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I feel like Aragon watching the big eye tower crumble and fall.

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  • I feel like Aragon watching the big eye tower crumble and fall.

    So, 6 WEEKS after starting a process I was told would take 10 business days, I am FINALLY a homeowner! This has been quite the trip.

    After being pre-approved, finding a house, applying for it, then being denied, then re-approved, then having that house sell out from under us, then finding a new house, applying for it, 7 amendments to the purchase order, 645 times I had to sign the same forms....IT IS DONE!!!

    We were supposed to have our "Zero down close" on Tuesday. Now, keep in mind, we were supposed to have the appraisal and inspection written into the loan, and the only cash we were to provide was the $500 deposit. Prior to close we paid the $500 deposit, then had to pay $450 for the inspection, then we got a $3900 "first time home buyer down payment assistance". So, our total down was $4,850, on a house that we are paying $35,500 on. That is 13.6% down on our "Zero down close".

    They called us Tuesday at 1:30 (close was at 4:00) and told us that we had to bring $1600 to close for a down payment. We blew up. They re-negoiated and pushed the close back until 3pm Wednesday. We still had to come in with $1200.

    So, we ended up putting a total of $6,050 down on our $35,500 house (17% for those of you playing at home). That is a pretty respectable down payment for someone that has a "zero down loan".

    Closing had to be one of the most frustrating things. I am an engineer. I enjoy efficiency. Here is just ONE of the 10+ examples that I can think of to show you what this is like.

    1) When we toured the house we were given a pamphlet talking about mold inspections.

    2) When we decided to make an offer we had to sign a paper saying that we received that pamphlet, and that we understood that we had the right to get a mold inspection.

    3-5) I have THREE different forms I had to sigh at THREE different times during the closing process that also informed me that I had the right to a mold inspection.

    7) We had a whole house inspection done. We were required to have them inspect for and report on mold.

    8) We had to sign a paper releasing the rights to use the mold inspection to the loan company.

    9) We had to sign another form saying that the loan company had the right to use that to determine if we get a loan or not.

    10) We had to sign ANOTHER form saying that we have the right to get a mold inspection.

    11) The day before close I had to sign a form stating that I was waiving the right to a mold inspection.

    12-15) Then, the day of close, I signed a total of three more pages saying I understand I have the right to a mold inspection, and one that says I am waiving that right.

    So, FIFTEEN pages were given to me to sigh regarding the exact same information that was in the first pamphlet I was given two months ago, and despite the fact that I PAID for an inspection, I had to waive the right to get that inspection two times, and 4 more pages after the inspection saying that I know I can get one if I want one.

    I had to sign a paper at the closing saying that I understand I have the right to tour and look at the house prior to close.

    I had to sign a paper early on granting the loan company the right to pull my credit report. Then at close I had to sign another paper that said the same thing. My question was "Without my release they could not get the report, without the report I could not get a loan, without the loan I can not get to close. I am AT close. That means that I have already given them the release."

    The answer? Just sign it.

    By the end of the process I didn't even care. The closing of a house is anti-logic. Anti-logic and Logic can not co-exist. I just signed every page he slid in front of me without question, because questions only were answered with basic variations of Just Sign It.

    I donít care, I'm happy, I have a house.

    Although, I donít have keys. I was a forclosure, so the papers have to be sent to the bank, then signed and returned, then a check cut, then the keys will be released. I have 15 people streaming here from 2 hours away to come help me move. I Will be in the house this weekend.

    They can't arrest you for "Breaking and cleaning", or "Breaking and unpacking" into a house you own can they?
    Sometimes I do an impression of myself. I can dress like myself, even act like myself sometimes.

  • #2
    Yeah, the disclosures for mortgages basically work like this: for every piece of paper you have to sign, someone somewhere sued somebody else over that exact issue, but by the time you're at the closing table, they're just covering their butts in case of an audit, and really, everything you're signing is meaningless. Now, if I hadn't worked in the industry, I'd be pulling my hair out, too.
    Never rush a miracle worker. You get rotten miracles.

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    • #3
      Whoa... But in other news, yay you have a house!
      ~Do not mess in the affairs of were-wolves, for you are crunchy and taste good with mead.~

      My writings here- http://lady-soria24.livejournal.com/

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      • #4
        So... was there mold? *duck* LOL

        Congrats on the closing!
        "Dance like it hurts, Love like you need money, Work only when people are watching." ~Scott Adams

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        • #5
          LOL I was hoping someone else would ask that!
          YEY on the house-pwnage! *does a happy dance for you*
          I'd like to welcome Aedan Robert Gargrave to the world!
          Born April 17th at 4:10 am...7 lbs, 5 oz, & 20.5" long at birth!

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          • #6
            Congrats Bob. I had to sign a nuclear radiation clause when I bought my house. :/ Standard for Las Vegas though.

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            • #7
              Grats on the House, Bob!!

              XBL Gamertag - DarkXan

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              • #8
                Hey Bob, can I... um, 'modify' it? Just a little bit?

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                • #9
                  I have been through that pain buying this house. And I'll get the joy of the other end when, inevitably, the AF moves me to another base.
                  The colossal misunderstanding of our time is the assumption that insight will work with people who are unmotivated to change

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                  • #10
                    Woot! Hurray for bob! Congrats on the purchase. Welcome to home-owners hell...
                    "Don't go around saying the world owes you a living. The world owes you nothing. It was here first."-Mark Twain

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                    • #11
                      Hey Bob, I really think it would be wise to get a mold inspection, just in case.

                      >Runs and hides behind Breandan

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                      • #12
                        Signing all those damn pages is an intimidating process. I think their physical presence is an effort to make you start feeling the weight of the commitment you're getting into. It just gets heaped upon you and your shoulders start to slouch. Not to mention the number of people in the room in some cases. Realestate agents, advocates, mortgage broker... I think there were 8 people in the room (including myself) when I signed the papers for this house.

                        Sorry I started rambling, what I meant to say was...
                        Congratulations.

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                        • #13
                          Congrats Bob on the new house, Now you get to enjoy the house payments were you see that only around 2% of the payment goes towards the balance you owe!

                          Your story makes me even more glad that we received a sellers agent that helped us out a great deal, and had the patience of a saint, we found a house on nov5th and the keys were ours on nov29th , and this is with the buyers agent trying to sabatage the deal so that the house would sell for much more in the spring!

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