I feel like I’m stuck in a bad movie. Is this normal for things to move so fucking slow??? I’m trying to buy a house

Question

I’m in Texas and got approved for an amount that is on the lower side but I can still get a place. My first realtor ghosted me. Literally told her I was pre approved then she was going to email me in a day and then I never heard back from her and it’s been 2 weeks. Reached out to new agent last night through a brokerage site and she reached out to me earlier but hasn’t responded in 5 hours after I responded back. Lender is giving me 90 days from 2 weeks ago to find a place and 4 of the places I found online and like are contingent. I usually love when things move fast. I needed an apartment in the past? Boom that same day I would sign a lease. Needed a new car? Within 3 days I would have a new car loan and be driving the car. It feels like things are taking forever. What am I doing wrong?

Answer

Sometimes things can’t always be “boom, done.” Be patient. You will get there

Answer

Idk, when we bought our house everyone moved quickly for us. Lender, realtor. The whole process was done in a month. We had to wait an extra month to move in due to a job issue we had but other than that they were on top of it.

Answer

Sometimes buying a house can take three months, sometimes even six months, especially with the housing market the way it is, depending what you’re trying to move, if you’re trying to for instance get out of New York, and move to say New Jersey or Florida, they are popping right now, it’s bidding wars for one house, houses are going for $50,000 over the asking price, but if the house doesn’t appraise for that amount, the buyer was responsible for the difference. When you said you got approved for a lower amount, that’s probably why the realtor didn’t hop on it, if it was a $400,000 home, they would be hopping on it real quick. They don’t see much of a commission which is why they probably don’t make the effort. Once you find a property, whether it is on your own, or when you sign a contract with a realtor, and locate the property, you then sign a contract,￼ make a good faith deposit, usually 5000, depending on what the contract is, then it goes into three day attorney review so you need to have an attorney as well, that way that the attorneys can discuss the terms of the contract and if anything is not right that needs to be corrected. At that point, you need to give your banker your tax returns, paystub‘s, bank accounts, and you’re going to sign paperwork multiple times, they’re going to continue to ask for your paystub‘s, and bank statements until you close. And depending on the house, you either go with 3 1/2% down with an FHA mortgage, or you put 20% down to avoid the PMI which is also known as mortgage insurance, which is an insurance that protects the bank in case property values dip within the first 20% of the mortgage. It is tax deductible so it’s not a necessary to put 20% down. But if you do want to indeed knock off time on the mortgage, you can make a one time a year principle only payment on the mortgage so really you’re making 13 payments a year, and it knocks off over the 30 year mortgage seven years off the mortgage if you do one every year. Another option is doing 15 year mortgage instead of a 30 year mortgage, or you can always refinance of mortgage rates go down later on. Interest rates right now are excellent, 2. 99￼￼% The lowest I saw without paying points was 2.75 at one point. During the summer. After attorney review they may ask you for another deposit, the next steps would be the inspection, and if anything is really wrong with the house, your attorney would negotiate with the other side for a credit, to either takeoff monies from the total cost of the home, or an actual credit that they give you or another option is paying half of the closing cost. Depending on the amount of the house I can run you anywhere from 6000 to 20 some thousand for closing costs. If the house appraises for the value that you’re purchasing it for it shouldn’t be an issue. Sometimes the house appraises for more than what you were purchasing it for so you already have equity in the home. And depending where the mortgage is out of, California seems to be more lenient, but they will ask you for everything under the sun, for a letter of explanation any deposit over $1000, even if it says internal revenue and it’s your tax refund,  they still want a letter of explanation, like another stupid when they ask is if your W-2 has the corporate address and it’s in a different state than where you are living, why would you be buying a house in another state and commuting, it’s a ridiculous question, but they will scrutinize the loan unfortunately. Until they issue the CD and give you an actual closing date, once all the time has gone through, it can be three months until it actually closes. And if you can’t find a house, takes even longer. You just Gotta be patient, it’s not the same thing as renting a house, it’s a huge amount of paperwork, on top of that with people schedules, any holidays, and housing availability that’s the other issue he said a lot of the houses are contingent but a lot of times houses fall through even at closing, because something stupid like verification of employment, you lost your job, you reduce your hours, you’re no longer working overtime, you used your credit cards, and now your interest rate has dropped need to increase everything and start all over again, anything can cause closing not to happen especially when it comes to the appraisal that I mentioned and people not having the funds necessary to Meet the residual amounts that the house did not appraise for. Sometimes the house ends up back on the market because it fell through, I would keep checking, either on your own or with a realtor, and I wish you luck.￼￼￼￼

I feel like I’m stuck in a bad movie. Is this normal for things to move so fucking slow??? I’m trying to buy a house

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