Tuesday, March 24, 2009

put an offer in on a short sale...

I had a very confusing yesterday... but my loan officer is within walking distance of my apartment. He's going to see a lot of me... SINCE I PUT AN OFFER IN ON A CONDO!

It's 882 square feet. 1 bedroom with loft and detached garage. (the complex is also currently getting painted and updated and the condo i want is in the back and hasn't been done yet, but it's going to get a nice paint job in the next few months.) And it needs a complete remodel.(new everything, but it's totally livable now... just looks like the 70's).. but boyfriend and I are handy, and I'll get 8,000 bucks from Uncle Sam if this thing closes by Dec 1st and that's remodel money baby. There are also two other short sales-- same model but slightly upgraded and they are asking 225,000....... so if they take this, its a deal.

In case your wondering...

Interest rate 4.875% Apr 5.422

Price 150,000.00
Loan 147,283.00

DP $5,250.00 (3.5%)
pre-paid interest $295.05
FhA MIP $2,533.13 ----financed
Lender fee $1,050.00
points 1.00 $1,472.83
appraisal fee $420
credit report fee $35.00
flood check fee $26.00
county Taxes (4 months) $736.00
closing/escrow $750.00
notary fee $175.00
title insurance $950.00
courier/express mail closing $50.00
title insurance endorsement $100.00
government recording/ transfer charges $100.00

Monthly payment: 1325.32

P&I 779.43
Taxes 184.00
Mort ins 65.89
HOA 250.00
Hoa 46.00

So i'll be coughing up 11,410.01 if the seller doesn't help with costs, and I think 8,693.01 if the seller does help with costs. But by the end of the month (friday) i'll have at least 11,800 in the downpayment fund so i'm good either way. I'm going to call the guy later today to make him go over this line by line, but for those of you more knowledgeable, let me know if i'm getting ripped.

I'm doing a Calpers FHA (why my rate is so low..) and now i wait 3-4 months and hope it doesn't forclose. I also get to wait around and still look because i can pull the offer at any time.

as for my apartment, who knows... I may break the lease (if it closes before July 31st)... if it's after August 1st... it's cheaper to keep my old place and just pay for both units... so i'm hoping it's the latter so i don't have to piss of my roommate who's already mad that i'm putting an offer in with her and won't be keeping the lease beyond December. (she wants to live with me until the day I get married... not move home with daddy)

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