Friday, January 14, 2011

Appraisal And Loan Are Finaled!?!?!?!?!?

Hurray!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Another post with no pictures but plenty of exclamation points!!!!!

We just heard from our mortgage broker and after a small clarification of our income its official!!!

Our loan is done! The rate is locked in @ 4.99% APR.

Hurray!!!!!!!!!!!!!!!!!!!!!!!!

The appraisal came in where we needed it too and the loan underwriters are happy with the appraisal!!!

Hurray!!!!!!!!!!!!!!!!!!!!!!!

One interesting thing about the appraisal was that because the house is a legal 3 unit the appraiser had to come up with reasonable rent numbers for all three units. We where shocked to see that his findings say that the $900/month rent for the studio apartments was a good average price!?!?!? Ha, seems high to me...


One exciting thing he came up with is that if we rented out all 3 units we could get $5k total!!! Wow, that's more than our all in mortgage-property tax-insurance monthly costs!! Course we're not going to do that because we're going to be living in the main unit.

Hurray!!! Now its just some paperwork....whew.....I should feel more relieved but I don't....

That was the last big unknown hurdle that was out of our control...but there is still one hurdle left and that's getting the city to uncloud the title....a subject for another post.

Much more celebratory Margarita's for everyone!!!
Man, this whole experience is driving us to drink unhealthy amounts of alcohol....but we can stop any time we want too!!!

2 comments:

Marley Barley said...

I have been reading through your blog and find it simply riveting. I was wondering if you had seen 505 Pacific - an 1885 Victorian recently for sale? http://505pacific.com/
We feel in love with it. Did I mention the 15,000 sf lot? We put in an offer (this week) but were up against 9 others - 3 of which ended up higher than ours. It's under contract now. I know you're busy on your own new purchase but 505 is such a unique property for Alameda and such a super fab fixer candidate that I couldn't help but ask what you think about it. Wish we had gotten it and would be entering the remodeling world which you've chronicled so amusingly. Good luck on the new property and selling the old. Keep up the good work. Your Alameda neighbor.

Joel said...

Congratulations!