Nesting
Woohoo! We signed loan and escrow documents today for our most expensive purchase so far: a house in SoCal. The title should be recorded on Tuesday and then, the house officially belongs to us. I must admit, seeing a huge chunk leaving my bank account as down payment was scary at first. I've never paid for something so expensive before. I have to keep telling myself that the money is converting into equity and not simply "disappearing." =)
Many events fell into place for our house purchase. Only God could have lined so many things up perfectly. Since our realtor knew the seller's realtor, we saw the house the 2nd day that it was on the market. The pictures were not even posted on the web yet. We decided to make an offer the following day and the sellers accepted our offer. We found out later that the sellers received another offer that same day for the same purchase price and multiple offers the following day that were higher than our purchase price. We avoided a nasty bidding war.
2 days before we were to close escrow, we heard from our lender (Adam Carr at Bank of America) that the loan he promised us didn't go through and that we needed to extend our escrow close date by at least 2 weeks. We had not heard from him for the past 2 weeks except for assurances that he could get the promised loan in 4 days. On top of that, he blamed us (his clients) and our realtor for not getting him information in time, which was not true. I felt that he handled this very unprofessionally and I'm glad we didn't use him as our lender in the end.
By God's grace, my hubby had been in contact with another lender from MagniFund, who was able to get us a loan after Adam dropped the ball. We were able to get a loan and close escrow in 10 days, which our realtor said was remarkably fast in the current state of the market. The lenders are being flooded with requests for refinancing because the rates have dropped recently and thus, many loans have been delayed.
Now that the ordeal is over, we're both relieved and happy to finally own a home of our own. =) If you're in the neighborhood, drop by and visit us!
Many events fell into place for our house purchase. Only God could have lined so many things up perfectly. Since our realtor knew the seller's realtor, we saw the house the 2nd day that it was on the market. The pictures were not even posted on the web yet. We decided to make an offer the following day and the sellers accepted our offer. We found out later that the sellers received another offer that same day for the same purchase price and multiple offers the following day that were higher than our purchase price. We avoided a nasty bidding war.
2 days before we were to close escrow, we heard from our lender (Adam Carr at Bank of America) that the loan he promised us didn't go through and that we needed to extend our escrow close date by at least 2 weeks. We had not heard from him for the past 2 weeks except for assurances that he could get the promised loan in 4 days. On top of that, he blamed us (his clients) and our realtor for not getting him information in time, which was not true. I felt that he handled this very unprofessionally and I'm glad we didn't use him as our lender in the end.
By God's grace, my hubby had been in contact with another lender from MagniFund, who was able to get us a loan after Adam dropped the ball. We were able to get a loan and close escrow in 10 days, which our realtor said was remarkably fast in the current state of the market. The lenders are being flooded with requests for refinancing because the rates have dropped recently and thus, many loans have been delayed.
Now that the ordeal is over, we're both relieved and happy to finally own a home of our own. =) If you're in the neighborhood, drop by and visit us!
posted by estah | 11:40 PM
1 Comments:
Woohoo! Congrats to you guys! Shally and I will definitely be by to visit one of these days.
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