Wednesday, July 08, 2009

Woo-Hoo! More House Updates

Saga with the house buying continues...

Today is day 44 of escrow. Wow. To write it out doesn't seem like that much time, but to actually live it feels like a lifetime.

We FINALLY FINALLY FINALLY got the place converted to condo. (Hallelujah!) And then stuff really started happening. Suddenly our credit union was willing to give us the time of day. As well as a list of demands before they'd give us a loan.
  • Borrower to schedule an Appraisal. Check.
  • Property to appraise for purchase price. Check. (Whew!!!)
  • Borrower to forward copy of new preliminary title report. Check
  • Borrowers to provide a most recent paystub for each within 30 days prior to close of escrow. Check
  • Borrower to request the title company provide us with their escrow and title fees or a preliminary HUD for the loan amount. Check
  • Borrowers to provide title vesting prior to loan documents. (This one was basically Greek to me - but the kind folks at the escrow office seem have worked everything out...) Check. (I think?)
  • Borrower to provide evidence of homeowners insurance coverage for the subject property. We're working on it...
  • Title company to provide a 100.00 Endorsement on the Lender's Policy to cover the Credit Union for encroachments indicated on Items 9 and 10 of the preliminary title report dated 6/18/2009. (Huh??? I have no idea what this means.... but I THINK the title company is taking care of it??
  • Co-Borrower/Spouse to sign all loan documents as "COURTNEY A. KYLESLASTNAME" (Thank goodness I changed my name before going through all this - apparently if I hadn't done it, it would have been a problem, and I would have had to use my maiden name and then I would have had to to change it later and blah more paperwork!)
  • Borrowers to provide Section 1 Termite Clearance based on Termite Report dated 6/9/09. Ugh.... this one was the wrench.
See - we had a termite inspection done about a month ago. Told our bank it was all done. They said cool and then never mentioned it again. Fast forward a few weeks, and suddenly it's not enough to just have the inspection done... no no... now we have to get all the stuff that the inspector found FIXED. GAH! Why didn't someone mention this earlier??? There were a few days of absolute panic while we tried to schedule the work to get done and figure out who was supposed to pay for it (technically, the Seller is supposed to pay for it - but SF is usually such a hot market that Buyers buy places "as is" - which means that the Buyer pays to fix this sort of thing. It was only $2500 worth of damage - which, in the grand scheme of things, really isn't much - but for a few days it looked like the whole deal might fall though because of it. The sellers had already agreed to credit us 1/3 of the cost (b/c it's a 3 unit building and the termite report was for the whole building) ... and we were HAPPY to apply our third to get the repairs done. So it was just a matter of the sellers coming up with the remaining 2/3. (Roughly $1600.) Unfortunately, money is super tight on their end so it was looking like Kyle and I might have to LOAN them the $1600, and then they'd pay us back after escrow closed - which would have worked, but probably would have been a huge hassle. Luckily, they were able to scrape the cash together and we were able to schedule the contractor to come out right away and we got the whole mess taken care of. But it was a very stressful week. Sheesh. Work finished up yesterday afternoon and we received a clean bill of health from the inspector this morning. Whew. Glad that's over.

So now we're just waiting to get ourselves some homeowners insurance and I THINK we'll be all set. (Fingers Crossed!!!)

Oh AND!!! the interest rate came back down today to 5.25%!!!!!!!!!!!!! No more gambling. Kyle and I paid our $250 and locked in IMMEDIATELY. It'll probably drop down to like 3% tomorrow - because that's just how my stupid luck works - but I don't even care. I have been KICKING myself everyday for not locking in last time the rate hit 5.25% so I am SO RELIEVED that I got a second chance. :) I'll gladly take my bird in the hand and forgo the two in the bush, thankyouverymuch.

So yeah - that's where we stand with the house. It looks like escrow might close Thursday or Friday of next week. Eeeeeeeeeeeeeeeeeeeee.

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