buying process

[mrsdunwoody]

Hey,

I am trying to get info on the home buying process and here is my story. We have land of our own which we will be using as a down payment with our own 5% cash down payment to total 20% down and we will be financing 80%. We have just had the land appraised and are waiting on a commiment letter from the bank so we can go on with the process. Just wondering how long this usually takes and what is next. About how long before we close? Any help would be greatly appreicated!

[David Oxhandler]

Excellent question. Regretfully there is no clear cut standard answer. Most mortgage loans take 60 to 180 days at this time. The lenders have become conservative to the point of ridiculous. Even if you are approved the process has been slowed down every step along the way. The time factor depends on the lenders time response to each stipulation they set for your loan. Talk to your loan originator or mortgage broker. They will have the most recent experience and have the best handle on the time frame. The only thing you can do is to find out in advance all of the documentation your lender will require and start getting it all together as soon as possible

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[WA knitter]

Good day. I am so glad to find the forum. We are looking at rural properties in Pierce County, WA. To our surprise, a lovingly-cared for fifteen yr old Double-wide manufactured home is our favorite. It is situated on cement slab just like a stick-built. We adore the land, the location is so unbelievably PERFECT. We almost discounted it as we have never considered a MF. New roof 2008. Now would this be a stupid investment? We are going back tomorrow to have another look. I asked realto to get me brand, model of home. I will then return here for some good information. I was incredibly shocked at the vaulted ceilings thruout, the quality and beauty of this large home. I think I am a new fan.

[David Oxhandler]

The value of any pre-owned home... factory of site built is dependent on location and condition. If you "the location is... PERFECT" and the home has been well cared for, it sounds like a great investment.

Find a qualified home inspector to check the structural and mechanical soundness and make an offer.

If you plan on getting a loan to make the purchase be sure you get pre-qualified so you know exactly how much you can afford to offer

[Josette]

Okay, here's my deal: I finally found a mobile in the perfect park & great location, great curb appeal, etc. However, when the inspection came back, it's a disaster; furnace not working, hot water heater not for mobile home, leaks in every sink, pipes buried under the house, skylight leaks which has buckled the roof, some pipes are corroded plus termites in some areas.

The biggest problem is that I love the layout & location. What are the odds that sellers will bring the house up to code? It hasn't sold in 4 years-- yet they're paying $600 in space rent? Doesn't make sense but I think there's illness in the family--that's why they moved. I want the house but only if they fix all that needs fixing? Does anyone think I should offer them $2,000 more of asking price so that they get a move on & fix the place? Or just let it go & start all over again? Any ideas? Thanks in advance. Confused.

[rmurray]

Give the seller an ultimatum. Work started and completed by a date certain or your offer is withdrawn. Then look for others in the same park about the same location...

[Celtlund]

Josette, Great thing you got the inspection. If it were me. I'd walk away from the deal but as Murray said if you like the place that much set a reasonable date to get the work done and another inspection to make sure the work was done right. However, if the place has been on the market for 4 years and they haven't fixed it by now, I doubt they will.