There is rapid movement on the house front.
11 Dec 2004 – I get my final relocation check.
13 Dec 2004 – Repairs are in full swing at the house.
15 Dec 2004 – We get word that repairs are on schedule EXCEPT the screen enclosure. It has been delayed because the screen contractor is waiting for the materials to be available to do the work. (There is a shortage because practically everybody needed to have this done after the hurricanes.) We were offered the option to take the repair money for the screen in escrow, and move forward to get the deal closed by the end of the year. Closing by the end of the year is much better tax wise. But we could tell them to just finish it and we’ll wait. We think about it overnight.
16 Dec 2004 – We are told we don’t really have the option of waiting. While our interest rate lock is good until late January, the people selling the house are in financial trouble. The bank has been holding off foreclosing on them because they have a contract with us, but are getting impatient. They have already waited since September. The house will be foreclosed on them if they have not sold by December 31st. After that, while the bank MIGHT sell to us, all bets are off, and most likely the place would just go up for auction or some such. We have checked with several people and the stuff with the screen seems to be fairly low risk. And we want the house. So we gave the word to go forward. This brings us to now.
18 Dec 2004 – If all continues to go according to schedule, they will be finished with the repairs on the house.
20 Dec 2004 – We have scheduled the main house inspection and the bug inspections.
21 Dec 2004 – The mortgage company appraiser will look at the site.
22 Dec 2004 – The legal survey will be done.
23 Dec 2004 – We have to officially decide if we are NOT going to proceed based on any of the results above. If anything came out bad, this will be when we can back out.
25 Dec 2004 – Christmas
TBD Dec 2004 – Sometime in the week between Christmas and New Years, exact date to be determined shortly, we will close on the house.
All of Jan 2005 – We will slowly transition from where we are to where we will be, maybe stretching into Feb 2005 if we need it. But hopefully not.
Of course, all of this is still contingent on a bunch of stuff.
So it could still fall through. But at the moment it is looking good. We shall see.
And then, if all goes well, we’ll have to tighten the belts and get used to paying a full mortgage again (about 25% more per month than I paid in Pennsylvania at that — but it is a bigger nicer place fit for a family of three with room to grow rather than a size perfect for a single guy). That will be a big change from the generous deal of a rent Ivan’s family is letting us stay where we are for. (Thanks again Ivan! You are awesome! I’ll officially let your dad know when we want to close this out as soon as things are actually final… I’m thinking we’ll close it out in February… but that is still a little TBD.)
Anyway, while we transition things will be tight again for awhile. So that probably means no trip to the inauguration this year. Not to mention no new car, new GPS, new computer or random trip any time soon. Maybe later in 2005, but certainly not up front. It will take a number of months for things to fully stabilize again.
This stuff is nerve racking!
But it will be good.
As long as we can get Brucie, we’ll be covered!
…and no new Treo either, so don’t break this one.
Did’ya get that asteroid reference from this week’s West Wing episode? I thought that was such a stupid thing to include in the show.
Nobody is putting a gun to your head to move now and put yourself under that kind of financial strain. You could save money for as long as you want and move into a new house in a stronger financial position. First you wait I don’t know how many years to buy in Jersey, now you want to buy in a snap, you are not consistent dude.
The situations are completely different. Sometimes it takes a while to reach a point where you are comfortable putting down roots, but once you do, it can be a really good feeling. And it’s not just Sam content to live in a tiny apartment with a pile in the corner of stuff. When the decision was made to move down here, buying a home was a priority. This is not the first place that has been offered on, we went through a whole bunch of places and explored a lot of options before falling for this one.
Yes, waiting might be an option, but ultimately the interest reates are going to go up, and the property values continue to rise. We looked at a couple places in April and then at the same places in July/August. There was a 20-30% increase in the cost of the houses. It was unbelievable, and hasn’t really stopped yet. Granted, things are a bit slower thanks to the wild weather, but they have not come to a grinding halt, and they’re not backpedaling either. Sure the housing bubble will eventually burst but by the time it does the values will have reached a height that makes home ownership a distant fantasy. Heck, since the initiation of the contract the value has probably gone up a bit (when it’s all fixed).
But the fact is, we looked at a lot of places and can actually see living at this one. Happily. Comfortably. Everyone can have their own personal space. We can paint. We can put up shelves and pictures. We can unpack. We all love this house. It excites us. And we won’t have to move if Molybdenum is ever on the way.
The amount that could be saved is less than the appreciation so as time goes on the pickings will become slimmer.
Note to Matt: Treo – He’s got insurance on it now. Needs a new one though. there’s some funky orange squiggle on the screen. BUt now he’s allowed to break it.
Brucie? What’s the hell is a Brucie?
Just as I am getting the current Treo all configured and loaded up with software… big growing orange spot. Treo number 5 may be coming soon. :-(
And I had read there was an asteroid on West Wing, but I did not see it. I dropped West Wing from my Tivo list this season and have only seen a couple of episodes. (The one with the Leo heart attack cliff hanger and the one right after that.)
Ivan, weren’t you for years one of the people telling me I was throwing away my money by renting and should buy as soon as possible? What is different now?
As for the rest, Brandy put it pretty well. Here are the basic things:
* Because I am now three and not one, my priorities are different than they were a few years ago. If it was still just me, I probably would end up staying in this house for years before considering buying. But I am not just me.
* It is not like we will starve or be uncomfortable, it is simply a matter of choices. What is more important right now, a home, or a new car and new computer? The home wins. Will we have to cut back a bit on “optional” expenses? Sure. But the choice actually seems clear based on which things are more important.
* While it is true that every month we continue renting from your family we put a little more in the bank, it is also true that home prices are still rising quickly here. What we can afford today is already less than what we could afford when I first started the job here in March.
* While we appreciate very much renting this place, we knew from the beginning it was a temporary place. It is smaller (and darker) than the place in PA I had, and now we are three instead of one. We can’t spread out and be comfortable here. And most of our stuff has to stay packed, because there is no place to unpack it. We need a place that is ours, and which has enough space for us to be comfortable. (And perhaps more windows.)
* We like this place we are trying to get. It may not be perfect, but it is nice. And based on several months of searching, it was a good deal for the price, especially in terms of square feet. Which was and is important to us. And it has all tile floors (important for my allergies) and other nice things we like. (Brandy really likes the kitchen.)
Now anyway, because of this stupid nonsence with the screening, it may not happen. In which case it will be awhile longer until we buy. And we’ll probably end up with something a bit smaller. (Because of the increase in prices even in the last few months.) But the goal of switching back to owning rather than renting as soon as possible will remain.
Hopefully this one will work out though. We’re tired of looking, and ready to move and get fully settled. And we like this place.
In just over 12 hours the inspection begins. And a few hours after that we will know just how dickish the mortgage company is going to be about the screen. And then… well, and then we’ll see how it goes.