To Do

March 7th, 2008

Escrow is in its final days and we should have the keys to our little masonry house by next week. Pushing paperwork around is now the final step before handing over the keys and signing my financial life away…

So far in the process of buying our first home I have learned new words like “REO“, “vesting”, “lien”, and “earnest money”. The process as a whole has been rather effortless. I’ve initialed a lot of papers that say pretty much the same thing over and over, I’ve written lots of checks and transferred weird amounts of cash around. Overall its been less stressful than I predicted, but my patience is wearing thin to get to the good stuff – like, demo and decorating.

Below is the list of “To Do” projects before move in day:

Demo:
Kitchen floors
Bathroom floors 1&2
Built-in desk
Wainscoting in den
Wall heaters (bathroom 1&2 and den)

Fix:
Patch plaster (cracks, holes from heaters, and wainscoting)
2 leaks in roof (porch and garage)

Floors:
Refinish hardwood floors
Lay VCT in kitchen and bathrooms

Paint:
Paint the entire interior including trim bright white

Install:
New front door / back door handles and locks
Shower head in pink bathroom

It looks like we should be moving in after we get the keys in about a year…

I don’t really know how to do most of these things on the list, well except for the destruction and the painting. We will be relying on the kindness of friends and family, as well as the trusty internet to figure most of it out. Luckily spring break is coming up right after we close escrow, so I’ll have 2 weeks to make improvements without worrying about the day job. I’m shooting for move-in day to be the last Saturday of March…hopefully.

Appraisal

March 1st, 2008

Appraisal came in today!

I’ve been nervous about the appraisal, especially with that the house is looking kind of shabby. But good news, the property appraised for much more than the purchase price. Hooray!

So what does that mean? I know it can be really bad if a house appraises for less than the purchase price and loan amount…but what if its higher? Is it just the bank who is happy since the loan is covered?

I’ve got a new stack of forms to sign and fax. Then maybe I can focus on getting together some ideas for refinishing those hardwood floors…

Termite Report

February 29th, 2008

Termite report came in and big surprise – the cinder block is not infested with termites.
The garage has some “soft wood” which I thought was typically a problem seen in the bedroom…
wah wah.

The REO bank (seller) is having the strip of soft wood replaced by the termite company, and I guess we do nothing. There was money allocated in the contract for potential termite damage – so hooray again for REO properties and foreclosure. I feel like we’ve done almost nothing but wait. No crazy faxing, no tax returns from 5 years ago, no blood sacrifices to the sub-prime gods.

Now just give me the keys.