On the Fast Track

It looks as if the short sale property will be my first property of 2012. Lola emailed me last night to say that the bank has already started the process of contacting the seller and all. At first I was nervous that they would want to close right away, as I’m not 100% ready to purchase the property right now. Lola said not to worry, and she believes that I won’t close until April at the earliest. Good for me.

This means that I have to get everything in order soon. My lawyer, Marvin Wassle, told me that I should get the home inspections done and have everything lined up with the bank I’m using as soon as possible. He said that once the bank holding the short sale is done with their paperwork, they don’t give much time for the prospective buyer to purchase the property. I wanted to use Wells Fargo, as they are the only major bank that is doing rehab loans, but I’m going to try a local bank instead. Research says that it’s easier to get a loan approved by a small bank that a big one because there aren’t as many hurdles to jump through. Smalltown Federal Savings Bank was the bank I chose, but they’re giving me issues. The problem is that they will only do a home improvement loan AFTER the closing. This means that I’ll have to wait a couple months after I get the property to be approved for a home improvement loan.

Wells Fargo would have been my next choice because of their Purchase & Renovate loan program, where the repairs are rolled into the mortgage. The problem with them is that they require a credit score of at least 680. I’m not sure my credit score is at that point yet, and I don’t want to check it and have another inquiry that needs to be removed. Smalltown Federal Savings (SFS) Bank, on the other hand, has no specified credit score, as they look at everything to determine the approval of a loan. So fuck it, SFS Bank it will be. I set up an appointment on Wednesday, giving me time to get my 2009 tax returns as well as get my paystubs from both jobs. While I wish I had a little more time to get my 2011 tax return and more money in my bank account, it’s good that I get started early. Phase 3 has unofficially begun and it’s not even January yet!