EEeeeeeEEEEEeeEEE!!!!
So! I heard from my mortgage broker this evening, and here's the scoop:
The seller's agent reports that I had the weakest offer, but the letter I wrote to them really touched them. That combined with Princeton Capital being the mortgage company won them over. They liked our offer, but wanted affirmation that the 100% financing was really going to happen, and wanted to be sure that the lenders are aware that it is a rural property. The lenders reported back that they were fully expecting the property to be rural, at 7.7 acres in santa cruz county, but would be able to give every assurance that they would back it 100% after seeing an appraisal. The seller's agent will get the appraisal document from the sellers and hand it over to Brenda (my mortgage broker) who will, in turn, hand it over to the lenders who will examine it for whatever it is that they are concerned about. My realtor reports that he has seen the appraisal, and the house appraised at roughly 700k, which means that there shouldn't be any problems proving the property's worth.
Brenda said something along the lines of "Well, at least you don't have to worry about whether or not they're going to accept your offer." I took this to mean that as long as the appraisal is fine, then we're good to go. Woo hoo!!
So now we wait. The offer expires tomorrow evening (saturday) at 5:00 pm. Cross your fingers.
The seller's agent reports that I had the weakest offer, but the letter I wrote to them really touched them. That combined with Princeton Capital being the mortgage company won them over. They liked our offer, but wanted affirmation that the 100% financing was really going to happen, and wanted to be sure that the lenders are aware that it is a rural property. The lenders reported back that they were fully expecting the property to be rural, at 7.7 acres in santa cruz county, but would be able to give every assurance that they would back it 100% after seeing an appraisal. The seller's agent will get the appraisal document from the sellers and hand it over to Brenda (my mortgage broker) who will, in turn, hand it over to the lenders who will examine it for whatever it is that they are concerned about. My realtor reports that he has seen the appraisal, and the house appraised at roughly 700k, which means that there shouldn't be any problems proving the property's worth.
Brenda said something along the lines of "Well, at least you don't have to worry about whether or not they're going to accept your offer." I took this to mean that as long as the appraisal is fine, then we're good to go. Woo hoo!!
So now we wait. The offer expires tomorrow evening (saturday) at 5:00 pm. Cross your fingers.
posted by rebecca at 10:20 PM
3 Comments:
I can't believe you didn't call me and tell me about this update!!! You better call tonight or at 5:05 you will be getting a call from me :D
ditto. i've only been calling you twice a day to get updates!! jeez.
ok, now BOTH of you know my issues with the phone and neither of you should have been surprised. :-D
Kel, I haven't gotten a call from you in the last couple of days and I sent some messages to you last night but you didn't respond. is everything ok?
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