So, my apologizes for getting lazy on you. So much has been going on with work and the house and school and life that I've been just a bit lacking in my writing.
Enough excuses. Let me do a "here's what you missed on Glee" version of the past few weeks. The inspections went well, the house appraised for what we needed on one condition of some minor scraping and painting which has since been completed, I had to switch my student loans from forbearance to deferment (thankfully it worked), and I had to submit a couple other paperwork items for the loan. Now, [hopefully] my loan package has gone from the bank to OHFA for approval of my 'second mortgage' which pays 3% of the down payment (the seller pays another 3% and I pay 1/2%).
Considering the original contract listed a close-date of May 28th, we've filed an extension to read "on or before June 9th" which is also fast approaching.
There's a downside to the extension [other than the obvious anxiousness to get into the house and Anthonize it]: there is some mysterious part of closing costs that I have to pay that is prorated to the amount of days left in the closing month. With the former close date, that only left 2 days of whatever this is to pay. Now, I'll have about 20 days worth to pay. I'm not sure what this thing is that I'm paying. It's either taxes or insurance or interest or some such fiddle-faddle. I have no idea how much this will cost, but someone who may or may not know what they're talking about mentioned off-the-cuff that it could be almost a month's mortgage payment. Greeeeaaatttt. Regardless - I shall persevere.
Above, I mentioned being anxious to Anthonize the house. I have SOOOO many ideas of what I want to do to the house [inside and out] that my head is figuratively swirling and bursting at the seams and spilling out, and [insert other overwhelmed cliche here]. I have begun favoriting things in my browser, emailing myself, saving pictures, and telling other people in the hopes they'll remember and remind me. ["Didn't you want to get that one couch?"]
On top of all of this, I've decided to undergo a transformation into a Hipster. Google image it.
Thursday, June 3, 2010
Sunday, April 25, 2010
Dream [Spiritual] Home
So far, I have been writing about my search for my dream home. I want to take a minute to tell you all about my dream [spiritual] home. The United Church of Christ is a unique church for so many reasons. I'll not bore you with a list of qualifications, or reasons I love the UCC, but I will let you watch the newest ad:
Thanks for taking the time to learn a little more about the UCC.
Thanks for taking the time to learn a little more about the UCC.
Wednesday, April 21, 2010
Home Inspections? Checkity Check.
Today was a big day for two reasons: I got my home inspections done, and I faxed the required paperwork to my loan officer.
Home inspections all went as well as you could expect for a hundred-year-old home. No signs of wood-destroying insects, no abnormal Radon levels, and no major structural damage. There were minor maintenance issues as would be expected - some of which will be fixed by the seller before closing. I found out that the roof is only a year old, the furnace is only 7 years old (energy efficient) and the air conditioner is only 3 years old (also efficient). Some repairs that I'll need to handle in the next couple years are new waste drain pipes and a new water heater, but those are manageable.
As for the paperwork for the loan officer, I faxed over everything that they asked for. I am anticipating that they will ask for more, which will continue to be stressful, but worth it.
Right now - I'm just crossing my fingers that the loan gets approved!
Home inspections all went as well as you could expect for a hundred-year-old home. No signs of wood-destroying insects, no abnormal Radon levels, and no major structural damage. There were minor maintenance issues as would be expected - some of which will be fixed by the seller before closing. I found out that the roof is only a year old, the furnace is only 7 years old (energy efficient) and the air conditioner is only 3 years old (also efficient). Some repairs that I'll need to handle in the next couple years are new waste drain pipes and a new water heater, but those are manageable.
As for the paperwork for the loan officer, I faxed over everything that they asked for. I am anticipating that they will ask for more, which will continue to be stressful, but worth it.
Right now - I'm just crossing my fingers that the loan gets approved!
Monday, April 19, 2010
Invasive Procedure!
Since last I left you, I have gotten a lot accomplished. Chiefly, I have met with the loan officer that is handling my mortgage and down payment assistance. I have also scheduled my home inspections (General, Wood-destroying insects, and Radon) for this Wednesday.
The loan application process is a very intrusive process, the depths of which I had no understanding going into this. I've joked with friends that had I known how much personal information they require, I may well have just signed another year on the lease! That's a stretch - it will definitely be worth it in the end, but it's very trying on my already fragile nerves to go through this process which feels like a witch-hunt.
It started with: "You'll need to bring the following to your appointment: Tax Returns and W2s for the three most recent years, bank statements for two most recent months, and pay stubs covering the last 30 days."
This all seemed reasonable to me - but for the life of me [and my mom], I could not find my 2007 tax return. This was the last year that I had my mom do my taxes for me, and was right around the time I was moving full time to Akron. Neither of us was sure who had it, and it wasn't where either of us thought we would have it. Luckily, ol' Trusty McGee (aka mom) found it on a final check through unlikely places.
Once I got to the appointment, I was pleased to meet my loan officer - a very friendly and knowledgeable woman. Things started rolling along smoothly as I had all the necessary paperwork (thanks again mom!). Then we got down to the nitty gritty. Verifying funds. After doing the math the first time, she tried to tell me I needed over $2000 dollars. I almost cried. HELLO?! This is why I'm doing the down payment assistance program - because I don't have thousands of dollars lying about the place! "Remain calm, rely on knowledge" was the message I was repeating to myself. After we sorted things out and got on the same page, it turned out that I was going to have to ask a family member for a small loan of $400 that I didn't really need. They have to verify funds for a specific set of needs, but at time of closing I will have already paid most of these, or won't have to pay them based on the date of the month (i.e. end of month = only a couple days worth of taxes). Luckily - I could count on my Aunt with the understanding that she would get it right back after I close on the house. However, there's 5 hoops to jump through to receive a 'gift' for closing costs. These include but are not limited to having a teller-stamped-and-signed copy of the withdrawal slip, cashier's check, deposit slip, and bank printout showing available funds. "Hey, could you loan me money, and while you're at it, I need copies of 85 documents." Tacky. Nonetheless, a huge thanks to the aunty.
Next came the sticky situation of explaining and proving any non-payroll deposits into my bank accounts. This includes a 'To Whom it May Concern' explaining what each transfer and deposit into my accounts was for/from, and proof (i.e. copies of the front and back of each check). Shoot me. Now I have to try to remember what each little thing was, and get the bank to come up with copies of the checks. Luckily one of my sisters works for my bank, and was able to get the copies I needed (Shout out to the sis. Noticing a theme here?)
Finally I had to fax the info for the house over to my insurance agent to bill the first year's insurance to time of closing. No sweat.
All-in-all it's not that bad, and not all that unreasonable, but entirely unexpected and exhausting. Will it be worth it? I think it will. I am hugely thankful to my family and friends for their seemingly bottomless pit of support for me.
Stay tuned later this week for a detailed account of the home-inspections. I know, I know... you'll be "washing your hair" that day right? Or is it some previous commitment you'll need to attend? OH WELL! READ IT ANYWAY :)
The loan application process is a very intrusive process, the depths of which I had no understanding going into this. I've joked with friends that had I known how much personal information they require, I may well have just signed another year on the lease! That's a stretch - it will definitely be worth it in the end, but it's very trying on my already fragile nerves to go through this process which feels like a witch-hunt.
It started with: "You'll need to bring the following to your appointment: Tax Returns and W2s for the three most recent years, bank statements for two most recent months, and pay stubs covering the last 30 days."
This all seemed reasonable to me - but for the life of me [and my mom], I could not find my 2007 tax return. This was the last year that I had my mom do my taxes for me, and was right around the time I was moving full time to Akron. Neither of us was sure who had it, and it wasn't where either of us thought we would have it. Luckily, ol' Trusty McGee (aka mom) found it on a final check through unlikely places.
Once I got to the appointment, I was pleased to meet my loan officer - a very friendly and knowledgeable woman. Things started rolling along smoothly as I had all the necessary paperwork (thanks again mom!). Then we got down to the nitty gritty. Verifying funds. After doing the math the first time, she tried to tell me I needed over $2000 dollars. I almost cried. HELLO?! This is why I'm doing the down payment assistance program - because I don't have thousands of dollars lying about the place! "Remain calm, rely on knowledge" was the message I was repeating to myself. After we sorted things out and got on the same page, it turned out that I was going to have to ask a family member for a small loan of $400 that I didn't really need. They have to verify funds for a specific set of needs, but at time of closing I will have already paid most of these, or won't have to pay them based on the date of the month (i.e. end of month = only a couple days worth of taxes). Luckily - I could count on my Aunt with the understanding that she would get it right back after I close on the house. However, there's 5 hoops to jump through to receive a 'gift' for closing costs. These include but are not limited to having a teller-stamped-and-signed copy of the withdrawal slip, cashier's check, deposit slip, and bank printout showing available funds. "Hey, could you loan me money, and while you're at it, I need copies of 85 documents." Tacky. Nonetheless, a huge thanks to the aunty.
Next came the sticky situation of explaining and proving any non-payroll deposits into my bank accounts. This includes a 'To Whom it May Concern' explaining what each transfer and deposit into my accounts was for/from, and proof (i.e. copies of the front and back of each check). Shoot me. Now I have to try to remember what each little thing was, and get the bank to come up with copies of the checks. Luckily one of my sisters works for my bank, and was able to get the copies I needed (Shout out to the sis. Noticing a theme here?)
Finally I had to fax the info for the house over to my insurance agent to bill the first year's insurance to time of closing. No sweat.
All-in-all it's not that bad, and not all that unreasonable, but entirely unexpected and exhausting. Will it be worth it? I think it will. I am hugely thankful to my family and friends for their seemingly bottomless pit of support for me.
Stay tuned later this week for a detailed account of the home-inspections. I know, I know... you'll be "washing your hair" that day right? Or is it some previous commitment you'll need to attend? OH WELL! READ IT ANYWAY :)
Sunday, April 11, 2010
Dream Home #2... a success?
I just got a call from my [remarkable] Realtor... the sellers have ACCEPTED MY OFFER! AS WRITTEN! Now, this is not a short-sale situation so I don't have to wait for some bank to approve. My "purchase agreement" (aka offer) is now a binding contract!
My head is still swirling with everything that this means. My to-do list has just grown exponentially - and not at the best time of the year for me. Right now, we're approaching finals week in school (oh yeah - I'm a part-time undergraduate student), the Law School's Graduation is only a couple weeks after finals (my full time job is working for the Law School and one of my biggest tasks is organizing all the details for Graduation), and my current roommate at my apartment will be moving out at the end of this month (so I'll be helping him with that). On top of all that, I now have to begin the official loan application, schedule the home-inspection, and get my Earnest Money check dropped off to the Realtor's office. Oh yeah... then move once it's official.
But that's just focusing on the work. What this means in the big picture sense is that I don't have to live under anyone else's rules! If I want to have a roommate (or 3) I will have one (or three). If I want to have a cat and a dog and a parrot, I will have a cat, a dog, and a parrot. If I want to have people over at 2am, I will have people over at 2am! I will still be in the same greater neighborhood that I live in now, so I am close to work, close to my church, and close to shopping, eating, a library, and the Metroparks.
I will keep you posted every step of the way - and thank you all for your positive thoughts, comments, and prayers - I fully 100% appreciate your support!
My head is still swirling with everything that this means. My to-do list has just grown exponentially - and not at the best time of the year for me. Right now, we're approaching finals week in school (oh yeah - I'm a part-time undergraduate student), the Law School's Graduation is only a couple weeks after finals (my full time job is working for the Law School and one of my biggest tasks is organizing all the details for Graduation), and my current roommate at my apartment will be moving out at the end of this month (so I'll be helping him with that). On top of all that, I now have to begin the official loan application, schedule the home-inspection, and get my Earnest Money check dropped off to the Realtor's office. Oh yeah... then move once it's official.
But that's just focusing on the work. What this means in the big picture sense is that I don't have to live under anyone else's rules! If I want to have a roommate (or 3) I will have one (or three). If I want to have a cat and a dog and a parrot, I will have a cat, a dog, and a parrot. If I want to have people over at 2am, I will have people over at 2am! I will still be in the same greater neighborhood that I live in now, so I am close to work, close to my church, and close to shopping, eating, a library, and the Metroparks.
I will keep you posted every step of the way - and thank you all for your positive thoughts, comments, and prayers - I fully 100% appreciate your support!
Saturday, April 10, 2010
Dream Home #2
I just got home from the Realtor's office after going to look at the other property I mentioned. While we were out, we drove past a house that my aunt clued me into. It just went on the market, in a great neighborhood, and within my price range. We couldn't get hold of the listing agent, so my Realtor (this is why I love her) just went up and knocked on the door! The owner was home, and conveniently enough had just had a showing. He graciously agreed to take his dog for a walk so we could take a look.
It is plain Jane on the outside... but GORGEOUS on the inside. It is an older home with all of the nooks and built-ins you could ask for. I am keeping my hopes low for several reasons: 1) It is new on the market, so they could choose to decline my offer and wait it out - it could easily get more than I offered for it. 2) They were asking near the top of my price range, so I topped out. If they decline, I have nothing to counter with. 3) It seems too good to be true.
So - we went back to the office, and wrote up an offer for as much as I can afford, and didn't ask them to pay for as much as I asked the last owner to pay for. I've offered above their asking price, but we'll see if it's enough for them to take the bait.
To be sure their agent gets our offer ASAP, my Realtor was actually going to drive it to her house after her other meeting since we couldn't get hold of her. She's awesome!
Now, we wait [again]...
It is plain Jane on the outside... but GORGEOUS on the inside. It is an older home with all of the nooks and built-ins you could ask for. I am keeping my hopes low for several reasons: 1) It is new on the market, so they could choose to decline my offer and wait it out - it could easily get more than I offered for it. 2) They were asking near the top of my price range, so I topped out. If they decline, I have nothing to counter with. 3) It seems too good to be true.
So - we went back to the office, and wrote up an offer for as much as I can afford, and didn't ask them to pay for as much as I asked the last owner to pay for. I've offered above their asking price, but we'll see if it's enough for them to take the bait.
To be sure their agent gets our offer ASAP, my Realtor was actually going to drive it to her house after her other meeting since we couldn't get hold of her. She's awesome!
Now, we wait [again]...
Friday, April 9, 2010
Take 2
Today I signed a "Release" form to release the seller and myself from the contract on "Dream Home #1." I really had no choice in the matter since their bank had the final say, so I pretty much was forced to sign the release. The bonus is - this will initiate the process for me to get my "earnest money" back. Earnest money is what you lay down for the seller to take the house off the market and show that you 'earnestly' want the house. In my case, this equals 1/2% and would be applied to my part of the down payment (after OHFA covers the rest) at closing. I'll hold on to this money to use as earnest money for the next house.
Tomorrow morning I will be taking a second look at one of the houses I looked at last time when I saw "Dream Home #1." It's similarly move-in ready, with 4 bedrooms and 1 bathroom, and a 2-car detached garage. The potential downside is the neighborhood. I will be walking around a bit and knocking on a few doors to find out more about it. While it's still technically in the same neighborhood as I currently live, it's not quite the same part of the neighborhood and I don't know it as well.
Tomorrow morning I will be taking a second look at one of the houses I looked at last time when I saw "Dream Home #1." It's similarly move-in ready, with 4 bedrooms and 1 bathroom, and a 2-car detached garage. The potential downside is the neighborhood. I will be walking around a bit and knocking on a few doors to find out more about it. While it's still technically in the same neighborhood as I currently live, it's not quite the same part of the neighborhood and I don't know it as well.
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