1st, 2009, 4:06 am

February 25th, 2012, 4:23 pm #6

by uncle sugar wasn't it?
for looser criteria in home lending. They did it to themselves, and they are still benefitting.
Remember the USS Liberty
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Joined: November 5th, 2005, 12:34 am

February 25th, 2012, 5:16 pm #7

blame the weather; just don't blame those sweet, warmhearted bankers who have everyone's best interest at heart...SNORT!!!

Cheers,
Roy
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Joined: November 5th, 2005, 12:34 am

February 25th, 2012, 5:19 pm #8

Hey guys,
We finally closed on our new house here in NW Florida........
I have to tell you the banks in the US are out of control, I don't know how it is in the rest of the world, here... it's just awful.
We put down approx. 70% of the asking price in cash and I decided to finance 30% so as not to impact my investments and retirement funds.....it took 6 weeks and God knows how much documentation to get the deal done.
The bottom line is we finally "got er' done" now I am ready to tackle that new F4-U4, no more P-51's, 109's...OK Spits are OK.

Regards,

Mike-Santa Rosa Beach-Fl.
Christen the place well, even if you've been living there for years.

Cheers,
Roy
Last edited by rcstevens on February 25th, 2012, 5:20 pm, edited 1 time in total.
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Joined: October 7th, 2007, 4:55 am

February 25th, 2012, 5:23 pm #9

the same letter? The banks/bankers pulled the wool over the government's eyes and pulled off one of the greatest heists ever. If anyone actually believes the banks aren't benefitting from forclosures then I've got a bridge to sell you.
nt
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Joined: October 7th, 2007, 4:55 am

February 25th, 2012, 5:29 pm #10

for looser criteria in home lending. They did it to themselves, and they are still benefitting.
nt
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