We just closed ...
...after months of looking (well nothing much came up in the summer), and several offers put in on other places.
Most everyone seems to have a problem somewhere on the road to the mortgage. We hit our bump when the underwriter rejected the bank's appraisal. This was about a week before our originally scheduled close, and we were out of the mortgage contingency period. The new appraisal by the underwriters was 10% less than the original one.
We went to a mortgage broker and got a mortgage in 2 weeks, with the house appraised at the original level. (A house around the corner, same size, age, etc but without a garage, went for the same price a few months ago, so we're pretty confident on the value; our area is in a city where if you wander a few blocks in the wrong direction, prices fall off the cliff.)
Anyway, it seemed like everyone we talked to who had recently purchased had a wacky story about their mortgage or close. Here are a few summaries:
-- super low appraisals by the bank (they borrowed the difference from parents)
-- at the close, the bank called and asked for more documentation, like pay stubs
-- at the close, the seller's lawyer reneged on agreements to pay for needed repairs (and told the bank, jeopardizing the loan)
It's a wonder anyone can get a mortgage these days!