Confirmed with the loan officer that my mortgage application went to the underwriter this morning. There are so many people doing refi’s and purchases right now, that we might not hear back on conditions until Thursday or Friday. This is a huge test of what little patience I have left. I’d love to be mellow about it all, but we’re to the point where we refer to the house as “our house.” It’s not a matter of being over-confident, rather it’s a case of watching the market and knowing that there just isn’t another option out there as good as what we’ve found. There are alternatives that might work well enough, but either they are too small and we’d be wanting to upgrade within 5 years or they are too expensive and we might not be able to stretch our budget to accommodate the payment amount (which would then lead us to sit things out until something better came on the market).
Essentially we’ve found the house the best fits our family and our needs, so alternatives are only poor seconds. Combine that with excellent credit scores and a lot of preparation and you get our confidence that all will work out for us.
I hope so because we are “all in” – to put it into poker parlance. At least it’s nice to know that we have an alternative finance option (FHA), so even if the conventional loan product were to fall apart, we’d be solid for the back-up. I just really, really like how low our monthly payment will be with the conventional loan product! (less than $85 per month above what we’re paying for rent!!)
I read over our lease this evening, so we could be fully prepared to give notice and deal with the hassles that will entail. We discussed the issue of the leasing agent showing this place while we’re living in it and decided that a storage unit will be a must. It’s just too hard to get things cleaned up and packed AND have it in condition to show to potential renters. I hate to be pessimistic, but I suspect they will have a harder time renting it out this round… The carpet is long past its lifespan. The windows need to be replaced. The heating and cooling are just hanging in there. The kitchen is rough and the ceiling has splitting plaster in one section. The roof is beyond needing to be replaced. The siding is in bad shape.
We chose to live here because of the location and because it was in rough shape that meant lesser paranoia with the kids. Now I look at it and just shake my head. I think my biggest worry is that they will attempt to pin the condition of the place on us – much like they did with the slow drain (years of build-up caused it to get too slow). They charged us to clean it out, even though we hadn’t even been here a year and there was no way we’d caused it. This was on the heels of our paying the water costs to bring the lawn back because the water was turned off for 2 weeks in July before we moved in.
We’ll do our best and I will cheer when we are in our new home, away from the craziness of dealing with the property management company and an owner who has greatly neglected this property. I’m also looking forward to having space. It’s going to take us a long time to put in organization and to get the feel for our new home, but we’ll have all the time we need, without the pressure of a lease or the sense that one wrong misstep could have someone penalizing us for it. Certainly, we’ll have to be responsible for everything on our own home but that also represents the freedom to actually do what needs to be done. We have a clause in our lease that we are NOT to repair things, rather we have to contact the property management company. That would be fine if 1) they took care of the things we reported and 2) they didn’t charge us for the repairs that were not caused by us.
I hope that our closing date holds firm. June 29th is so close and it would give us the breathing space we need to get this place cleared out before they start showing it. If we edge into July, it could be all the worse for us and the departure from the lease.
Anyway, as soon as we get the thumbs up and final conditions from the underwriter, my honey will contact the property management company and I’ll set up the storage unit. It will be worth the peace of mind to get things out of here and get the cleaning done.
Have I mentioned how much moving sucks?