Moving, Closing and Giving Notice

[Pom]

So our loan paperwork for our home purchase says May 26th. We have to give 15 days notice for our apartment, storage and rented furniture.

The realtor and I both agree that we will not close by May 26th, but possibly by May 31st, which was the original target date. As of yesterday, our paperwork is still in underwriting and the appraisal has NOT yet been ordered. Our REA thinks we should give notice this Monday, May 21 for move out by June 4th. We have already had one deal fall through this year due to appraisal. I do not want to be homeless but hate wasting $$$ since we will want out of here the minute we can get out.

When did you give notice? Did you wait until the appraisal came back? We feel really nervous after our last burn.

[kaylie]

We had to give our landlady as much notice as possible so she could get the apartment rented. We were breaking our lease and she was being cool and not penalizing us if she could find another tenant to replace us. We gave her 45 days notice and she found a new tenant within two weeks who moved in the weekend after we moved out, so we weren't on the hook for any additional rent. (HUGE relief)

We closed on a Wednesday, had the movers come Saturday and were out of our apt on Sunday.

We did not wait for our appraisal to come back OR to get through inspections, but we were very confident that everything would go through. Our financial house was well in order and our mortgage broker said he had no doubt we'd get it. We were underpaying for the house when you looked at the comps. The house had been through two inspections (the sellers did one as well as the original buyer) and several things had been fixed and we knew we weren't going to nitpick little things.

It's definitely a tough call to make. If you're doing a VA or FHA, I would definitely take that into account as well since they can get a bit hairier towards the end.

[Pom]

Not VA or FHA, we are doing Conv, 20% down. I think we are just going to wait on appraisal.

[kaylie]

That's probably a good idea. 15 days isn't too long, so you're really lucky on that part.