Thursday, March 2, 2017
All of the paperwork is in, and now we wait
I submitted my offer as a contract on Monday, before the 6 p.m. deadline.
On Tuesday morning, I learned that I was picked over other offers, being told that paying full asking price, with 20% down, being preapproved for a mortgage with no PMI,being in a rental vs having to sell a pre-existing home, and using a local bank were all tipping factors in my favor. My 1% binder is in escrow.
I have secured a bank approved, real estate attorney and have secured an inspection service.
I have met with the VP of the mortgage dept twice now, submitted all documentation, with me signing a plethera of forms today.
The bank appraisal should happen soon, the inspection will be next Thurs., with additional monies due, via bank check. I will address that next week (due 3/13).
I've created a new, anticipated household budget and a cash flow projection. I also wait for notification of a confirmed retirement amount (only estimations were provided) as well as the start up of my retirement checks.
I continue to also monitor jobs, applying and reapplying to ones which are suitable. I do have 6 months of current living expenses stashed away, and may* need to dip into that, after depleting my savings in order to put 20% down and having an additional $10,000 at my disposal for all closing associated costs.
Additionally, I may* need to get creative (it's all a matter of timing) to get an additional $10,000 to cover anticipated repairs/upgrades. I will have more work that I will want to do, Rome wasn't built in a day, I will do it in phases, prioritizing tasks. I will save funds, then spend.