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Closing anxiety :(

6,253 Views | 40 Replies | Last: 3 yr ago by Diggity
Zombie
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I'm a first time buyer and am currently going through my first closing process. Found a house last week, got the va conditional approval and made offer and it was accepted. We are under contract to close on 10/9. Inspection is happening tomorrow morning. This is my dream home and I know everything is in line and they wouldn't even give me the conditional approval and go under contract if they didn't think it could get done, but I can't help but me super anxious and nervous that this is all going to fall through at the end. We've already started packing and my loan officer has told me he doesn't see any issues and that he's 95% sure we won't have any issues. But of course, I concentrate on that 5%. Anyone have any tips on how to deal with this? My kids and I would be crushed if this doesn't happen and I need to get past that and enjoy this process.
MookieBlaylock
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AG
Turn all your paperwork in and hope your proceasor doesnt suck
Zombie
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Already done. I'm very organized when it comes to that. And my loan officer is a lifelong friend of mine that's been doing this for 25 years. I trust him but still that anxiety
MookieBlaylock
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AG
Then hope the inspection is clean and appraisal comes in at sales price

Aint much else to worry about except for the kids picking bedrooms
Martin Q. Blank
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Fate, God's providence, whatever you call it...you can't control it. You can only control your attitude toward the things that happen in your life. If the inspection goes well and it appraises, great. If not, get to looking for another house. You worrying about it won't help anything and only adds stress to you and your family.
Zombie
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Thank you for that. Inspection should be a breeze i hope. It's only 7 years old and no storm damage or anything that we know about. I am a little concerned with appraisal because we offered more and seller covers closing but other houses in the area are listing for well over what we offered and smaller houses on smaller lots.
Bill Robbins
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AG
Listen to your Realtor and lender. They should be more than happy to answer your questions.

Also, do not spend money on any high ticket items. It's tempting to go buy furniture or other items for the new house. DON'T DO IT.

Take a deep breath and enjoy the process.
toolshed
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AG
How old is the house? Don't freak out if it's an older home and the inspection list turns up a host of items. Most are minor, some are simply code changes that they have to note that your house will be grandfathered in under.

Just be prepared, talk your realtor about what you need to negotiate on and what you can live with. Some people see a list of findings and it creates more undue stress. Not everything is critical, and inspectors do make mistakes on occasion, finding problems that aren't really problems.

Congrats on the first house purchase!
bam02
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AG
I am sure everything will work out for this house, but if not.... oh well! You will get the next one. Just a bump in the road! You've done all you can do.
Zombie
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Inspection went great. No issues at all.
fka ftc
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I was still supplying financial information to the lender after hours before our 9:30am close on a jumbo loan for the dream house. It all went well and we had keys by 2pm.

When selling the old house, COVID lockdowns hit between accepted offer and closing date, and we had a permit issue with tankless water heater that turned into buyer having our gas turned off, followed by repair guy fixing the permit issue, getting gas turned on to only find out he cut the gas supply to the house (just had supply to tankless and pool heater. But we closed on the sell and had money the next morning.

Sounds like you have all the boxes checked and just ticking the clock until close. Push to get your settlement statement as early as you can and review with your loan officer. You will be fine. And I also support what Martin Q. Blank advised. You have done all you can do. You can worry or let if go and know it will all work out no matter.

Congrats on the first home and enjoy!
Señor Chang
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AG
Edit: nm, read it wrong.

Good luck and I hope everything works out!

Keeper of The Spirits
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AG
Also remember dream home is relative, in a couple years, maybe a less you probably won't consider it your dream home anymore.
Martin Cash
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AG
Start drinking.

heavily
tford12
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There's always another house. If it falls through, its not the end of the world. You'll find another one, dont sweat it
bam02
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AG
Keeper of The Spirits said:

Also remember dream home is relative, in a couple years, maybe a less you probably won't consider it your dream home anymore.


Debbie downer. Username does not check out.

J/k
aggiepaintrain
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AG
hope you are not self employed
TX AG 88
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AG
Sounds like your last major hurdle is the appraisal. If it comes in low, you either put up more money upfront, or you get the seller to lower his price.

Just bought a house we really wanted after looking for about 9 months+. We were one of 5 offers after the first weekend it was on the market. Knowing other orders were coming, we offered 10k above asking. Based on our familiarity with the market, we felt comfortable offering that. The appraisal only came in 8k above asking, and the seller accepted the appraised value without griping.
classicdoug
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aggiepaintrain said:

hope you are not self employed


Exactly! I just went through this and underwriters think everyone who is self employed is either going out of business this year or laundering money. What a PITA.
Win At Life
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You have anxiety BUYING your first home?

Wait until you feel the anxiety of SELLING your first home.
fka ftc
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Win At Life said:

You have anxiety BUYING your first home?

Wait until you feel the anxiety of SELLING your first home.
See my post. Our former house was first time selling with COVID hitting between offer and close.

And I am self-employed with several business entities. I counted 96 documents and over 500 pages of documents supplied. And I had wound down a business and started an new one in 6 months prior, including moving monies around. So I fell in to both the "going out of business" and "money laundering" categories.

And for the OP, it all worked out just fine in the end.
Caliber
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I had the same anxiety buying my first house. Everyone kept saying wait for the inspection issue, or appraisal issue or last minute closing document need...

Inspection went great with only extremely minor findings, appraisal was good, Didn't have to send another document for at least a week before closing.

I remember getting the keys and heading back to the house, told my wife... That was way too easy, we didn't have any problems... surely they're about to call us and tell us something went wrong and we don't really own the house.
Zombie
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Well so far only a couple of snags. Had to push closing back a week due to VA appraisers being shorthanded right now. And had an incorrect balance on a credit card report, so having to do a rapid rescore in a couple of days. Question though, now that we are less than 30 days out from closing and everything is being sent to underwriting, do they still pull credit one more time before close or is that a myth? I don't plan on incurring any new debt or anything like that, but now I am worried what if something like this happens again where something is reported wrong. I already have movers, utilities, etc scheduled for closing day.
Ducks4brkfast
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AG
Your lifelong friend loan officer could probably answer that question within minutes of you shooting him a quick email.
Zombie
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I understand that, just don't want to hassle him with mundane questions like that.
Diggity
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he's getting paid to answer those mundane questions....we are not.
Zombie
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Well, we are officially in underwriting. Guess we just wait at this point....
Zombie
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We got our rate lock last week and appraiser has been out. Just waiting to see what the appraisal comes back with. I think we should be okay, just a bit nervous since we did offer a little over asking to cover closing costs (moving from a 2br townhouse to a 4br house, we need a lot of stuff up front!) But there was a house 2 blocks over, same floor plan, but about 300sq ft smaller and less lot size that sold for more than our offer. So I think we should be good. I honestly think they had it under priced to begin with.
Zombie
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Appraisal came back at value! So we are good to go there. Just waiting on the clear to close from underwriting. Closing date is set for next Friday!!
Aggiehunter34
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S
Zombie said:

Appraisal came back at value! So we are good to go there. Just waiting on the clear to close from underwriting. Closing date is set for next Friday!!
Congrats!
MookieBlaylock
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AG
Congrats
Matsui
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Zombie
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So now we are just waiting on the clear to close. Everything was sent to underwriting on Tuesday. Anyone know how long that typically takes to get the clear to close? From what I understand, they have to have the Closing Disclosure to us by Tuesday (72 hours from closing) and Monday is a holiday. We haven't heard anything from underwriting asking for any documents since all of them were sent up front. Am I just still worrying about nothing? LOL. I do apologize. This is my first time doing this and I read to many horror stories about the bad things that could go wrong during the process.
Bill Robbins
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AG
Everything appears to be running smoothly. so take a deep breath and enjoy the 3-day weekend. Just NO SHOPPING.

Title companies and lenders don't have the same feeling of urgency that you as a first-time buyer do. So if you don't receive the pre-lim Settlement Statement by Tuesday, it is OK. They will get it to you in time to close.
Zombie
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LOL, thanks Bill. Don't worry, no shopping. Lots of stuff saved in shopping carts though! Just ready for this week to go by fast and it finally be done!
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