So much more goes into buying a house than we could have ever imagined!
Our closing date is finalized as May 27 and we're
so excited! With the signed contract and finalized closing date comes the long list of requirements before closing. Because we're getting a renovation loan in addition to our house loan, we have A LOT to do! This week, we had our
house inspection. Everything seems to be in pretty good condition! We have one repair that will cost us a bit, but if that's all there is then we're happy. :)
Now we're waiting on an
estimate for all of our intended renovations from our general contractor. We should have that sometime tomorrow. After that, we have to have a representative from the renovation loan company come
approve our renovation estimate. Then, we have to get an
appraisal. The appraisal is a little nerve-wracking because the appraisal has to appraise the house's value after our renovations and it has to value higher than the total value of the loan (house loan + renovation loan) that we're taking from the bank. If not, then we have to either change the renovation plans and get it reappraised, go back to the bank and try to figure something out, or let go of the house (which will never happen!). We're just crossing our fingers and hoping for the best - our real estate agent told us that everything should be good to go, so we're going to go with that! Next, we have to get
homeowner's insurance. Finally, we need a final
review/audit of the property before closing.
All that in less than 7 weeks!
In addition to our laundry list of pre-closing requirements, we're also getting about 5 emails each day from our real estate team and our mortgage guy (both of whom are great, by the way) with random questions and requests.
I would have never guessed how much goes into this whole house thing... on TV it looks so easy! The work that's going into it definitely adds to the excitement, though. Rich and I are already making big plans for everything from the bathroom sinks to the wall colors to the 10-foot addition to the master bedroom. Although some aspects may seem to be a little stressful,
THIS IS SO MUCH FUN!
