I’ve scheduled the home inspection for this coming Friday, March 12th. It’ll end up costing me $270 for that (I have a coupon for $35 off), but it’s money well spent. Greg says he’s seen great looking deals go south because of the results of an inspection, but you know, that’s why you get the inspection in the first place - to ensure there’s nothing wrong.
It’s a pretty new house (2001) so I don’t anticipate anything going wrong, but you never know.
Apparently these things take like three hours. Looks like I’ll be taking a half-day on Friday.
On another note, several folks have been asking for pictures of the new place and maybe some specs. What I’ll do is take some pictures during the inspection (hey, what else am I gonna do for three hours?) and then post them up here with some specs. I’d point you all to the RMLS listing for the house, but it’s been taken down.
It’s turning out that, while searching for the house was the most grueling part of the process, the coordination of all of the post-offer efforts is like a novelty plate-spinning act. This weekend I scheduled a U-Haul truck for the move. Thus far today, I have:
- Locked down an interest rate on my 80% conventional loan
- Called the insurance company to get my homeowner’s policy started (I now have a questionnaire to fill out)
- Turned in my earnest money check ($5000… that’s a large check)
- Contacted my mortgage broker and received a new Good Faith Estimate based on the tax and homeowner’s insurance numbers I know
- Scheduled time off for the Monday and Tuesday we’re moving
- Called the house inspector and left a message to schedule the inspection
- Got recommendations on a moving company so I can schedule that
That’s all just one day. There’s a lot more to go, too - this is just the beginning. Jenn asked me if I thought the time would go by quickly or slowly and I’m saying quickly; there’s not enough time to schedule and coordinate everything.
You know how they have wedding planners that take care of orchestrating weddings? They need to have home-buying planners that take care of all the steps involved with buying a home. From picking the mortgage broker and the realtor to getting the U-Haul together and the house inspection done. There’s your million-dollar business idea for the day.
I went last night to see a house that looked reasonable from the pictures and had decent stats on paper. Jenn called me on my way there and said she got out of work early so she’d be able to make it, too, which is not something I expected.
We (Jenn, myself, and the realtor) all got to the house at the same time, about 5:30p.
For the price, you can’t beat it. Great neighborhood, beautiful yard (not too big, not too small, well cared for), central heat/air conditioning, four bedrooms and a bonus room, 2340 square feet… just awesome. And seeing as how it was only on the market for a day, we figured it was a pretty safe bet no one had beaten us to it.
We went back to the realtor’s office and called the seller’s realtor. Found out an offer had been placed on the house at 4:00p that day (so we only missed it by a couple of hours) but the seller’s realtor hadn’t looked at that offer yet and would consider our offer simultaneously with the offer that had just come in.
We crafted up an offer, tried to make it look appealing (not so appealing that I’m wasting money or anything, but enough that it will hopefully look better than the first offer), and now…
… we wait.
We put an expiration time on the offer of 3:00p today. That gives them three hours to debate amongst themselves on the offer but not leave us hanging. So I should know something by this afternoon.
I woke up this morning at 4:30a and couldn’t go back to sleep. I’m too anxious. I’m hoping I can retain a reasonable amount of concentration today.
Here’s my day, play by play.
9:38a - Ann (mortgage broker) called. I gave her the details on the house I made an offer on so that she can issue the loan approval letter to Gregory (my realtor). She didn’t have Gregory’s contact info so I gave her that, too.
10:17a - Gregory called. He was pretty upset and said Ann wasn’t cooperating with him and wouldn’t give him a letter of approval for my loan. Having just talked to Ann, I double-checked this with him and told him she didn’t have his phone number so wasn’t able to get in touch with him. He said he’d call her to close the loop.
10:38a - Gregory called. He talked to Ann and now realizes he’s worked on a deal with her before a year or so ago and she’s a great broker. It was all just a miscommunication (or lack of communication, more accurately) and everything’s cool. She said she’d get him the letter of approval in about 15 minutes.
10:50a - Gregory called. He talked to the listing realtor and the two offers are neck and neck, like, within a couple hundred dollars of each other. One key difference that Gregory thinks may make the difference is that our offer allows the seller to stay in the house a week after closing free of rent (though she has responsibility for utilities and taxes) so she can get herself moved out; the other offer doesn’t have that. I told Gregory to let them know that we could stand to let them keep the refrigerator if that would be a deal breaker (my offer asked for the fridge). He said we might want to bump up the price by $1000 or so but I didn’t do it. I already bumped up my offer price a little over list; much more and I’d be outside my budget again.
11:41a - Ann called. The listing agent called her to confirm my vital stats. She told him (without being specific, because she can’t reveal specifics) that I had good credit and a steady job, both big plusses. She also confirmed to the listing agent that the money to close is sitting in the bank (which is true). All good impressions.
12:20p - I’m anxious. They met at noon and it’s 20 after… what’s the hold-up?
1:15p - I’m having difficulty concentrating. I still haven’t heard anything. Jenn sent me an email expressing the same frustration.
2:00p - WE’RE IN!!! I’ve gotta go to Gregory’s office at 3:30p to sign papers. I’ll need to have a check to Gregory on Monday with my earnest money. Finally, an end to the search. Now to arrange the house inspector, call the moving company, talk to the insurance agent…