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I suggest looking at homes that have been on the market longer, if possible. The home I ultimately closed on had been on the market for months and had a tenant in it. The seller was eager to sell, so I was able to come in below asking. The house is in decent shape, but there are some updates I will be doing in the future. The market is DEFINITELY crazy right now!
Thanks this was helpful! I think my state (California) requires 3 days from signing loan documents to actually receiving the keys. I didn’t realize that process varied by state.
CONGRATULATIONS TO ALL WHO CLOSED!!! Can each of you answer these questions for me?
1. When did you receive your Initial Closing Disclosure and what was the closing date?
2. When did you receive your Final Closing Disclosure and what was the closing date?
3. When were you “clear to close”?
4. When did you sign the loan documents?
5. When did you get the keys?
I ask because I received my Initial Closing Disclosure on 1/22/21, with a closing date of 1/28/21. I definitely did not close and have not received any other communication. My realtor (who is outside of NACA), said ordinarily you receive a closing disclosure, you sign it to confirm the fees/payments listed, then you sign loan documents within 3 days, then the loan is funded/you receive keys. But it sounds like NACA will have you sign the loan documents and receive the keys on the same day.
Ok, thank you–I won’t lift it.
Thanks for your response Tim, but the appraisal was completed and report received on Dec. 24, so it shouldn’t be related to the appraisal.
When you do a change of circumstance does it change your interest rate? I will need to adjust the purchase price of the property due to a low appraisal (through a change of circumstance I believe), but I don’t want my interest rate to change.
I’m almost certain NACA will not allow you to purchase a 5 or 6 unit because those are commercial loans (anything above 4 units is no longer considered residential).
Congrats! On the NACA webpage, scroll down toward the middle of the home page and you’ll see three squares; the third square to the right has a link called “Live webinars.”
What state did you buy in? I’m in California and per contract you have a certain amount of time to do your inspections and the contract is contingent on those inspections. So I was wondering if you had the same thing in your contract and if you removed that contingency before or after getting HAND repairs figured out. Also, I was originally wondering if there was an issue with the seller being patient for the appraisal to take place because it seemed to have taken a long time, but it looks like the appraisal was done on the 3rd although you didn’t receive it until the 22nd. My seller is upset because we have been under contract since Oct. 16 but an appraiser has not come out to the property yet. My appraisal contingency ends on the 8th and the seller might cancel the contract because of it. We’ll see what happens….But once again, CONGRATULATIONS!!
CONGRATULATIONS!!! If you recall, what was the timeline in removing the inspection and appraisal contingencies? Did you remove the inspection contingency before you were HAND cleared? Was the seller impatient with the removal of these contingencies and the late appraisal? I’m curious on your strategy for those two things because my seller is anxious and is upset that the appraisal has not been done yet. And lastly, BofA paid the seller’s closing costs? Nelson said this occurs, but I can’t find it in writing and when I call member services I receive different answers.
Thank you Nelson, this is helpful.
I’m in West Covina. There are duplexes for around $800k available. I had been browsing in Pasadena and Alhambra as well. I saw a 4-plex in Pasadena but all units were tenant occupied. I found that to be an issue; I needed to have at least one of the units vacant by closing and sellers could not guarantee that especially with the tenant protections due to COVID. But you’re right, it is such a seller’s market right now!
Have you tried searching in Monrovia? That area is closer to where you seem to be looking. I’ve seen some duplexes on the market there as well.
I am now under contract for a home–finally! Phase 2 begins! I hope you found something too!
Thanks for sharing. Yes, it’s pretty crazy out here. I hope you find something soon–good luck!!
I would be interested to hear from others on this topic too. Also, has anyone used HAND with a multifamily?