The numbers game
We are within a month of closing on our house. Yes, a house. When I first decided to pursue a career in the arts, I had pretty much abandoned all hope of owning a piece of real estate of my own. As is the way of the world...one person's pain is another's gain. The job I secured would never had come about without the theater making cut backs and combining positions. Interest rates and housing costs would never have sunk to our level of affordability without the market crash. It is a sobering realization. One I thank God for everyday. One needs to stay humble. It keeps you honest. It keeps you generous.
Some day, that could be us on the short end of the stick.
But within a month. So much is happening so fast...the offer, counter offer, inspection, appraisal, paperwork, paperwork paperwork. Small forests are dying with every new bundle of pages that needs to be reviewed and signed.
And with every new bundle there seems to be a new set of numbers. It's never as simple as "seller pays closing costs" or "3% down."
No. There's insurance. And taxes to go into escrow. And origination fees. Everyone wants their little piece of the pie. And rates seem to keep changing at any given hour. Towards the middle of one of those enormous stacks of paper sits a sheet with an imaginary number...the amount to bring to closing. The amount we owe. Is it ever the amount the mortgage lender first quotes to you, weeks earlier? We're not even sure that will be remotely close to the final number come closing.
No. I suppose they don't want to scare off buyers (or sellers) with all of the nickel and diming. So they dismiss concerns by casually stating "seller paid closing costs" when in reality the seller really only intends to front a percentage of it without a fight.
So onto scrambling to make up the difference. Pity money doesn't grow on trees...
On the plus side, it appears as though we have located someone to take over the remaining two months of our lease. No overlapping mortgage and rent, thankfully.
One day at a time. One day at a time...
Some day, that could be us on the short end of the stick.
But within a month. So much is happening so fast...the offer, counter offer, inspection, appraisal, paperwork, paperwork paperwork. Small forests are dying with every new bundle of pages that needs to be reviewed and signed.
And with every new bundle there seems to be a new set of numbers. It's never as simple as "seller pays closing costs" or "3% down."
No. There's insurance. And taxes to go into escrow. And origination fees. Everyone wants their little piece of the pie. And rates seem to keep changing at any given hour. Towards the middle of one of those enormous stacks of paper sits a sheet with an imaginary number...the amount to bring to closing. The amount we owe. Is it ever the amount the mortgage lender first quotes to you, weeks earlier? We're not even sure that will be remotely close to the final number come closing.
No. I suppose they don't want to scare off buyers (or sellers) with all of the nickel and diming. So they dismiss concerns by casually stating "seller paid closing costs" when in reality the seller really only intends to front a percentage of it without a fight.
So onto scrambling to make up the difference. Pity money doesn't grow on trees...
On the plus side, it appears as though we have located someone to take over the remaining two months of our lease. No overlapping mortgage and rent, thankfully.
One day at a time. One day at a time...
posted by Unknown at
3:02 PM
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