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- January 5, 2012 at 2:16 pm #241023
This entire home buying adventure was an experience for me but it is finally over.* I am a single parent of three-year old, handsome little boy.* I set out to purchase a home back in April or May 2011.* But, because I was using Riverside County’s 20% down FTHB program, I had to select lenders from an approved list and I could only select homes from particular cities or unincorporated areas in Riverside County.* The first lender I selected was not very far from where I resided, but he just didn’t seem to want to work with me at all.* I had to get a pre-approval letter for each particular home that I was interested in.* He would take his time getting pre-approval letters to me and he talked down to me, and did not seem to appreciate me doing research on properties that I was interested in.* So I called around and found another lender who was very help and patient throughout the entire process (Guild Mortgage San Diego area: Aaron Hultin) and this time I was not ridiculed or belittled for doing research on a property of interest.*
My first accepted offer was on a Fannie Mae home from the Homepath website.* This was a foreclosed home so theRiversideCountyprogram that would have been used for the purchase of this home would have been the NSHP program rather than the FTHB program, but both programs are first time home buyer programs.* Attempting to purchase this home from the bank was extremely slow and then I was to face another issue later, such as the bank may not have been willing to do any repairs, but I would not even find out until months later. *And the Fannie Mae disclosures mentioned buyers were not allowed to enter the property do repairs until escrow closed, but the Riverside County NSHP program required that habitability repairs be performed before the close of escrow. Because there were problems with the representative from Fannie Mae not filling out the forms properly, it allowed me a chance to get out of this deal without losing too much money. *For instance,RiversideCounty’s NSHP program required that the property be vacant for 90 days but the representative had put an incorrect date.* The NSHP program ofRiversideCountywould not accept the form with this incorrect date so I was requested to redo the offer. I chose not to do redo the offer.* So, I did end up losing the inspection fees I had paid which was about $350.*
After my experience with the foreclosed Fannie Mae home, I chose to look for a standard sale home where repairs may be more easily fixed by the seller, if warranted.* The hard part was finding a standard sale home that I liked within my price range.* Finally, I found one.* Now I had to get the sellers to accept my offer and the County program which would not be closing any earlier than 60 days.* They accepted my offer.* But the County program was picky with regard to repairs at least from the seller’s viewpoint, andRiversideCountywas very slow with approving different phases of the FTHB program.* Almost everyone concerned was upset (Sellers, Buyer, Agents, etc.,) withRiversideCounty’s slow and rigid methods.* Finally,RiversideCountygave their approval at their various different time periods, they issued loan docs, wired the money and I eventually closed.* It actually took almost 90 days rather than 60 days.* To me it was worth the wait becauseRiversideCountyassisted me with 20% of the purchase price as my down payment.
I moved in yesterday and I am so happy.* Oh, but one note of warning to first time buyers:* I did not get the mail key yet from the sellers and this area has a community mailbox.** The post office said they are not responsible for issuing keys or locks, and they do not own the community mailboxes.* So, for any of you who plan to purchase a home with a community mailbox, make sure to request the mailbox key before escrow closes from your real estate agent or you will be forced to hire a locksmith.
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