Quick update on the house
I did not get it. Never got past round 1.
We submitted the offer around 11am Saturday and by the same time Sunday, got a call from my Realtor that the seller decided to go with another offer.
One thing that was good about this was we now know how to do the offers, based on HUD and the Washington State Housing Finance Commission work so that is a feather in our cap.
The other thing is, to have been able to go through with the sale, I'd have had to pay off the car, essentially have the funds on hand to show I have it (a good faith effort) and then give it to Escrow and they'll pay off the car as one, it reduces the paperwork, two, makes easier to track the funds, but the good thing there was I had time as we'd need to have it the time of closing.
The bad news, I don't know if I can do it since two of my sibs are struggling themselves, one is not sure if they will keep their house, or not, and have some funds that are off limits, the other, her husband has not had a commission since fall and she's having to foot the bill and she makes not a whole lot more than I do and friends can't contribute much and the car loan is still at $2347.01, roughly. If I could pay off the car right now (technically, I can, but that then removes the funds set aside for the minumum contribution ($500), the earnest money ($1000), and funds to pay the inspector ($400-450) so that still leaves me with $1900, roughly to scrape up.
Otherwise, I'd be eligible for up to $175K, if I can't, or chose not to pay off the car, it's $157K, and that appears to be a borderline price point for decent homes based on what HUD will want to see in a home to ensure its safety and livability from the get go.
One good thing about this also is I noted Sunday that there was a clause in the contract that sates that even if the deal does not go through (I think it means that as long as the seller backs out, or me up to a certain point) I don't loose the earnest money, and at this point, I hadn't paid it yet. This may be part of the new rules now, or a HUD mandated one since I'm basically buying the home on their funds.
Anyway, if the seller HAD gone with my offer then I think at that point, the earnest money is paid shortly after that and then I risk loosing it, I think. I'd have to dig up the contract and see but that is how I understand it.
So if I could not get the car paid off, I'd have had to back out so in a way, that was a blessing in and of itself that I didn't get that one. Besides, I now realize that I would be stuck with the place for a decade to rule out any consequences of selling early, that is, paying a percentage of the loan EXTRA back along with the loan and it varies depending on when I sell, if I did, now at year 10, all that goes away and I can sell at that point without penalties.
So that is where things stand there and this was the furthest I've ever gotten in 2 years of house hunting and that says a lot for my new lender and Realtor and the fact that a week after making the switch, boom, actually looking at, and making an offer on a house.
We submitted the offer around 11am Saturday and by the same time Sunday, got a call from my Realtor that the seller decided to go with another offer.
One thing that was good about this was we now know how to do the offers, based on HUD and the Washington State Housing Finance Commission work so that is a feather in our cap.
The other thing is, to have been able to go through with the sale, I'd have had to pay off the car, essentially have the funds on hand to show I have it (a good faith effort) and then give it to Escrow and they'll pay off the car as one, it reduces the paperwork, two, makes easier to track the funds, but the good thing there was I had time as we'd need to have it the time of closing.
The bad news, I don't know if I can do it since two of my sibs are struggling themselves, one is not sure if they will keep their house, or not, and have some funds that are off limits, the other, her husband has not had a commission since fall and she's having to foot the bill and she makes not a whole lot more than I do and friends can't contribute much and the car loan is still at $2347.01, roughly. If I could pay off the car right now (technically, I can, but that then removes the funds set aside for the minumum contribution ($500), the earnest money ($1000), and funds to pay the inspector ($400-450) so that still leaves me with $1900, roughly to scrape up.
Otherwise, I'd be eligible for up to $175K, if I can't, or chose not to pay off the car, it's $157K, and that appears to be a borderline price point for decent homes based on what HUD will want to see in a home to ensure its safety and livability from the get go.
One good thing about this also is I noted Sunday that there was a clause in the contract that sates that even if the deal does not go through (I think it means that as long as the seller backs out, or me up to a certain point) I don't loose the earnest money, and at this point, I hadn't paid it yet. This may be part of the new rules now, or a HUD mandated one since I'm basically buying the home on their funds.
Anyway, if the seller HAD gone with my offer then I think at that point, the earnest money is paid shortly after that and then I risk loosing it, I think. I'd have to dig up the contract and see but that is how I understand it.
So if I could not get the car paid off, I'd have had to back out so in a way, that was a blessing in and of itself that I didn't get that one. Besides, I now realize that I would be stuck with the place for a decade to rule out any consequences of selling early, that is, paying a percentage of the loan EXTRA back along with the loan and it varies depending on when I sell, if I did, now at year 10, all that goes away and I can sell at that point without penalties.
So that is where things stand there and this was the furthest I've ever gotten in 2 years of house hunting and that says a lot for my new lender and Realtor and the fact that a week after making the switch, boom, actually looking at, and making an offer on a house.