Posts Tagged ‘Closing’

Pop the Champagne!


2010
04.15

Day 12 -

 

We are now the proud owners of a home!

 

Closing today was pretty uneventful. We did our good cop/bad cop routine, made sure transfer taxes were split 50/50, and that we weren’t paying for homeowners insurance through escrow, and tried to combat the incredibly high property taxes (we will have to go to the mattresses with the county on this one). All in all, not too shabby. And it’s over! YES!

 

The interesting part of the day was the final walk-through. Now, I mentioned how we found in the contract that the seller had to fix all prior termite damage. Well, I was thinking it was a few baseboards and maybe a square foot of drywall. What awaited us in the basement was surely not that. These people had to replace two whole walls! Like 8 sheets of drywall, insulation and framing. The contractor took photos of the termite damage as they were doing demo, and then more demo, and more… These little critters were not just a colony of termites out for a picnic. Oh, no, this was a whole country of termites feasting on Christmas Dinner (the whole 12 days of Christmas and New Years too). I could not believe these pictures. But… (happy sigh) It’s all fixed! Thank God! Just imagine if we had not read the contract through and not insisted on having that repaired. It was only a matter of time before those basement walls crumbled and took the rest of the house with them. And we would never have known the extent of the damage had the sellers not refused to remediate the mold and radon! Oh ho ho, I’m glad they were stubborn. Just desserts indeed!

 

As we close this chapter of our adventures in real estate I’d like to give a couple of shout outs. Thank you Ann for the wine, the advice, answering all our questions and helping us keep our sense of humor! You rock! And special thanks to Roxie, our fantastic real estate agent, for the sweet gift, for thinking of the kids and for being there for us throughout this incredible journey. We found ourselves the best agent around! Couldn’t imagine this adventure without you! Hope we will be remembered in your future endeavors as the fun and… not too demanding… clients who made you laugh along the way. ;)

 

Oh, but my friends… for you, it’s not over. We are now remodeling a house! Stay tuned!

The Homestretch


2010
04.14

Day 11 -

 

Tomorrow’s the big day. Closing on our new house. It has been a challenging process dealing with our formidable sellers. Believe me, it’s been hard removing them from the grip on their home. It looks like we finally have everything ironed out. Apparently, we weren’t the only ones who found them difficult. I’ve heard rumors of agents who also think them laborious beyond reason.

 

Nevertheless, our paths shall never cross. They have given power of attorney to their son who will represent them at closing. He’s flying in today. From where, I wonder…

 

We are still waiting on the “final” settlement sheet from the Title company. We need to head to the bank and get a cashiers check for the right amount. (Down payment, closing costs, transfer taxes, points.) Nothing like waiting til the last minute, aye? I’ve been pressuring them to get me that document for 2 weeks. Oh, could it be they waited so long just so that I won’t find the hidden fees? Oh… Find them I will, my young Padawan learner.

 

My days lately have been filled with renovation plans. Paint colors, wallpaper, flooring, light fixtures, where to place my furniture, etc. It’s been fun being a temporary interior decorator. Now I have to implement it. I haven’t bought anything, not even a paint brush. I’ve been anticipating the deal going south. With those sellers, one never knows.

 

Just one more day and we will be Home Freeoh, how I wish it was free.

Closing in One Week


2010
04.08

Day 5 -

 

Closing one week from today. There has been no real response to our last exchange regarding contractual items. Except for a back and forth between realtors on estimation for cost of repairs. Hmmm. In a waiting pattern right now, walking comfortably in circles like cows.

 

But, moving forward we have lots to do. Called the contractor to go over the renovation list. Need to schedule the turning on of utilities. Have to get the Radon remediated. Get paint, plaster, a dumpster, tools to squash the peach…Blah, blah, blah. All stuff I just don’t want to spend energy thinking about on such a gorgeous day. I’m going to try to not dwell on it and look forward to the upcoming weekend, my husband’s birthday, fun in the sun with the kids and maybe a good movie. Monday, I will stress again. Afterall… that’s what Monday’s are for.

Congratulations. You Are Now Officially Homeless


2010
03.30

Day 92 - A bit behind due to lack of internet.

 

Day 88 -

 

I have never been so tired in my life. Two days of moving has turned into four with an additional two days of clean-up. When did I accumulate so much stuff? It just kept multiplying. It seemed every time we took a box out of the house there were two more in its place. The movers were even baffled. They couldn’t believe they underestimated our move by so much. Apparently, that’s never happened to them before. They have only ever underestimated by an hour in the past. Guess we were too much for them.

 

So, here I sit at my in-laws typing my blog that I can’t post because we haven’t had the time to figure out the internet connection. But we are comfortable here amongst our boxes and are grateful for that. I have to head back to the house today to finish sanding the map wall, clean the kitchen, the basement and grab the remaining things in the house and in the yard. Yesterday, at the end of the day, I was so tired I actually taped shut an empty box and asked my husband to carry it to the truck for me. Once he picked it up, it was so light he almost flung it across the room. I was so embarrassed. I crawled inside it and tried to shut out the world. The streams of light that flowed in were actually quite beautiful… but anyway…

 

It looks like the closing is on for tomorrow at 10 am. Right after the 9 am walk-through. Guess they are going to buy it after all. We have the final signed addendum in our hands. They did ask if we could call the home warranty folks about the sump pump. Had to laugh at that one… ahh, no. It’s going to be your house in a day, you call! I have a feeling three months down the road they will be asking my husband to make the appointment to open the pool for them. Do these people know how to do anything themselves? I could have sworn they were in their 30’s, not their teens.

 

 

Day 91 -

 

Congratulations family! We are now officially homeless. We closed on the house yesterday and I have to say, I feel relieved.

 

The whole closing process made for an interesting learning experience… Life has them waiting around every corner. You see, we received the estimated settlement sheet a few days before, and I immediately took a look at the bottom line… Wouldn’t you? I wanted to see what kind of money I was getting out of this house, our down payment on the next one was depending on it. To my utter shock and awe, (seriously I think I actually dropped to my knees), it said we were only getting $18,000. What? Are you serious? You’ve got to be kidding me! I quickly picked up my cell phone and called my husband who was at Home Depot getting another pad lock for the fourth POD we needed to order at the last minute. I was practically in tears, ok… I’ll fess up. I was completely exhausted, my defenses were down and I WAS in tears. I expressed my concerns to my husband through my hyperventilated mumbles and he called Roxie, our agent, to investigate while I tried to calm down in a much needed hot shower.

 

After calming down, I took it upon myself to find out what the hell was going on. Closing costs, they call them. More like, lets-see-how-much-we-can-rip-you-off-costs. Well, if you’re not careful you will end up paying much more than you bargained for, and NO ONE is going to help you or tell you different unless, YOU call them on it. For starters, “$350 for Water Escrow”… Water escrow? How can there be a water escrow… we have a well not public water! The brokers fees I figured were set at 9% instead of 5%. Wow, now this is the buyers agent putting this all together with the title company. Nine percent? Glad I didn’t hire him. We were paying upwards of $500.00 to the title company for “document preparation”. Again, why should I pay someone I didn’t hire. It also states in the contract of sale, (yes, I read it!) that the buyers are responsible for all fees associated with the title work. The contract also states we would split the transfer taxes 50/50. Well, looking at this statement it seems a bit unbalanced. More like 70/30. It took a few back and forths to try to straighten this out, yet still, it was slightly wrong at the closing table. I have to say, I’m damn proud of myself for sticking to my moral high road here and making sure I wasn’t ripped off. It was a double team for the books. My husband drew the agents and buyers attention away and I stuck it to Mr. Title Company.

 

We ended up walking away with $24,000.00 extra dollars than they wanted to give us. Can you imagine if I didn’t take a stand? Makes me wonder if the buyers didn’t get ripped off too. They just sat there and nodded as Mr. Title explained, all to quickly, every charge. How much money do you think agents and title companies make unethically every year? Well, when I buy the next house, I’m going through that settlement sheet with a fine tooth comb. No more Mr. Nice Guy! And you know what… It feels good!

Stumbling Block


2010
03.24

Day 86 - 5 days to go!

 

My house is almost empty. These movers are super efficient. We’ve used them before and just love these guys. They have one POD so neatly packed, to the top! They still need to attack the large pieces, bedroom furniture, couches, etc. Then, tomorrow, the home office.

 

As far as the sale of this house goes… Well, we’ve run into a few snags. Come on… Didn’t we all know there would be snags.

 

Two nights ago was our last night in the house. We were about to be celebrating with the tenderloins I had marinating in the fridge and the bottle of red just waiting to be uncorked. The next day would be filled with moving all the stuff we need to survive for a few months, the kids and the dog to the in-law’s. The movers were coming on wednesday (today) and we were suppose to be closing on monday. All was in the works.

 

Just before the steaks were to go on the grill we received word that out buyers aren’t happy with what we have done regarding the home inspection. Really? Hmmm. They wait til now to tell us this!?! We remediated the mold, we fixed the broken heat pump, we had the oil guy come and give recommendations on the oil that strangely appears on the wall by the oil tank, but they want more. There were a total of eleven issues they wanted us to address regarding the home inspection. I think they actually expected us to take care of each and every one! Who does that? But we did what we could afford, addressed all “health and safety” issues, and we’re done!

 

It seems their biggest issue is the subfloor in the master bedroom, it kind of bounces in one place when you walk over it. Now, I have ran on this floor, exercised on it, put furniture on it all with no problem, but they would like it fixed. I think it’s just not nailed down properly to the joist under the floor, or it has come unnailed over time. Either way, I say get out your own damn hammer and fix it.

 

Our biggest issue is the fact that we are planning on moving… like NOW! If these people decide they don’t want the house, well, hell… I don’t want to move in with the in-law’s. I… and I’m sure they, would rather us stay here. Plus we’ve already paid for the PODs that are in my driveway, a deposit on the movers, a mold inspection at the new house (that we won’t be buying if we can’t sell this one), and we have scheduled cancelations of BGE, the phone, DirecTv and the alarm company. We have even gone to the extremes of scheduling an installation of high speed internet at the in-law’s so we can work. Oh, my what a mess…

 

Wow! What a way to ruin a beautiful evening and dinner. So, we were thinking of calling their bluff. They must have movers lined up too, right? And really, I don’t think we are being unreasonable. We did the necessary fixes. Come on… Nothing is perfect. No, you get no more money from me! Buy it or don’t buy it, I just need to know ASAP! If they screw us my husband will not rest til someone pays for all the expenses we have accrued to be able to be out of here by closing. He basically told our agent to tell them they don’t know who they are fucking with, but I’m sure our Roxie would never use that kind of language with their agent.

 

In the end we caved, ever so slightly. We had our contractor come by and take a look, just to make sure we were right about the floor and the building won’t be caving in on the new residents. And he confirmed what we thought all along, a few screws and nails and we’d be all set. In any other situation, I’d grab the hammer myself, but, no, I’d have to have some kind of receipt that a licensed contract took care of it. So the guys are coming by on Thursday to screw my floor! So, I’m pissed that we caved and are forking out more money to sell this place. But the alternative scares the shit out of me, and that would be they hire some hard-up structural engineer who’s business has been really slow lately due to the economy and he recommends to them that they need a whole new floor system and support beams.

 

Well, my house is half empty and we still don’t know if we are solid and going through with the sale. God willing, signatures will come.

And the Quest… Is On!


2010
02.01

Day 35

 

We went to two open houses over the weekend. This was a hoot. The first one… too small. But amazingly the new bathroom in that house was bigger than the kitchen. I could have fit my whole family into that bathtub. It was almost like they just took a hot tub installed it and called it a bathtub. I couldn’t believe the size. I’m still dumbfounded by it. I think my son could use it as a half pipe.

 

The second one, great location, strange layout. To get to the family room (which was kinda cool) and to the backyard you had to walk through the master bedroom. That’s right. You heard me. Imagine my 11 year old having friends over and wanting to play outside and run thru my bedroom right when I’m changing. Nope, don’t think so. Movin’ on.

 

Today Roxie, our agent, picked us up took us to 3 places that were on my list. The first, which I really like from the photos on-line was extremely disappointing in person. It was on a hill which made the backdoor 2 stories up. My small dog couldn’t run down those steps to pee if he wanted too. We could build him an extreme dog slide, but… no. I couldn’t get out of there fast enough.

 

The second, was ok. First of all, it smelled right away like “old people”, we can fix that. We also would have to take off some hideous wallpaper, do A LOT of painting, and re-do the kitchen. That kitchen was old! The oven in the wall was something I had never seen before. I’m guessing “50’s modern?” It looked more like a microwave. I couldn’t fit a turkey in there if I wanted to. There was even a Montgomery Ward Brand TV in the kitchen which was so old you have to actually get up off your chair to change the channels. My kids would flip to see such a relic. There was also a strange bedroom in the basement with a shower. Not a bathroom with a shower, just a shower, right there in the room. But, all in all I think with my creative ability that place had some potential and it was the perfect size. It even had a dream feature of mine… a mud room. Oooo, I get giddy at the idea of a mud room. Keep that house on the maybe list.

 

The third house we saw was my foreclosure house. I couldn’t wait to get there and see inside. After my initial walk through I was jumping up and down, literally. I loved it! It was bigger than I thought it was going to be, which was a good thing. The layout was also kinda cool. I was sold. I could see myself in it baking christmas cookies in the kitchen. Even though there currently is NO kitchen. I, my friends, have the gift of visualization. I just can’t understand why some people don’t have it. Some will write off a house just because they don’t like the paint color. People it’s paint! $25 at the hardware store. Deal with it! But, they just can’t see a room in their heads as another color. I don’t get people like that. Kind of feel sorry for them.

 

Anyway, this foreclosure home did have a few odd things. There was a big hole in the floor of the living room that was covered with plywood. The basement, which is partially furnished, is only accessible from the outside. The non-existent half bath had a divided light french door, that you could see through. What’s with that? The master bedroom didn’t seem to have any vents. Not sure how the heat gets in there. But these things seemed like it they were an easy fix. But then… our contractor extraordinaire showed up and stomped all over my parade. It seems I may need anywhere from $90,000 – $150,000 to update all the things the last guy did wrong (‘Harry Homemaker’ he called him), and build an addition. I was hoping more along the lines of $70,000. And this ballpark estimate is without him looking at the basement (we couldn’t get it open. It was sealed with a Master Lock.) The estimate could even get worse once he got into the basement. Boy-o-boy, to be able to pull that off, I’d have to get that house for a song. Like $72,000 less than they are asking for it. And it’s a foreclosure, bank owned. Do they even negotiate that low?

 

I did learn one Interesting thing today… I was thinking of building an addition OFF of back of the house. It is a ranch after all, like to keep it long. But our contractor said it would be easier to build up instead of out, cheaper too. Wow, wouldn’t have thought that. Keeping that one in mind.

 

I did mention my foreclosure house to our mortgage broker, mainly because I didn’t know if I could get cash on top of the house price for fixing it up. Wasn’t sure how that worked. Her initial e-mail reaction was “YEESH!!!” Yeesh, what the hell is yeesh? That doesn’t sound good. She thinks we may need a “rehab” loan. A FHA 203K Rehab Loan. Whoa, sounds complicated. And complicated it seems to be. Inspectors, licensed contractors, higher interest rates… blah blah, blah. Is this something we really want to tangle with? Well, if we can get that dream house for a dream price… damn straight.

 

The best thing about this whole process is, I’m kinda having fun. It’s an adventure into uncharted territory. My husband too has finally taken to looking on-line at what is out there. Before it was just me. You see, he was the strong one. He held out til we were under contract. I was weak! Well, good for him. And, I’m glad he’s finally on the band wagon. It’s exciting now that we can share in this quest to find a new abode. I’m just hoping it remains fun for a while, I’m sure it will start getting stressful as we get closer to closing on our current house and haven’t found our new one yet.

 

Well, we are back at it tomorrow. Roxie is setting up more appointments so we can see other homes, walk through them, get a sense of how other people live, moth balls, old TV’s and all. It’s a lesson in urban anthropology. :)

SOLD ?


2010
01.29

Day 32 – Are we done?

 

The buyers have verbally accepted our counter offer, so I guess, that… is that? We are still waiting for the final papers so I’m not quite sure. Is it strange our agent hasn’t received them yet? Is this normal? Should I be nervous? Oh, I think I’m probably just reading too much into it. Relax, have a martini.

 

Next step: Bring on the inspections! Let’s hope all goes well with them and nothing breaks between now and then.

 

OK… I think it’s time to SHOP! Once we sign those illusive papers, we will be scheduled to close in late March. Yep, we need to find ourselves a place to live… and we haven’t got much time.

 

tick tock my friends… tick tock