Tuesday, February 9, 2010

Escrow: Day 16

A friend of mine asked why I thought something was going to go wrong today and I responded, "After 10 months of hitting brick walls, I find it hard to believe that the good Lord chose to line this particular path with pillows."  That is my attitude.  I cannot believe our luck.  I cannot believe our blessings.  It sounds horrible, but I am absolutely terrified now that my world is about to come crashing down. 

After countless house tours, almost 30 offers written, 10 months, and 2 realtors Mike and I have entered escrow.  We've walked my parents through through properties.  We've had it inspected and checked for termites. 

As of yesterday, we were waiting for word from our loan officer in regards to our appraisal.  Our loan officer was supposed to order the appraisal and then after that he could put together all of the information and send it to the underwriters. 

Now it's hear I have to pause and point out that the underwriters are the people that decided whether or not to give you the loan.  I find it hard to swallow that "underwriter" sounds like "undertaker", and I feel like the loan is a death warrant.  Come on people!  Couldn't you have picked a better name for these folks?  Okay, resume update. 

In the late afternoon on Monday, January 8th, I recieved a phone call from my realtor and it went a little something like this:

Michelle: "Kipp, I've got some good news for you.  The appraisal was already ordered." 

Me: "That's great news!  When is the appraisal scheduled for and who do I write the check to?"

Michelle: "The appraisal already happened.  It was done last week, before the inspectin.  You don't need to write a check.  The listing agent may have taken care of it, or it's possibly built into your escrow fees." 

Me: "That's great, so now we need to make sure that the loan officer has the appraisal." 

Michelle: "More good news, the loan officer has your appraisal.  He says you might be able to sign loan documents by Friday."

Me: Gasp.  "By Friday?" 

Michelle: "Yes, and then we just need to send everything over to the escrow company and finish your escrow." 

Me: "That's great!  So that means we're right on schedule to close escrow on February 24th?" 

Michelle: "Or sooner.  If you have a 30-day escrow, it means your escrow can be completed in 30-days or less." 

Me: Crickets Chirping.  "Michelle?"
Michelle: "Yes?"

Me: "Can you put your fairy-godmother wand away for now?  Things are moving really fast." 

There you go folks.  The news that we never expected to hear our my lives: We may be able to close escrow early.  I've spoken to the my loan officer and I've got updated information to give him before we can sign the final package, but the loan has already come back approved.  So whatever you've been praying or whichever person you've been bribing, please keep doing it!  God is so good! 

Love, Mike & Kipp

1 comment:

Kelly Hartman said...

Underwriter is a scary term... And they are odd lil buggers. I sit next to a slew of commercial (aka business) underwriters, and boy have I learned a lot. If you find out who your underwriter is I wonder if I can find them and then bop them on the head (nicely) to get this done. I'm sure you'll do fine though.