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Just closed on our new Primary home.

July 31, 2011

Well this was a busy week and weekend. Despite many hurdles and pitfalls we got through it. We just closed and picked up the keys late Friday afternoon. Our new home is essentially move in ready, but our old place still needs a thorough cleaning. I painted our 11 year old’s room as it was a combo of green and purple and the new tenants did not like it. I repaired one toilet, filled all the nail holes, touched up some paint, and we still have the final sweep out and fixture cleaning later today. Our new tenant is very excited about the property and certainly looks good on paper. Time will tell…

The biggest challenge in all of this was the mortgage process. Most of our investment purchases have been all cash. It was 2007 since I last did a conventional mortgage. The process was brutal. I think it was particularly bad for me due to the rentals. I thought I would qualify for the mortgage just with my W-2 income, but they pull your tax returns for the last 2 years. This is where they saw my 3 properties, vacant land, etc.  So here we go with the questions and paperwork. The mortgage company sat on this too long and waited until about 72 hours before closing to really start confirming all of the details.  I responded to every request right away, but it was relentless. I was really pushing them hard on Wednesday and Thursday to get the final numbers and the loan funded for my closing on Friday. Our new tenants are moving in on August 1 so we had to be out. At the end of the day we pulled it off, but we were already developing contingency plans.

I used my father as my broker and am getting the buyer portion of the commission back. I am starting to see what agents are doing to earn their 3%. Still not worth it, but they do have to earn it.

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From → Buying

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