Well it took a blue moon to make it happen, but we FINALLY closed escrow! The last week has been insane trying to get this thing to fund. It seemed like everyday they needed something else in order to make it happen. The biggest challange was that [...]]]> - Originally Posted Friday, Jan 1st 2010 -

Well it took a blue moon to make it happen, but we FINALLY closed escrow! The last week has been insane trying to get this thing to fund. It seemed like everyday they needed something else in order to make it happen. The biggest challange was that in order for it to fund, we had to get them the documents or whatever BEFORE noon of that day. So we pretty much had a 3 hour window between 9am and noon.

It hasn’t fully sunken in yet that we own a home….. Maybe when we unload all the boxes in the garage….. But first comes the floors.

We started to do some of the things around the house that we wanted to get done before we had to move in. One of the first things we wanted to do was paint the entire house in hopes of removing some of the oder from the previous owners…. who smoked like chimneys.

This [...]]]>

We started to do some of the things around the house that we wanted to get done before we had to move in. One of the first things we wanted to do was paint the entire house in hopes of removing some of the oder from the previous owners…. who smoked like chimneys.

This home has been full of little surprises (not the good kind) that I will get into in later posts. As you can see from the photo, the walls in the family room were just full of color. I have to give the previous owner some credit for experimenting with dark colors… What you can’t see is that around the door frame it’s peeling and you can see the purple paint under it. Needless to say, the entire room is being painted… but not without a nice thick coat of KILZ Stain & Oder Blocking primer. Before we started to prime we of course washed all the walls and the TSP… it was amazing how dirty the walls were.

Some other surprises in this room were:

• There were 3 different types of baseboards running along the bottom of the walls… some were made of wood, some out of particle board, and some out of foam.
• The person who installed the floor boards and the half-round crown molding loved their staple gun and enjoyed cocking WAY too much…
• The big surprise, MOLD was found at the corner of the wall and sliding glass door… where the carpet is peeled back. It looks like when it rains, the run off from the roof hits the patio and splashes back onto the door. This then runs down and seeps in. We are going to have to cut out a 6″ square of dry wall and replace it. You know, to be on the safe side. Also, I’m 95% sure that when we install rain gutters, it will help to eliminate the issue.

More To Come!! 

– Orignally Posted Tuesday Dec. 29th – 

We were suppose to fund yesterday (12/28/09) and close today (12/29/09) but just like everything else in this deal, something got screwed up.

As it turns out, funding is usually done in the morning and has to be done by noon. We get a call from [...]]]>

– Orignally Posted Tuesday Dec. 29th – 

We were suppose to fund yesterday (12/28/09) and close today (12/29/09) but just like everything else in this deal, something got screwed up.

As it turns out, funding is usually done in the morning and has to be done by noon. We get a call from our lender at 2pm yesterday that they were not able to fund due to the fact that the lender could not verify where some of the money that we put in escrow came from. The funny thing is that the money has been sitting in escrow for a couple of weeks… and they are now just finding it?!?!?! Needless to say we are a little pissed off about it…

It gets better….

Turns out that one of the issues is that they can’t fund is because of a 401k issue… Basically, The Other One pulled money from his 401k (EdwardJones) and had them wire the money directly to escrow. Now the lender isn’t sure who EdwardJones is, and was thinking that EdwardJones was a real estate agent at the Other One’s office who gave him the money. So, we had to send in additional statements and paperwork proving that EdwardJones was the investing company for the 401k, and NOT an actual person…

We are still probably not going to fund today… and more info is coming… I’ll try to keep things up to date. All I do know at this point is that we are out of the rental Thursday night… and if this doesn’t close here fast… like it was suppose to on Dec 15th, 18th, 23rd, and 28th…. we are going to be homeless.

– Originally Posted Saturday Dec. 12, 2009 –

Just when we thought we were done the appraisals, here comes the sequel.

It looks like the underwriter for our loan wants to have a field review of the appraisal done on the home. The reason for the field review from the underwriter? “The extreme joy of [...]]]>

– Originally Posted Saturday Dec. 12, 2009 –

Just when we thought we were done the appraisals, here comes the sequel.

It looks like the underwriter for our loan wants to have a field review of the appraisal done on the home. The reason for the field review from the underwriter? “The extreme joy of watching a buyer squirm under the added stress!” Actually, here is the reason from an email we got from the lender… “…a field review of the appraisal will be required due to the high adjustment percentages and lack of comparable properties in similar lot size to the subject property.”

In plain English, there haven’t been any 1,500 square foot homes, on a quarter-acre, in town, with a view sold recently. So, they have nothing to compare the value of the home too. Of course they don’t trust the professional appraiser they sent out to estimate the value of the home at.

To top it off, a field review takes an additional five business days to complete. Mind you, we were all shooting to close the deal on Tuesday… which is the 15th. Our lender however was able to talk the underwriter into doing a desk review instead of a field review. That’s a good thing because a desk review only takes two business days to finish.

All in all, it looks like there is no way possible to close before the 18th…. and looking more and more like we won’t be home for Christmas either.

– Originally Posted Thursday Dec. 10, 2009 –

Where we last left off…

-Name Issue With Escrow: Somewhat fixed with an addendum to the contract. Was signed and sent off this morning.

But that has led to another issue… LOAN DOCs! We can’t go anywhere without the loan docs… They were suppose to be [...]]]>

– Originally Posted Thursday Dec. 10, 2009 –

Where we last left off…

-Name Issue With Escrow:
Somewhat fixed with an addendum to the contract. Was signed and sent off this morning.

But that has led to another issue… LOAN DOCs! We can’t go anywhere without the loan docs… They were suppose to be done on Tuesday and sent to Escrow on Wednesday… HA HA HA HA HA HA! The name issue has put all that fun stuff on hold… joy!

SHOW ME THE MONEY

We all know that it takes a lot of money in fees and what not to close a real estate deal… Because of how close we are to our max $$ wise, The Other One (I haven’t figured out a good name for him yet on here) decided to take some of it out of his 401k to give us a little cushion. The Other One’s boss swore up and down that getting the check to our hot little hands would be quick and easy. So, we asked for the amount to be taken out on Monday (12/07) so we could get the check by Wednesday and overnight it to escrow by Friday… cause you know, we have been shooting to close this whole thing by the 15th of December…. yeah… that’s next Tuesday.

Back to real time, The Other One asked his boss today about the check… and her response to him was “I haven’t ordered it yet.” WHAT THE HECK! You would think that the office manager of a REAL ESTATE company would know the importance of time lines and needing to get funds to escrow… I guess not. So now, I’m going to say the absolute earliest that we are going to be able to get The Other One’s 401k check is Monday… if we are lucky. All the work that both of us do for The Real Estate company, they should just write us a check and say Merry Christmas.

So what was turning out to be a VERY smooth transaction has turned out into this massive mess of crap… right at the end…. on a scale of 1-10 the frustration & stress level is a 14.

Looks like there might be another bump in the road with the escrow. The other one (I haven’t figured out a good name for him yet on here) forgot to put his FULL name on the loan paperwork like he did on the escrow paperwork. So, the [...]]]> – Originally Posted Wednesday Dec. 9, 2009 –

Looks like there might be another bump in the road with the escrow. The other one (I haven’t figured out a good name for him yet on here) forgot to put his FULL name on the loan paperwork like he did on the escrow paperwork. So, the loan paper work shows “First, Middle, Last Name” and the escrow paperwork shows “First, Middle, Last Name II”

I can’t believe they are causing stink about II at the end of the name… now if it was his social security number or something like that, I could see there being an issue.

– Originally Posted Tuesday Dec. 8, 2009 –

We are trying very hard to get all the ducks in a row so we can close on the 15th of December. One of the things that needed to get done so the home loan could be finalized was the appraisal.

We were antsy about the appraisal [...]]]>

– Originally Posted Tuesday Dec. 8, 2009 –

We are trying very hard to get all the ducks in a row so we can close on the 15th of December. One of the things that needed to get done so the home loan could be finalized was the appraisal.

We were antsy about the appraisal because it could me the difference between getting and not getting the house. It had to come in GREATER then what the offer was written and accepted for. Talk about stress.

After a week of our lender trying to get the appraisal from the guy who went out and did it, we finally had it in our hands… Well in our email’s inbox. After what seemed like a lifetime, the large PDF was finally downloaded. We opened it and started reading. Everything looked ok until we got to the lines…

Purchase Price: $205,500
Appraised Value: $205,000

Ah crap! A difference of $500 dollars means that we would not qualify for the loan. This was not good.

We really have 4 options at this point:

1) Pay $500 more that we don’t have.

2) See if the selling bank will drop the price by $500

3) Have the appraisal done again and hope it makes up the difference

4) Kill the deal.

We’ll see what happens.

– UPDATE –

Just learned some information about our Appraisal…

From what we understand, the Appraiser didn’t want to drive the whole 7 miles to the town to do the appraisal. You know cause it’s such a HUGE distance. Our lender told him to just get it done… and I don’t think he liked it very much.

However, after some sweet talking from our agent, the Appraiser mentioned that it “might” have been a typo and would take another look at the report.

Well, the new appraisal is in and has been corrected… so far we are good to go!