Monday, February 22, 2010

Escrow: Day 29

Wow, shouldn't this be my last post that has the title of "Escrow"?  Yah it should.  Will it be?  Probably not. 

As of Friday afternoon, my loan guy had run into a bit of a wall.  A self-built wall if you ask me

(Note: I never say his name in my entries because while I would never recommend him to you, I refuse to give him negative publicity.  I will not ruin his business, but I certainly will not help it along.) 

So back to my Friday story.  I found out earlier last week that the investors that were supposed to buy our loan were not going to do so due to a bit of information they had discovered very late in the escrow process:  Our complex is only 70% owner occupied.  Now you're scratching your head, "Wait, Kipp, did I read that correctly?"

Yes, you read that correctly.  The investors don't want our loan because of the neighbors.  It has nothing to do with us.  Wow.  That was news for us.  We had been told a lot of things about getting a loan: check your credit score, monitor your credit dilligently, keep money in the bank, pay down high bills, don't miss payments, etc. 

Never once in all of our classes did anyone tell us that the number of the units that are rental properties will affect your loan.  Then I started looking it up: Fannie and Freddie only care if there are over 50% rental properties.  Most loans only care about that if you are an FHA loan.  We are conventional. 

So it's just our luck: We found a property that we love.  We found a loan that we like.  The loan doesn't like the property.  Sheesh. 

So now our loan guy has (supposedly) been trying to sell our loan to other investors.  That was last week.  Tomorrow is supposed to be our last day in escrow. 

...This is the pause for you to laugh because I said "supposed to be our last day in escrow." 

Well let's just say on a scale of 1 to 10, my stress in this scenario is about a 9.5.  If this were the Olympics I might take the gold medal for stress.  Then again, I'm still not a perfect 10.0.  Hahah. 

So please, whatever you're thinking and to whomever you pray, keep the good thoughts for us and throw a quick shout out to your Almighty tonight before you go to bed.  We'd really appreciate it. 

And I promise, if we still get our keys this weekend, then there will be a cooler full of sodas (and man sodas) and pizza for everyone at our house!  (Yes, that's another shameless plug to get you all to come and visit us, and perhaps pick up a paint roller while you're there!) 


Mike & Kipp

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