Friday, March 27, 2009
Closing In On the Close
We're coming to the end of this process and we have a date for signing the closing documents. We'll be signing either late Monday afternoon or Tuesday morning. I guess that means keys in hand that day and the house is ours. We'll have a month to move, minus a week of climbing in Red Rocks.
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2 comments:
Yupi!!!
Yeah - but where are those damn pictures you promised in previous post?
We are not as far along as you are. We now have signed purchase agreement, and doing the inspection tomorrow. Then all we have to wait for is the appraisal, which we want to wait on until the contractors are done, so we can demonstrate "FHA'able" - can I make up words like that?
I havent updated you on our coupd'etat either. Since the property is in foreclosure - the bank process for managing it is a cluster fxxx. So in the middle of negotiations, counters, etc... the bank pulls the trigger on $40k in heating and plumbing repairs. Then, they come back with another counter on their counter..... Long and short is that their offer + their rennovation makes this place $20K less than I was offering. No wonder banks are in the whole. They give a loan for $700k, foreclose at $515k 2 years later, pay $15k in back taxes - manage the property for 12 months (another 5-10k), list it at $387k, sell it to us for $220k, and add $40k in rennovations. By my math - they are losing almost $400k on this!!!! But hey, about time that I screw a bank versus other way around!
Good luck to you guys!! We cant wait to see the new place!!
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