So we closed on the condo on Thursday, and what a relief!! It almost didn't happen on schedule. We hit a number of snags along the way.
First, we found out when we got the condo docs that we couldn't put in hardwood or laminate flooring because of noise restrictions since we have an upper unit. We had to make a quick decision about it because we only had 72 hours after we got the condo docs to send a written document to pass on the place under the contract. That news was very disappointing because hardwood floors would have allowed me to live with John's cat a little longer (I'm highly allergic to her), and it would allow me to be able to use the seamless backdrop to do photo shoots in our place. Plus, I've always wanted a place with hardwood floors. Bummer.
Then, it looked like our loan officer had sat on all the info we gave him, and it really didn't look like our mortgage company wasn't going to get the paperwork to the settlement company in time to close. I am very relieved to be past all those days of constant calls to the Realtor and to our loan officer. What a nightmare!
Now we officially have the place and we have begun renovations. We picked out all the paint colors, cleaned up the kitchen and bathroom cabinets, picked out some tile for the kitchen, and sanded the banister to prep it for painting.
The kitchen cabinets cleaned up pretty nicely, so we are going to hold off on painting them and replacing the counter top. The cabinets won't really show too much of a before and after, but here you can see John hard at work on the banister.
The Homestead
Wednesday, May 2, 2007
Tuesday, April 17, 2007
It's been quite an ordeal
Home-buying is not an easy experience. It's been constant trips to drop materials off, fax things off, endless phone calls, staying up late to sign applications, writing yet another check for something else etc.
On March 30th, we worked out a price and had a ratified contract with the seller, which included seller concessions for all of the closing costs. Then we had the home inspection and had to adjust the contract again. The home inspection went fairly well... nothing major. But then the home appraisal came up way lower than it should have. On the plus side, we got the place for less than it is actually worth, but the downside is since we are doing 100% financing, we couldn't get a loan for the full amount, and we lost our earnest money. That's $6000 of wedding savings that leaves us in the hole for the wedding, so I guess I will have to take out a loan for that amount since wedding stuff can't be put on credit cards. I'll be so happy when this is all over!!
Keep your fingers crossed that things go well from here on out, and we can close on the 26th as planned.
On March 30th, we worked out a price and had a ratified contract with the seller, which included seller concessions for all of the closing costs. Then we had the home inspection and had to adjust the contract again. The home inspection went fairly well... nothing major. But then the home appraisal came up way lower than it should have. On the plus side, we got the place for less than it is actually worth, but the downside is since we are doing 100% financing, we couldn't get a loan for the full amount, and we lost our earnest money. That's $6000 of wedding savings that leaves us in the hole for the wedding, so I guess I will have to take out a loan for that amount since wedding stuff can't be put on credit cards. I'll be so happy when this is all over!!
Keep your fingers crossed that things go well from here on out, and we can close on the 26th as planned.
Pre-Homeowners
Welcome to our home-buying blog. We weren't planning to buy a place right before the wedding, but we didn't have much of a choice on the timing. In early March we found out our apartment is being converted to condos, so after much deliberation, we decided to say goodbye to the beautiful Arlington apartment and great metro location to move closer to work. If all goes as planned, as of 4pm April 26, we will be homeowners in Reston! (just the 2nd floor you see up there - and there's a loft with cathedral ceilings and skylights too!)
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