Closing Day or End of Days?

Filed Under ( , , , , , ) by Joe Somebody on Thursday, February 17, 2011

I cant sleep. Today is the day I go see the Lender and the Title company. I must admit, I did not sleep well last night. I will be taking on an enormous amount of debt. Luckily my Realtor will also be there. He was been awesome through this entire process. He has helped me in so many ways. Always there to guide me and make the right decision.

I really don't know what to expect. All I know is that I will be signing A LOT of papers. Each of them protecting the Lender. I think about two are in my favor. Of course I know loop holes are built into them so the lender can still screw me. Of course, that's only if I default and go into foreclosure. Which I don't plan on doing. Knock on wood nothing happens. I see this as being a very sound investment. Im buying about 30k under the appraised value and if the market turns for the better I will see that number go up even more.

I plan to be in the house a minimum of two years. I will only sell for 40k profit after all selling expenses. After that the process will start all over again but with a bigger cushion to rehab the house with. Possibly even flip the home if the price is right.

The other option is to rent the home. That's something I have a lot to learn about. Probably wont even focus on it much for at least a year.

Back to what's at hand. Closing. I still need to go to the bank and get a cashiers check (yes, I don't have a checkbook. what's the point? That's what a debit card is for.). After that I will be making the trip this afternoon.

Heart is racing. What a day.

Comments:

34 Responses to “Closing Day or End of Days?”

  1. LIke you said it "What a day". Good luck and hope that everything is going well

  2. Good luck!! following so i can hear the updates.

  3. Good luck with that.
    I think as long as you can pay your morgage buying a home is a sound investment.
    Even if you dont make any money when you come to sell your property hopefully at least you won't of spent a fortune in rent(paying off someone elses mortgage).

  4. Good luck man. We're with you :)

  5. Best not to dwell on it and just stay optimistic, good luck.

  6. I do not envy the position you are in sir, so good luck with that, I know this can be a stressful time.

  7. Good luck ;)
    Following

  8. Good luck for the future!

  9. Good luck joe, Hope everything goes well.

  10. good luck ;) following

  11. Good luck with those papers, man !
    Following

  12. You should add another option for those of us that are in uni halls/dorms :) *following*

    Good luck with your situation.

    Unrelated Randomness

  13. good luck. we are all with you

  14. Good luck

  15. wow I cant imagine, good luck! following

  16. good luck!
    Following!!

  17. Good luck :)
    If you can afford another place without selling the house in a couple of years then renting it out would be a good way to make a lot of extra cash!

  18. Good Luck, all this house stuff sounds mentally crushing.

  19. good luck with those papers bro

  20. Good luck, man.

  21. its not that bad really lol. just pay attention to every detail!

  22. Good luck man, let us know how it goes.

  23. Hope you do well!

  24. Good luck with the closing! I think it was the most awesome day of our lives when we closed on this house

  25. Good luck !

  26. Wow, wild!

  27. I wish you luck.

  28. "I plan to be in the house a minimum of two years. I will only sell for 40k profit after all selling expenses."

    Look, this (censored) is scary; your heart SHOULD be racing. :D But in the past several blog entries, you have shown yourself to be an intelligent man.

    Not to sound like a broken record, but I have been where you are. You are ALWAYS going to be afraid. Afraid about loans, afraid about repairs, afraid about refurbishing, afraid about what else can go wrong.
    Just try to focus on your plan. You are not going to be there forever.
    Focus on the long-term. I mean, I know you are, but try to focus on the long term when you ask yourself why your heart is racing.

    You obviously have no problem asking for help when you need it, and you don;t seem to mind getting your hands dirty.

    These things take time before you see the true rewards. Hold fast!

  29. very cool blog idea! i like it...

  30. It's nice having the realitor in your corner. Good luck to you.

  31. Good luck!

  32. Good Luck.

  33. good luck hope everything is smooth sailing. debt is all part of life

  34. good luck^^

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