Sold house! Need PIXIE Dust

[dizcrazy]

Hi Everyone,
I posted ages ago about my house not selling and some dis'ers wrote back with their stories, advice and pixie dust. It meant a lot to me to know other people were in the same boat.
We FINALLY got an offer on our house - after 13 months on the market!
Our settlement date is March 28 . . . BUTour buyer still doesn't have a mortgage comittment letter and it was was due on Feb 29! our agent says that the buyer might be waiting for the Feds to lower rates again. We keep calling our agent and the agency receptionist, and they say they have called the mortgage company and the letter is coming. However, because we dont have it, the agency re-listed our house, shows it as as active and people are touring!

Budget Friends, are the Feds expected to lower rates soon?
Can you all send me some pixie dust that this letter comes thru and we settle on March 28th?

Thanks for reading.

 

[Bren's Mom]

Keeping my fingers crossed for you!!

 

[aribelle]

The Feds did lower the rates just yesterday, by .25 percent I believe. Hopefully that will be enough pixie dust for you, because chances are they won't do it again before the end of the month.

 

[budbeerlady]

Good luck OP!!!!!

 

[tinaluis]

The Fed will meet tomorrow and will probably lower rates. The .25 rate cut yesterday does not effect mortgage rates, only Fed to Bank loans.

Pixie dust coming your way !

 

[fkj2]

The Feds did lower the rates just yesterday, by .25 percent I believe. Hopefully that will be enough pixie dust for you, because chances are they won't do it again before the end of the month.

Actually, I'm looking for an additional (and significant) cut Tuesday. That may not translate into the lower rate your potential buyer is looking for. The bank manager I work with locally told me the other day that banks are now looking for; a significant down payment, at the debt-to-income-ratio, accurate appraisals, and proof of income (no more "liar loans"). He said even with being able to meet those criteria, he still couldn't assure a customer that he could find an underwriter for the mortgage. It may be that your buyer is up against a wall.

 

[dizcrazy]

THANK YOU for the good wishes and pixie dust!

We are very fortunate to have good credit and a financial advisor AND a mortgage broker who told us again and again not to buy a house until we had ours sold and the money in the bank. We have been told that we shouldnt have a problem securing a new mortgage, but we'll see, right?

I have learned A LOT about budgets and finances, and really appreciate the good advice I have recv'd on this board. This board has a wealth of knowledge!

 

[FoundMyPrince]

So glad that it looks like you've sold the house! What a relief for your family.

 

[misricsmith]

I finally sold mine also
been on the market 8 months
all along paying 2 mortages
I know ... heres some dust coming yu r way
we close on the 28 of march!

 

[rockyroad]

Hope you hear something positive soon.

Did you get a big chunk of earnest money anyway?

 

[lovetomow]

Mine's still on the market and I had tell my builder today that we aren't starting the new house till this one is sold. Luckily he had some other jobs lined up so he was cool with it!

 

[chris1gill]

Mortgage rates are not going back down on Mortgages in your timeframe (March 28th)...

Here's pixie dust the sale goes through, ours is for sale also

Our house is now under priced by 100K, we're not going lower, if we can't sell at that price we won't sell...

 

[iggbees]

.

 

[Plantlady]

Oh my..

Pixie dust.. your way.

We're planning on selling our house, building another house. We want to be moving in next summer.. are talking to builders, banks, ect...

trying to get it to fall in place. And, then to coincide it with selling our current house. That's keeping me awake nights. I think our best bet is to put our house on the market next Spring. It will show best in the spring.

So.. a quick load of pixie dust, to all houses getting a quick sell..