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Papers, Papers Everywhere!

By Charlene Benson May 28, 2016

Papers, Papers Everywhere!


Still waiting… and then the results start coming in. 


First one was a denial citing the past short sale as the reason.  Oh boy.  That’s not good.  Jason says this lender says no more often than not.  So ok.  Don’t freak out yet…


Second one comes in and says pre-approval.  Yay?  Except the interest rate is very high and the estimated payment is way beyond what we can pay. Starting to freak a little now…


Third one comes in and yes!  Something we can work with!  Great interest rate and estimated payment a little higher that I was hoping but I can work with that…


Fourth one comes in and also has a great interest rate and an estimated payment that is much closer to where I was hoping it would be…


So we sat down with Jason and started looking at the numbers and comparing.  He gave us some tips on what we were looking at and what it meant.  Of course, the choice was between the third and fourth lender.  So Forrest and I went home and discussed what we should do.  Forrest had been communicating via email with the third lender who was emailing him continuously and he felt she was being too pushy and hurrying us to make a decision.  I was talking with the fourth lender and had a great phone interview with him.  He was the only one to call us.  I was able to explain the circumstances behind the short sale on our previous house and he was very understanding and encouraging regarding the loan.

After discussing everything together and considering everything that Jason had told us and our perception of the lenders, we decided to go with the fourth lender.  The next morning I told Jason of our decision and emailed the lender and told him our decision to go with them.  The lender then sent a list of items we needed to collect to send to him such as pay stubs, W2s, tax returns, bank statements, etc.  The first of many!

The next decision we had to make was whether to hire a General Contractor to oversee the installation of the pad, well and septic or try to oversee it all ourselves.  I worked up a quote sheet to send out to contractors to see what the difference would be between hiring contractors individually and what a GC would charge to oversee it all.  So we got a quote from a reputable GC in our area.  As I was contacting these different contractors for quotes, they were asking for technical information, permits, etc.  I had no idea what they were talking about!  The quotes I was able to get were not much lower from what the GC quoted me.  Forrest and I decided that since we both work 40+ hours per week, neither of us would be able to take stay on top of it.  We don’t need that added stress.  More importantly, neither of us are qualified to do a competent job.  So the decision was made to hire the GC.

Over the next two weeks we supplied all the items that the lender requested.  We filled out different forms such as disclosures, agreements, quote requests, etc.  Whatever they asked, we obtained and sent to them.  We had to redo some forms to break out costs and to match the verbage of what they needed on the legal side of things.  It was never ending!

Let me tell you, having someone like Jason who understands this process is invaluable.  I would have been so lost if he had not been here to walk me through everything and patiently explain things to me.  You may think that because I’m his employee, he’s giving preferential treatment.  Well, let me tell you, I have seen him give this kind of treatment to all of his customers, bending over backwards to make things work for them if at all possible.  I’ve already told him to put up some signs at our place once it is complete and I don’t do that for just anyone.  In case you can’t tell, I think very highly of Jason and his wife, Shannon.  They are good people.

Next an appraisal was done and everything hinged on this thing.  If the property did not appraise for as much as we had estimated, it could cause us some big problems.    It took about 10 days from the day they ordered it until I got an actual copy of it. 


Longest…ten…days…of…my…life…


While we were waiting on the appraisal, the survey and title search were being done.  And so we kept busy and waited.  Finally, the appraisal came in and it more than covered on all counts for value of both the land and the house.  Phew!  I can breathe again!

Now that the appraisal, survey and title search were completed, we were in the final stretch.  There was yet more paperwork to complete and some final things to be done to satisfy the legal department in preparation for closing. 

One thing I have noticed throughout this process is that communication is key.  I was in contact with the lender at least every other day.  He did not mind.  I tried not to be annoying.  I just wanted to be sure that I was getting him whatever he needed to move forward.  He was really good about explaining some of the things that were going to be needed as we proceeded.  Let me tell you, you can’t be shy about this stuff.  Ask questions.  Lots of questions.  This is your deal…your future home.  You have a right to know what is going on and to understand as much as you can.

And finally…the day you have been waiting for…finally…closing day…finally arrives.  Did I say finally?  So Forrest, myself, Jason and the title company agent who is acting on behalf of the lender all meet at the title company’s offices and begin signing our life away.  It’s so great to finally get to this point.  I am soooo ready!  It takes roughly two hours to go through and sign all of A-1’s paperwork for the house and the lender’s paperwork for the loan.  The lady at the title company is so wonderful and patient with us even though we are keeping her past her time to leave.  I notice that we are signing some paperwork that we had previously signed once again but this is labeled as final.  That’s a good thing to see!


So what happens next?