Adventures in Home Buying...

[WNYBuckHunter]

This waiting is driving me bonkers lol.

[Lawdwaz]

This waiting is driving me bonkers lol.

House warming party?

I'll bring beer, venison burgers and a good sense of humor. <grin>

[WNYBuckHunter]

Saweet! Youre in!!!

[Zhe Wiz]

About this time last year we saw the house across the road go on the market. I called my wife and told her. Too bad we can't afford it - 30 acres, beautiful view, barn, borders state land, etc. Well after crunching some numbers, I decided we COULD afford it, so we put our house on the market in hopes of selling ours and buying the one across the street.

Late June we received an acceptable offer on our house, so we put in an offer. On July 1st, after going back and forth a couple of times, we received a verbal "yes" from the sellers. My wife and I were watching a movie at the theater at the time, I rushed out to take the call and couldn't wait to tell my wife the good news - we did it, we got our dream house!

The next day we went into the real estate office to sign away our home, and sign and sign an official agreement with the sellers. Everyone was to counter sign by The end of Sunday, the 3rd. Instead, we got a call from the sellers saying they wanted their lawyer to look it over, and since Monday was July 4th, they couldn't do that until Tuesday the 5th. OK, I'm a little nervous, but OK. All weekend we celebrated, 4th of July was awesome.

The 5th came and it was getting late, I called my agent and said something's wrong. She said she'd call again. Eventually the other agent called her back, but instead of telling her the offer was signed, that agent said the sellers had accepted a different offer! What? We didn't even know there WAS another offer! Worse, our house was sold! We had to hustle to get our lawyer to nix the purchase offer on our house so we'd have a place to live!

I have a family, the people buying our house had a family. The sellers of the other house didn't give a XXXX about that, they did what was best for #1.

Long story shorter, that deal they accepted in lieu of ours? It fell through! Yep, they paid for their greed. We put our house BACK on the market, sold it again, and while I was in a tree stand hunting, I accepted the offer on our house and the counter offer on the "house across the street" AGAIN (only this time for much less $$$). This time it stuck. I write this from that "house across the street." Beautiful view, 30 acres, barn, pond with fish and all bordering state land. What a ride (I didn't mention the January 13th snow storm on the day we moved UP THE HILL!) but it was worth it.

Bottom line, nothing's real until it's CLOSED, and don't trust anyone! Sad state, but that's the way it is out there!!

Zhe Wiz

[Culvercreek hunt club]

Wiz....Isn't it GREAT that karma is a biotch!!!

[Deerthug]

Coming from experience representing real estate clients on Long Island for nearly 20 years, it's never a done deal until the deed is signed over and the keys are in your hand. I've seen so many deals go bust even at the closing table. I hope that doesn't happen to you WNY.

[Dave]

Thanks Scot.

I appreciate all of the tips guys. Our search isnt over till I sign my soul to the devil...

Get your inspector on your own. Don't take the one the realestate recommends for obvious reasons.

[WNYBuckHunter]

Dave, the one we will use is very well respected. We arent dealing with the seller's agent, we have our own.

Still no call....

[WNYBuckHunter]

I got the call a little earlier with the owner's counter offer and we accepted it. Now the fun really begins....

[Nomad]

Good job borther! Enjoy your new place. I live 35 minute from where I hunt.Its easy to drive back and forth to hunting land but be a few minutes from work 365 .

What town ? I'll bring you a case of your favorite brew when you are in!

[Lawdwaz]

I got the call a little earlier with the owner's counter offer and we accepted it. Now the fun really begins....

Congrats and hang in, the ride could still be rough!

[WNYBuckHunter]

Thanks Larry, i am headed back to Lima again, where I grew up and still hunt.

Lawdwaz, Im hoping it goes smooth. The inspection is next, as the deal in contingent on it passing that.

The good thing is, our closing should be at the end of July, and our current lease runs out Oct 1, so that gives us time to clean the house up good and get some things done before we move in.

[NFA-ADK]

Good luck WNYBuckHunter!!!

I just finished with my house and starting another 30 year mortage. Kicking my last sibling out! Thankfully the rates are low! 30 years arg!!! I had some good karma too, hope that persists for all of us!!!

[Elmo]

Nice! Good luck!

[WNYBuckHunter]

Thanks guys! Good luck with yours as well NFA!

[Chevy]

Your kids will like the HFL schools. I assume they would go there if you moved to Lima. I have two kids in the district now.

[WNYBuckHunter]

Well my daughter lives in Canandaigua, but my son will go to HFL. Its a great school district, but you know Ill be one of the people voting NO for all of the ridiculous spending they do lol. My fiance works for the school.

[phade]

Congrats.

HFL is a good school...they do spend some money, that is for sure.

[WNYBuckHunter]

Thanks!

[Paula]

The good thing is, our closing should be at the end of July, and our current lease runs out Oct 1, so that gives us time to clean the house up good and get some things done before we move in.

its great you will the time to go at your own pace to do painting, cleaning whatever it is that you would want to do

[WNYBuckHunter]

Yep, Im glad it seems to be working out that way.

[Geno C]

wish you a smooth closing! mine was a nightmare...

[WNYBuckHunter]

Just trying to figure out exactly what we will need for closing dollars is making me want to run headfirst into a wall lol.

[Dave]

Just trying to figure out exactly what we will need for closing dollars is making me want to run headfirst into a wall lol.

The realitor should be able to help you with that if you used a realitor.

[Deerthug]

Just trying to figure out exactly what we will need for closing dollars is making me want to run headfirst into a wall lol.

WNY, figuring closing costs is never easy. You can estimate by calculating the following:

1. Title Insurance Bill - one time payment premium, (formula they use based upon purchase price), departmental searches i.e. bankruptcy, judgments/liens, etc, real estate and school taxes. (If the present owner did not pay them yet then you will either have to pay them at closing to the title company who will in turn pay them to the proper municipality or if the present owner did pay the taxes then you will have to reimburse them at closing for the pro rata share depending on when you take possession)

2. Legal fees

3. If getting financing, remember that whatever amount you are applying for deducting a few thousand for the bank fees, percentage points if any, escrows for real estate/school taxes (usually 6 months), and then you'll have a Net Mortgage proceeds. Then you'll know what you'll need to come up with at the table.

4. There may be fuel oil you may have to reimburse seller for if there is any.

Your attorney should calculate all the above and give you a break down as to Net proceeds, title bill and reimbursements, as well as tell you what you need to bring to the closing.

Hope this helps . . .

Edited June 7, 2012 by Deerthug