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House update..done deal?

January 29th, 2014 at 02:47 pm

House update.. BPO guy called.. set up for 5pm. cancelled at 2pm. called at 4 rescheduled for same time.. cancelled at 4:10

Broker called and got in touch w lender. they just want to go with $297k.. Settlmement is $297,500. They rounded down. I asked broker if they would go higher. he said unlikely for them to go over settlement

So cash needed is approximately

$17820 points
$4000 (other costs??)
$1060 insurance
$10000 tax escrow
=
$32880

Talked to my CPA friend .. he suggests I DELAY closing til next month to save on interest.. lender wants to close FRIDAY (maybe they are not aware of extension or have some month end target)

I talked to broker in 30 minutes ish (after I talk to my friend for what words to use) and will ask if we can close in 2 weeks..

Whatever date we close. I will ask my Mom/Aunt for assitance. Aunt had previously 'pledged' $7000 but (as you recall ) loan fell through so never got it. She may help w that again or not.. Hopeful!

I have $30,000 (but can make up tax escrow on next check. you will see I am $3000 short). Tax escrow goes to me.

VERY TIRED. I want to be excited but still rushing around.. excitment will come after the dust settles I think.

More news today. Broker sending letter of intent and then loan docs in morning. I need to pay for insurance and get that set up tomorrow.

BROKER just sent letter of intent and it says 'closing date 1/31 time being of the essence'. I will still request a later closing date.. even next week.. I have taken so much time off work, have the extension and want to extend the time I pay no interst..

More news soon. thanks for the help guys.

5 Responses to “House update..done deal?”

  1. Another Reader Says:

    Get it done. Now. Whatever it takes. Then sort out what you owe to who. Once it's done, the house is yours.

  2. creditcardfree Says:

    I agree with Another Reader, I would just get it done. Wouldn't it feel great to be done with this on Friday?! This could be costing even more...no deal is perfect...so trying to drag it out for another week just doesn't seem worth the stress.

  3. Rachael777 Says:

    Agree and kicking myself. I asked for 2 weeks.. Broker went back to lender. lender did not like that and said they had worked hard to get it done by my deadline. if I can not close by then they will relook at the value etc.. I saidd I can close by Friday (to my broker.. he was to call lender to tell them) and sent the Letter of Intent back with that date. I will get insurance finalized in am .. sent to him .. (already sent LOI)... lender will send over loan documents after that and hopefully we close Friday.

    I have not heard from my lender after I said I would close the 31st then and fxed back LOI.. I asked him to call the lender back and say the 31st was fine then. I am assuming I have nothing to be concerned about but am MAJORLY KICKING MYSELF.

    I do want to be done with this and it is hard feeling like it is 'up in the air again'.. maybe it is not. I asked for 2 weeks. they did not give a favorable response so I said the 31st was fine and faxed the sheet back..so should be back to normal, right

    My accountant says not to worry.. I will work on insurance etc in am.

    Will feel MUCH better once broker calls back

  4. creditcardfree Says:

    I'm sure it will work out! It will be great to have it finalized and done.

  5. Rachael777 Says:

    Lender called my broker. Friday is preferred .. Monday is ok

    Working on insurance.. wiring and asking current bank if they have any other things I need to do.. Making all calls by 10am this am!!!

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