Friday, June 15, 2007

It's official...the house is ours!

We closed on our new home today. Lots of signing papers and whatnot. Needless to say, it's been a whirlwind event. Long story short, we went with 1 loan officer, then found a better deal at another..but they really took their sweet ass time as interest rates increased on a daily basis, couldn't promise what they did in the we ended up back at the 1st place..luckily, they still had the lock on the interest rate from the original application. With such a convoluted process, we are extremely fortunate to have the 6% loan (right now, it's at about 6.5%!) from the first loan officer. Some of the up front fees seemed higher at the first place, but in the end, we would have lost thousands at the second place in the long run (after they mislead us). So, for more upfront fees, we got the better rate and also exceptional customer service (1st place loan approval was 1 day; 2nd place loan approval was about 2 weeks, no lock, interest rates rising)...

So anyways, we ran into a few stumbles. Like the taxes being off by quite a bit. The problem with that is that the current owners owe us about a half year's worth of taxes. We are doing no escrow on the loan because we will stock the money away in an interest bearing account and pay it at the end of the year (we are both disciplined when it comes to money). So if the tax comes back as much more than the half they pay us now, then we have the right to go ask them for more money. However, it is an agreement between the buyer and seller to settle. The sellers seem like really good people, as they were very friendly and nice, and do foster a lot of kids. So we don't think we'll have a problem with them. But you never know...

Buying a 'used' house is quite an interesting process. There are so many details involved...seller's agent, buyer's agent, etc etc etc. I'm still mindboggled by it all.

When I got home, Sean told me that the loans funded. So it's ours! The sellers are doing a leaseback of 5 days, so we won't be able to move in until Wednesday...

The whole debate is..what city are we in? We can claim either Austin, Lakeway, or Bee Caves according to the post office. Our papers either say Austin or Lakeway. But according to the closing people, they say it's Lakeway. Damn, and I always wanted to live in Austin ;)

Anyways, time to pack some more!


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