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October 3, 2005
I've decided that if I'm going to spend the next 30-60 days fretting about whether we're actually going to get to close on this house, you can all just worry right along with me.
So, the most recent updates or at least the Reader's Digest Condensed version: We finally reached an agreement on price and signed the contract, which I may have mentioned in my last update. Then we had a meeting with one of our potential lenders on Saturday morning, during which we discovered that Keith's credit union really does have the best rate. The drawback is that we can only deal with them over the phone or Internet because the nearest branch is in Cleveland and even if they had a Columbus branch, they only do mortgage applications over the Internet or phone anyway these days. Welcome to the future, kids.
So in the process of talking to the credit union on, I forget now, Friday or Saturday, we found out that they take 60 days to do approval of VA loans, not 30 as is stated in our contract with the sellers. We called back a couple of times to confirm this, as the original guy we talked to over there a week or two ago had seemed to imply that 30 days would be fine. Until we actually apply for a loan and get a loan officer assigned to us, we're at the mercy of the call center every time we call these people up, hence the multiple callbacks to confirm. But it does seem that yes, 60 days is their guarantee on approval, not 30.
So we called back our agent and she called the sellers' agent to see if they would be amenable to extending the contract by 30 days. We hadn't heard from them by this morning and it turns out that the reason is that they are trying to close on a house that they are buying. The close date is the exact same day as our original close date with them, just later in the day. So they have to find out if their sellers will agree to a 30-day extension of contract also.
The whole thing is giving me a stomach ulcer and once again I just really wish it was over already. Will update when I have more news.
Oh, and to answer the person who left a comment on the previous entry: yes, of course we're having the house inspected. The contract is contingent on a successful home inspection, so if the inspector finds some horrific flaw, we can back out with no penalty. The inspection is on Thursday morning and Keith and I both plan to be there.
Posted at October 3, 2005 3:35 PM