Removing Contingency... question regarding repairs

NEW -> Contingent Buyer Assistance Program
[quote author="Meatball" date=1225431689]Just like to bring a closure to my little story here and thank the friends on this board again for the attention and advices.

We actually closed the escrow before the deadline on the lock-in mortgage rate expired because the seller was very cooperative and went back to fix the structural problem according to structure engineer?s drawing and city codes. My lawyer told me that if the seller complies there?s no chance that we can walk away without losing the deposit. But I am happy that at the end everything worked out and we have a bigger house for our kids. Although I foresee that the price will probably keep falling further but this is the choice that we need to make for my growing family. Renting a house and wait for a better time is not an option for my husband because he is a guy that buys the house that he absolutely loves and stays there until he is too old to maintain it. He just doesn?t like to move. The price that we bought is already close to rental parity now so we don?t feel like waiting a few years more and waste the tax advantage of paying mortgage instead of rent. Also there?s almost no inventory at this point in that special area and neighborhood that we love. So we end up buying the house still and didn?t walk away although we almost had the opportunity of second chance.</blockquote>


Perfect reason for buying a house. Your approach is well thought out, and I'm glad to hear things worked out. Best of luck to you and your family!
 
Sorry I was again tied up between works and kids and thus couldn't reply earlier. But I feel like to contribute this board whatever I can as I have benefited a lot from your kindness.



<strong>irvine_home_owner,</strong>



We got a 30 years fix, more than 20% down, but still need to borrow more than $417K. Therefore it is not a conforming loan. It was not too hard to get the loan but they were asking full documents and lots of questions and additional documents. We worked with Wells Fargo because it is reliable and also they had a promotion last month that we only paid 5.25% interest rate for the first year. The following 29 years we got a fix rate 6.25%. We are hoping that we will have a chance to refi after the first year.



<strong>SoCal78,</strong>



Thank you for your kind words. I do enjoy this special community that people shares information and ideas and always try to help. The price/sqare foot is around $258. Our new house is more than 2,000 square feet but below 3,000. :coolsmile:



When we started to offer, there were a lot of people buying therefore we didn't get any concession on closing fees. :-S





Thank you <strong>IR2</strong> and <strong>JLegend</strong> for the help and your comments. There were a lot of headaches in the process as you have seen but at the end we are very happy.
 
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