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Spunky said...I'll be happy to answer this, and I do congratulate those who are holding off for winter pricing. The summer/early fall fervor has died down and there are still a number of properties lingering.
Why don't you tell us all about your recent experience purchasing a home. Did you find it hard to get financing, as is being reported? Any other issues / ordeals in the process?
Thanks from those of us still holding off for Winter pricing :)"
We had a seasoned and knowledgeable agent from Long and Foster and an actively-involved loan officer from Virginia Heritage Bank (who promptly sold the loan to Countrywide). The financing was straightforward and the process timely. We went with FHA (3% down) to preserve cash. The rate was 6.0% fixed, and the seller paid the closing costs.
The seller (Wells Fargo Bank) was competent and accomplished everything in a timely manner according to our contract. We were able to inspect the home and there was a kickout clause in the bank's addendum for the results of the inspection. With a foreclosure, you don't have to worry a lot about what you first submit to the bank -- what matters is what the addendum they will submit to you will say. At that point ours included the home inspection clause, which we were happy to see and to follow through with.
Our closing day was quiet and uneventful. We got the key, walked in, and started painting. Our house had been vacant for about 8 months, so there was a lot of landscaping overgrowth in the front, although the lawn had been maintained by the bank. The things that probably turned other buyers off were the unbelievably bad colors on the wall combined with an 18-year-old carpet complete with embedded pet hair. But after painting the whole downstairs with mostly Benjamin Moore's #247 (Consentino Chardonnay), putting new carpet everywhere, and just cleaning and cleaning with lots of generous family help, it feels respectable again. And the neighbors are delighted to have people here, so it has been a positive experience (except for the moving part, which is always the most difficult, but is over now thankfully).