purchasing a house

[Leafaholic99]

The owners have accepted the offer, the bank's under-writers have approved and now CMHC has approved pending an appraisal, but they waited until today to say they want an appraisal and the deadline for financing is 6pm tonight...

Now my bank rep is trying to get an appraisal completed on short notice today, if he can't then he is going to try get an extension on the financing deadline from the realtor.

All in all, its good to go as the appraisal will come back good, since an older building that was gutted and everything else is brand new and 25 appraisals have been completed already on the development. Its just resting on it being done today and if not, an extension being granted.

This has been a very stressful and busy week *facepalm*

 

[Rick C.]

The owners have accepted the offer, the bank's under-writers have approved and now CMHC has approved pending an appraisal, but they waited until today to say they want an appraisal and the deadline for financing is 6pm tonight...

Now my bank rep is trying to get an appraisal completed on short notice today, if he can't then he is going to try get an extension on the financing deadline from the realtor.

All in all, its good to go as the appraisal will come back good, since an older building that was gutted and everything else is brand new and 25 appraisals have been completed already on the development. Its just resting on it being done today and if not, an extension being granted.

This has been a very stressful and busy week *facepalm*

8)  Woohoo!

 

[Leafaholic99]

Well I received an extension until Monday @ 6pm and the appraisal was completed yesterday, CMHC just needs to review the appraisal which should be done by Monday.

Now Wednesday I will need to drive to Thompson, sign and go over the mortgage papers (if approved by CMHC), Thursday & Friday the movers come, and the Monday after that get possession.

I only put an offer in 6 days ago, so I guess I should be surprised that it is taking this long as its probably being done a lot quicker then normally. A stressful week so far, with hopes the stress can all go away with a phone call Monday and having approval.

 

[riff raff]

Well I received an extension until Monday @ 6pm and the appraisal was completed yesterday, CMHC just needs to review the appraisal which should be done by Monday.

Now Wednesday I will need to drive to Thompson, sign and go over the mortgage papers (if approved by CMHC), Thursday & Friday the movers come, and the Monday after that get possession.

I only put an offer in 6 days ago, so I guess I should be surprised that it is taking this long as its probably being done a lot quicker then normally. A stressful week so far, with hopes the stress can all go away with a phone call Monday and having approval.

Congratulations.

This has gone faster than usual, mostly because you aren't dependent on the sale of your current house to finance your purchase.  When you have a transaction that is dependent on another transaction (that is dependant on your purchaser's transaction.....and so on and so on...) you end up having to work around all the dominos that need to fall.

In other words, as stressful as this week has been for you, it's the simplest house purchase you will probably have in your lifetime

Enjoy.

 

[Leafaholic99]

So CMHC wont approve me because the development isn't complete, there are units not completed and ready to move in, but others have gone through CMHC and have been insured with them, so something isn't making sense at all here, if others are being CMHC approved but I am not.

I am waiting for the listing agent to get back to my agent and bank rep and see if something was missed to mess mine up :/

update: The listing agent got back to my agent and said that its BS and that CMHC has approved 25 units already for insuring them, my agent and the listing agent are now working on this and will be getting it done as there is no reason for CMHC to deny me.

What a stressful process this has been :/

 

[Leafaholic99]

Well as of this morning, everything is approved, I am now the owner of a condo!

The problem ended up being the development wasn't CMHC approved yet and with all the units not completed, CMHC won't approve it, its in their best interest to wait until its complete to ensure the value is there. So the developer knew someone in the head office of CMHC and they did some paperwork and have the development approved.

Possession day is looking like August 27th.

 

[sucka]

Congratulations Ryan.  As a former condo investor I would highly HIGHLY suggest that you have adequate insurance coverage.  If you cause a leak and mess up several floors beneath you, you could be held liable for damages.  I always assumed my tenants would have coverage but that was a big risk on my part.  Fortunately nothing ever happened, except the unit above me had a flood and destroyed the floor boards, kitchen cabinets had to be ripped out etc.

 

[J-Ho Fan]

Congrats Ryan! We just firmed our offer for a condo yesterday as well! Very exciting!

My suggestion to anyone buying a brand new condo from a builder to have a great lawyer read over the contract. Its unbelievable the charges they try to hide in there, hoping you won't notice them until its too late.

 

[Rick C.]

Congrats Ryan! We just firmed our offer for a condo yesterday as well! Very exciting!

My suggestion to anyone buying a brand new condo from a builder to have a great lawyer read over the contract. Its unbelievable the charges they try to hide in there, hoping you won't notice them until its too late.

Hey!  Big congrats to both of you on your purchases.  Awesome!

 

[Leafaholic99]

Thanks everyone and congrats to you J-Ho fan as well!!

I can't wait to move in, I just got insurance today for the place and now am awaiting for the lawyer to finish his work and then I can sign and move in, may have possession this weekend which would be a couple days early :-D