Thursday, March 10, 2011

And we're off to the races!

So the process is officially kicked off, and things are already in motion!

We signed the contract on Monday. After being told that it wouldn't be provided to us until Wednesday, they came back in like an hour with the addendums to sign.  We turned in the contract/addenda and the earnest money Tuesday morning, and after the realtor told us they should only take a day to sign the papers, she suggested we start calling inspectors and such.  The power and water was already turned on, so we wouldn't have to worry about that part of the process.  Yes!

So our inspector is scheduled for Friday.  We got our insurance guy shopping around for homeowners insurance. I called our bank about initiating the lending process, gathered up all my w-2s and paystubs and bank statements, so all I need to kick the lenders in gear is to get the fully-signed copy of the sales contract.  Easy enough, right?

Yesterday morning, I got a call from the realtor saying that the bank (it's a foreclosure) still hadn't signed the papers, and if they didn't sign it by this evening (Thurs), we'd have to reschedule the inspector.  Frack.

Yesterday evening, I got a call from husband saying that the realtor notified him that the utilities had been shut off in the house.  The inspector can't inspect a property if the utilities are off!  Frack.

Thankfully, as of this morning, we've got one bug down - the utilities are back on.  Now we have to go and reschedule our inspection for Tuesday, because suddenly the bank is dragging their heels.  I am glad I'm already privy to the "hurry up and wait" syndrome that bureaucratic companies love to afflict us with.

Next on the list:
1) After contract is in-hand, I can send off all ninety-bagillion pages of required documents to the lender to get started on that. 
2) Prepare for headache ensuing from underwriters of said lendor.
3) Insurance rates will be provided and (hopefully) set up on Monday
4) Inspection set for Tuesday, including termite inspector.
5) After lenders start working the process through, apparently there's also an appraiser that has to come out (which I'm hearing is around 300-400 bucks.  Yikes), and then a surveyor (also 300-400 bucks).  Really?  A surveyor?  Sigh.  I guess if these people went to school and got a degree in surveying, they gotta utilitize that talent somewhere, despite that nothing has changed on the house in over ten years to warrant a new survey.  People gotta make money, and somebody's gotta pay.  Apparently.
6) If inspection/appraisal/initial stages of underwriting go well, we have to give notice to our apartment and break contract.  That's not going to be fun, or cheap.  But oh, will it be rewarding!  (More on that in another post)

And I'm sure that list will grow as things begin to move forward.

The technical closing date is May 9th, but provided everything moves forward at a rapid pace, the realtor suspects we could move in by mid- to late-April.  We still plan to have overlap in our rental agreement just to be on the safe side, but the earlier we close, the better!

So you know, wish us luck and yell into the ether to get this bank to sign our contract already!


Post a Comment

I always read (and appreciate) comments! I'm writing this blog for you, so feel free to chime in any time. :)