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Closing on the 'Impulsive Purchase' tomorrow

February 25th, 2010 at 10:29 pm

I have taken to calling the new duplex/townhouse our "Impulsive Buy". It was impulsive- having looked at only 1 other property and putting in an offer on this place 3 days after we decided to start looking. And the place is currently a duplex but we live in a duplex so it gets confusing calling it a duplex. So it has come to be known as the impulsive purchase house.

We close on it tomorrow. Almost 13 months after we closed on our current home (It's still my dream home). I want to record my experience with the closing cuz I found it so helpful to go back and read my entries from our last home purchase.

This time:
Our closing costs are $5770.00 ($2130.00 less expensive than last year)

Interest rate is 4.875% (less than 5.5% interest rate of last year)

We were accepted for the loan on the first try! (different lender than last year too)

But this time they needed different documents than last time. This time the bank asked for proof that there is no mortgage on the CA property. Well how do you prove that? They did a title search on the property and found no liens on it-they ran my credit report and saw I was not responsible for paying a mortgage on it. They saw my bank statements for the past 2 months and saw I never made a payment for a mortgage on it. ...not good enough. They wanted more proof. They also asked for this info on Tuesday. Closing is on Friday. That left me scrambling. But we got through it.

This time BB is in FL for baseball during the closing. The lender was supposed to FedEx him the papers to sign and have him send them back. The plan was to send the documents by 11am Wedensday morning to ensure a timely trip for the documents. No they did not get sent out at 11am. Or 1pm. Or 2pm. About 3pm I get an email saying the documents will be emailed to BB when they are ready and he will need to sign/notorize and send them back.

BB does not have a computer in FL. (We thought he would get a free one through the team but it never panned out...he doesnt need/want one anyways.) So I called/emailed the lender that this was a new plan and BB has no computer. If the lender wanted this new plan to work she would need to call BB when the docs were emailed so he could drive to a printing place like Kinkos and print them out. The lender emails back that she thinks she can send the docs through FedEx in time to get them to BB. So she FedEx's them at 6pm (7 hrs later than planned!). But then she emails me that she forgot the Truth in Lending disclosure and will email that to BB in the morning (today)(Totally defeats the purpose of mailing them- dont cha think?).

BB got the package about 2pm today, drove to Kinkos and printed out the last document. He was annoyed because the lender never marked where he was to sign anything. So he told me he is hoping he signed everything but will not be surprised if he missed somewhere.

BB went to FedEx the paperwork back but the shipping label the lender included for BB to use is not an overnight label. So BB had to purchase an overnight delivery label (for $50.00!)and I am really ticked off because I know they built the label into a price somewhere. So we paid for a label we couldnt use- and had to purchase a new one.

So hopefully the documents make it back before the closing. I am a little ticked off that everything waited till the last possible second- it would have been nice if BB had more than a 3 hr timeframe to review everything before he had to ship it back.

But what can you do- at least we are closing.


6 Responses to “Closing on the 'Impulsive Purchase' tomorrow”

  1. momcents Says:


    Wow, that whole deal went down pretty darn fast! Must have been meant to be! Hope that all goes well tomorrow. Good luck.

  2. creditcardfree Says:

    Make sure they do credit you for the label...they can cut a check at signing, if necessary. We had this happen when there was an adjustment.

  3. frugaltexan75 Says:

    I hope it all went through!

  4. baselle Says:

    Geez, you'd think with a 3% commission she would have been a bit more...on the ball.

  5. whitestripe Says:

    lol, impulse purchase... Today i bought hair dye as an impulse purchase, and you guys are buying a house. Big Grin

  6. Jerry Says:

    Impulse purchase seem to vary in size these days, as whitestripe pointed out! Still, congrats on the closing and I hope it leads to much happiness for you. Nice not to have to worry about private mortgage insurance, too. Good luck with everything!
    Jerry

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