@Anonymous wrote:
@Revelate wrote:
Well from your description HOA's in Florida are utterly out of control; however, this one's permissive even from California standards as near as I can tell. Zero restrictions on renting out the place which is really unusual as an example, just let them know the new tenant, new contact information, and they have the right to walk the place to see if any unauthorized alterations have been done.
Anyway got more good news today, Appraisal came back precisely at offer price so other than the negotiation over seller credits to fix some of the dumb stuff in it, there's no sticking point that I'm aware of assuming I can get through UW successfully.
Have a lot more hope of this actually going through than where I was at the beginning of the week at least
.
I'm so happy for you, Rev! Last week was brutal. I'm so glad things are looking up!
Marlena
Yeah just there's more silly things. Little late in the game to be considering escrowing insurance / taxes or not and went through the Homeowners insurance and figured sort of like a car they'd just accept a payment immediately and underwrite... nope, extra step of contacting the lender first and wasn't entirely sure what contact number to put so I just put in my LO's contact info on it and assumed it would get figured out. Not certain if this is related to escrowing T+I or not. Late in game consideration was simply realizing I was giving the bank an interest free loan of non-trivial size (for my finances).
I'm certain I could've known this ahead of time but I didn't research it, my fault on that one. Maybe was too impulsive in this decision, think I made an excellent choice as far as home goes but some of the details in the margins could've been performed better.
Next time.
@Revelate wrote:
@Anonymous wrote:
@Revelate wrote:
Well from your description HOA's in Florida are utterly out of control; however, this one's permissive even from California standards as near as I can tell. Zero restrictions on renting out the place which is really unusual as an example, just let them know the new tenant, new contact information, and they have the right to walk the place to see if any unauthorized alterations have been done.
Anyway got more good news today, Appraisal came back precisely at offer price so other than the negotiation over seller credits to fix some of the dumb stuff in it, there's no sticking point that I'm aware of assuming I can get through UW successfully.
Have a lot more hope of this actually going through than where I was at the beginning of the week at least
I'm so happy for you, Rev! Last week was brutal. I'm so glad things are looking up!
Marlena
Yeah just there's more silly things. Little late in the game to be considering escrowing insurance / taxes or not and went through the Homeowners insurance and figured sort of like a car they'd just accept a payment immediately and underwrite... nope, extra step of contacting the lender first and wasn't entirely sure what contact number to put so I just put in my LO's contact info on it and assumed it would get figured out. Not certain if this is related to escrowing T+I or not. Late in game consideration was simply realizing I was giving the bank an interest free loan of non-trivial size (for my finances).
I'm certain I could've known this ahead of time but I didn't research it, my fault on that one. Maybe was too impulsive in this decision, think I made an excellent choice as far as home goes but some of the details in the margins could've been performed better.
Next time.
Homeowner's insurance must be paid 12 months in advance, then 3 months payment is escrowed and will be the starter funds for your 12 month premium due next year. This will be part of your closing costs and the closing attorney is responsible for collecting the 12 month premium from you and paying your insurer. Taxes are paid after the fact, i.e. you'll get a bill for 2015 taxes early in 2016. That's how it works here in SC anyway.
Thanks Marlena!
Where it confused me is there's part of the intial Escrow paperwork that I got for insurance policy declaration, and I most assuredly don't have that yet even after ordering the insurance. Guess will figure it out but I can go mark it as "Ordered" in the Redfin Deal Room whee!
@Revelate wrote:Thanks Marlena!
Where it confused me is there's part of the intial Escrow paperwork that I got for insurance policy declaration, and I most assuredly don't have that yet even after ordering the insurance. Guess will figure it out but I can go mark it as "Ordered" in the Redfin Deal Room whee!
Your insurer requested lender contact info because the insurer has to send the policy declaration/binder directly to the lender. That way the lender has proof positive of a policy and the insurer knows exactly whom to go beat up if they don't get paid at closing. 
Once the insurer/lender have each other's contact info they'll sort it out between themselves. They won't bother you about it.
Hopefully another week or so for your clear to close.
The waiting game is the toughest.
@CS800 wrote:Hopefully another week or so for your clear to close.
The waiting game is the toughest.
Yeah, for now just waiting for the ping-pong with UW to start. Finally got my brokerage funds settled, did the first of two transfers for the rest of the downpayment and ancillary costs. Once that's done tomorrow I can fax in the Fidelity account transcript request so can prove source of funds.
Still looking at some paperwork for Escrow, but the more I look at it, it's more just getting a signature of receipt done and then have them available for closing for final documentation. Not certain on that and I will ask but some of the HOA / property management documents clearly state: have this at closing, and a lot of data isn't available yet. Admittedly it's a good sign when my LO is thinking "why can't we move closing up?" but things can and will go wrong and S10 fortunately set me straight on that one: been waiting 3 years for this, another handful of days or even a month either way is absolutely irrelevant even with that comparitively short timeline.
It's not as bad now as before when I was thinking of all the things that could go wrong that were out of my control; everything else once we get the documentation of clear title is all on me and I'm far more relaxed and sanguine about the whole thing as a result... thinking of reasons why it shouldn't be a problem now. Wasn't entirely aware of it at the time but it's basically Firefox vs. Topgun in my parents' and other cultural outlooks, what a difference a few years there, or a few weeks in my case makes. Dating myself I know haha.
Waiting waiting waiting.
Everyone has everything they need so far barring 3rd party actions; UW came back with two additional meaningless conditions which were a yawn a signature a scan and an email for completion.
Still relaxed about the process which is good as work is a mess, but does seem like it's going a little too easily based on the reports I've read here.
According to lender am up to date; according to RE I am done till the 30th give or take. Hopefully this all gets done before the holiday or I suspect it'll all go pear shaped but least lender seems to want to close this one.
Knowing me I just jinxed it.
ETA: Sellers agreed to everything but one item in the Repair Request, another easy signature since I figured they were going to decline to do anything at all haha.
Signed off removing inspection and appraisal contingencies. Down to loan contingency.
Moving forward.
Speaking of moving forward, got the Mortgage Commitment Letter dated 6/17.
No surprises other than wondering why everything has to be physically mailed in this day and age.
Also silly sticking points: California FTB records liens as Released like so many other States after being paid, but doesn't update the balance to $0 (unlike paid collections / charge offs). That shows up in the list of things for Chase to go verify... so stupid 30+ years into credit reporting and there's still not a consistent standard to the point this gets placed in the documentation requirements even when UW acknowledges it's been released?
Le sigh. Should be a simple matter for them to request the information from the county recording clerks's office but WTH.
Someday this is going to get where it's no more intrusive and intensive to get a mortgage than it is an auto loan, but clearly there's a way to go before that happens.