Friday, November 13, 2009

Official homeowner!

Yes, those are the words--"an official homeowner." Yesterday was the closing on the house. Of course, you hope for smooth sailing, but things do not always work out that way. My major snafu wound up being one unsigned disclosure by my mother's husband, something my loan officer should have done a long time ago. He did not tell me until two hours before closing! Was I pissed, you bet!

The deal with this was that he had forgotten than my mother (she is a co-signer) had remarried, so he needed a disclosure saying that her husband did not have any rights to the property. This was not a problem, however, getting this document to him was a hassle since he was in the midst of traveling. In the end, he was able to receive the document in an e-mail at the hotel and sign it. However, it had to be an original, therefore, he had to get it notorized and overnighted. What a pain!

According to my realtor and title agency woman, due to the new housing laws, closings have become a nightmare with one hag-up after another. I certainly was not any different. Be forewarned if you are getting a house any time soon. By the way, the first time homeowner's credit has been extended until June.

It was interesting at the closing, because this was the first time I actually saw the seller (had seen the husband once but not the wife who was handling most of it) face to face. As soon she we got there, she began crying. She had lived there since 1997, bought it as her first home in 2001, had her father live there until his passing, became married, and had two children. I could understand why she was emotional. There were memories made and left. She said that morning she did a video for her kids in the empty house, and it was really hard.

I could empathize with her feelings, especially with my last post. We both know these are steps for the better (with she and her husband, they will be living in her childhood home for a bit and then building a home), but it is still difficult. For me, there is a lot of excitement in owning my first home, but at the same time, all those jitters of uncertainty and stress too.

This closing was what they call a "dry closing," meaning I got possession of the house but the exchange of funds will be done today or at the latest Monday when that one document is received.

I'm happy truly, but I'll be happier when the packing is done, the movers come tomorrow, and I'm settled in.

1 comment:

Sarah said...

CONGRATULATIONS! This is a HUGE accomplishment!!! Good luck with moving. I wish I could be there to help you (seriously!)