I wanted to post my timeline and ask some questions since of course I come up with questions after I meet/talk with my broker and real estate agent.
Here's my timeline so far:
Jan 22nd: Broker pulls credit (680 mid score)
Jan 26th: Receive pre-approval letter for up to 450k
Feb 20th: Go to a few open houses and find a beautiful townhome I want to put in an offer on.
Feb 21st: Meet with agent to submit an offer. Asking price was $349900. My agent advises me that the sellers have 2 other offers (1 below asking, 1 above asking). The sellers also want a fast close. So my agent gets on the phone with my broker and asks if she can get me closed by March 18th. She says yes. My agent thinks $352800 with contingencies lifted after 14 days (loan approval, inspection, appraisal) is a good offer so I sign the contract and ask to hear back by 9pm.
OFFER ACCEPTED!...with one counter offer condition: The sellers want 3 extra days after closing (rent free) to move out. I accept and sign the counter offer.
Feb 25th: I met with the broker to sign the loan app and go over the numbers. I am using a Conventional loan with 5% down. I locked the rate in at 4.125%. I expressed concern about my approval because I have a few paid collections from 2010-11 that I recently paid off and she said I have nothing to be worried about. I also have 3 Charge-offs from 2010-11. She was submitting the paperwork to the loan processor (different from underwriter?) and I should hear back on Monday Feb 29th. Then she will order the appraisal.
Feb 27th: Inspection completed (everything looks great according to the inspector). I'm meeting with my agent March 2nd to go over the final inspection results.
So does all of this sound normal? Does my rate seem ok with my numbers? I'm also worried about everything getting down within the 14 day contingency period (contingencies are supposed to be lifted by March 6th).
Any questions or comments are greatly appreciated! Everything is moving so fast right now and I'm a little nervous as I don't want to lose this house.
