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.

(33) Comments

Comments:

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

  1. wutssz on February 17, 2011 at 5:01 AM #

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

  2. Todd Andrews on February 17, 2011 at 5:09 AM #

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

  3. Matthew on February 17, 2011 at 5:13 AM #

    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. S.S. on February 17, 2011 at 7:16 AM #

    Good luck man. We're with you :)

  5. Obi-wan Mikenobi on February 17, 2011 at 7:42 AM #

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

  6. Bring_Napkins on February 17, 2011 at 8:12 AM #

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

  7. Jôo on February 17, 2011 at 9:13 AM #

    Good luck ;)
    Following

  8. Tó Rock on February 17, 2011 at 9:15 AM #

    Good luck for the future!

  9. Wolfdog on February 17, 2011 at 9:16 AM #

    Good luck joe, Hope everything goes well.

  10. Daniel Andrade on February 17, 2011 at 9:22 AM #

    good luck ;) following

  11. Anonymous on February 17, 2011 at 9:25 AM #

    Good luck with those papers, man !
    Following

  12. kaboomix on February 17, 2011 at 9:38 AM #

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

    Good luck with your situation.

    Unrelated Randomness

  13. D.B. on February 17, 2011 at 10:29 AM #

    good luck. we are all with you

  14. Charles on February 17, 2011 at 11:34 AM #

    wow I cant imagine, good luck! following

  15. raphael on February 17, 2011 at 11:44 AM #

    good luck!
    Following!!

  16. Paranormal Explorer on February 17, 2011 at 12:09 PM #

    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!

  17. Astronomy Pirate on February 17, 2011 at 12:41 PM #

    Good Luck, all this house stuff sounds mentally crushing.

  18. Brendan on February 17, 2011 at 12:47 PM #

    good luck with those papers bro

  19. fabio_2007 on February 17, 2011 at 1:12 PM #

    Good luck, man.

  20. Basik on February 17, 2011 at 1:45 PM #

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

  21. Siphil on February 17, 2011 at 1:46 PM #

    Good luck man, let us know how it goes.

  22. Anonymous on February 17, 2011 at 1:49 PM #

    Hope you do well!

  23. Meltedsnowgirl on February 17, 2011 at 3:13 PM #

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

  24. Anonymous on February 17, 2011 at 3:57 PM #

    Good luck !

  25. Brut on February 17, 2011 at 5:18 PM #

    Wow, wild!

  26. Jorge on February 17, 2011 at 5:55 PM #

    I wish you luck.

  27. Skimbosh on February 17, 2011 at 6:24 PM #

    "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!

  28. doingitwrong on February 17, 2011 at 7:45 PM #

    very cool blog idea! i like it...

  29. Josh on February 17, 2011 at 9:08 PM #

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

  30. J on February 17, 2011 at 9:40 PM #

    Good luck!

  31. Luke Parker on February 18, 2011 at 1:35 AM #

    Good Luck.

  32. Thuganomics on February 18, 2011 at 3:03 AM #

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

  33. Patwa on February 18, 2011 at 4:50 AM #

    good luck^^

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