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Thursday, May 3rd, 2007

I've been freaking out lately because we're coming up on the closing date of our new house and the bank was still jerking me around.

Basically I got a call from my lawyer saying that they tried the schedule the closing for May 11th but the bank wouldn't do it since the commitment letter said it has to close on or before May 4th. I looked through the letter and could only find the expiration date of our rate-lock on May 14th. After looking really closely I found the 4th on the last page under the you-need-this-shit-at-closing section. So I called my broker to find out what was going on and he figured out that some of our documentation was going to expire on May 4th. After some digging we figured out that one of Rachelle's pay stubs and the first quarter statement for my Roth IRA were going to be more than 120 days old after the 4th. So I gave them newer copies of that stuff and had to wait for the bank to remove that date restriction.

I was really starting to sweat because I only found out last night that the bank had processed the updated paperwork and would allow us to close on the 11th, and the original date restriction was tomorrow! I know the bank really wants to lend me the money since they'll get more than 2x as much back in interest, but I was still getting pretty worried. Now all I have to do is hold back the tears when I write a check with 7 digits (including cents) on it at the closing.

Comments (5) Subscribe

Cheryl
#1 - May 3, 2007 at 6:02 PM
And gee...we were pondering at building a house on my property in Florida. We found a model home we love when we were on vacation there last week...it's just a matter of how to finance another place.
Manda
#2 - May 6, 2007 at 7:09 PM
I'm so excited for you guys. Your house is awesome.
Joe
#3 - May 8, 2007 at 7:01 AM
Yeah the financing is usually the hard part.

Thanks manda, we're pretty excited too, but get this:

Yesterday I get a call from my lawyer saying that the seller is now refusing the hand over the keys to the house until the she has the money! Even though we signed a contract that explicitly states that she is to hand over the keys and be out of the house at closing. Apparently this contract doesn't mean anything because we have to jump through more hoops now. We had to move the closing up 30 minutes so the lawyer will have time to drive downtown and submit the paperwork to the monroe county clerks office. Only then we this psycho woman hand the keys over to my house.

I'm pretty easy going, so this wouldn't have been a big deal, but she pulled this shit 4 days before the closing. If she said this 2 weeks ago, we could've scheduled the closing to fit everyone's schedule, but now I have to go at 2:30 and start signing things while Rachelle just has to show up whenever she can considering she is teaching up until 2:15.
Anonymous
#4 - May 10, 2007 at 8:01 PM
For our second closing the money didn't show up. Luckily we still had our other house so it was disappointing but not disastrous.
I'm sure things will go fine for you guys.
Good Luck!
Joe
#5 - May 12, 2007 at 9:44 AM
Closing was yesterday and it all went smoothly. It only took about 30 minutes to sign all the papers. And we even got the keys at the closing...I guess the seller came to her senses and figured there was no reason not to.

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