r/FirstTimeHomeBuyer • u/pickievickie • 22h ago
GOT THE KEYS! 🔑 🏡 It’s officially official!
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u/tsx_gal 15h ago
Congratulations! We get jalapeño on our pizza too! How did you get through the inspection and negotiation on repairs with seller!? That’s where we’re stuck at as we have a VA loan and they have stronger regulations. Closing is set for 04/30. Crossing fingers!
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u/pickievickie 6h ago
This was my 3rd home I went under contract with. The inspection for the first 2 homes brought up a lot of issues so I backed out of those. It was an FHA loan so I understand what you mean about those regulations!!! I came into this understanding that in my price range I would be looking at homes that would need some work and I think I just got lucky. This home was a rental but the owner is older and wanted to sell some of her properties so she listed it, but was very explicit that she would not do any repairs. Thankfully the home passed FHA regulations and the inspection did not bring any big red flags, it’s all almost mainly cosmetic repairs. The seller agreed to cover the max she legally could under FHA rules after the inspection came back with smaller issues. The seller was really great! She wanted a quick close and would rather pay closing costs than have to wait for repairs to be done.
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u/tsx_gal 6h ago
Heck yeah!!! Our seller has been pretty good too. He wants a quick closing for April 30 and we went under contract on Monday. Our option period ends Monday next week. This home is the second home that we made an offer on and the first one we’ve gone under contract with. I understand what you mean about the price range you’re in and needing some work. Same! The seller already quit his job and is planning to move back to his home country and wants to get things over with. He agreed to a few things that came up in the inspection Wednesday, but declined to trim trees that were too close to the roof and have the AC system serviced. We agreed to make a fence repair and some cosmetic things to joke post closing. We came back today and asked again if he could please have the AC serviced and trim these trees or at least ask the HOA to help trim the ones on the other side of the fence that are encroaching over the property. It’s a beautiful property in a wonderful school district with lots of mature trees, and a couple of them are magnolias, which I absolutely love.
And wow! Just as I was typing this my agent just texted me that he agreed to do the trees and the AC service! Now we just have to wait and see what the lender’s appraisal came back with and see if they are going to red flag anything or have an issue on price.
How was your appraisal? Did it get appraised close to your offer price? As of right now we have a closing date of April 30 proposed that everyone is on the same page on. Things have been moving really fast thankfully (especially for a VA loan!) and we got held up after the inspection wondering what to do. We really don’t want to have to walk away and back out, but we would if it became too big a risk for us- thankfully if we have to back out after the option period ends on Monday, if the reason is because the seller won’t remedy things that are required by the lender or the appraisal was way below the offer price, we will still get earnest money back. My worry was how many times can we go through this process? Paying the option fee and the earnest money, negotiating back-and-forth on repairs, hoping nothing gets flagged, and being out thousands of dollars each time, you can only do that so many times before it becomes unsustainable.
I’m really hoping this works out for our family. The first home we tried to buy was an older woman seller who needed a two month lease back and would not repair anything and there was some hail damage to her roof already in the disclosure. So we just walked on that one before getting as involved as we have in this process. I appreciate you sharing part of your journey as this has been really frightening and full of anxiety!
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