Proceed to the Closing
More flurries of activity to prepare for the Closing. Interest rates are beginning to rise (Spring/Summer, 2004), so timing is critical.
Our rate lock expires at the end of July. The closing got pushed back to August 3, as the owner and her father were in their home country for the summer. We got our rate lock extended to August 5th. The closing got pushed back to the 5th. Rates were rising. We were sweating.
Owners try to push closing date back again, but this time we push back, too. Let's get this DONE.
Turns out that when an apartment is owned by a girl in her early 20s, and you hold her to a closing date, there are consequences.
The Walk-Through:
It's one hour before the closing. We're in the apartment for the first time since April. The refrigerator, which was broken back in April, is still broken and very smelly. Sub-Zeros are expensive to fix. The range? Some burners work when they feel like it. And the apartment is filled with piles of clothing, piles of kitty litter (seems the Chihuahua was tray-trained) and piles of trash - including broken glass - all over the floor. Some cabinet doors are hanging from broken hinges, and very personal items are strewn throughout the apartment. The air conditioner downstairs blows air, but not cold air.
We decide to push forward anyway, but are pretty darn grumpy - even for two people about to give up their life savings and future income.
Closing Ceremonies:
We get to the managing agent's office, and Jay and I start signing. And signing. And more signing. Papers fly around the conference room table. About an hour into the festival-of-signatures comes the query to the prior owner: stock certificate? No, she doesn't have it. Folders slam closed, people say "well, this is adjourned" and start to leave. WHAT??? A quick cell phone call to her daddy, and he's is on his way with the needed document. Signing resumes.
We had a two-hour window for this closing. That clock has just run out when Daddy finally arrives. Frantic arrangements, rushed paperwork, more signatures, and the apartment is OURS.
That's when the Mythical Renovation begins - a somewhat interesting story....
Our rate lock expires at the end of July. The closing got pushed back to August 3, as the owner and her father were in their home country for the summer. We got our rate lock extended to August 5th. The closing got pushed back to the 5th. Rates were rising. We were sweating.
Owners try to push closing date back again, but this time we push back, too. Let's get this DONE.
Turns out that when an apartment is owned by a girl in her early 20s, and you hold her to a closing date, there are consequences.
The Walk-Through:
It's one hour before the closing. We're in the apartment for the first time since April. The refrigerator, which was broken back in April, is still broken and very smelly. Sub-Zeros are expensive to fix. The range? Some burners work when they feel like it. And the apartment is filled with piles of clothing, piles of kitty litter (seems the Chihuahua was tray-trained) and piles of trash - including broken glass - all over the floor. Some cabinet doors are hanging from broken hinges, and very personal items are strewn throughout the apartment. The air conditioner downstairs blows air, but not cold air.
We decide to push forward anyway, but are pretty darn grumpy - even for two people about to give up their life savings and future income.
Closing Ceremonies:
We get to the managing agent's office, and Jay and I start signing. And signing. And more signing. Papers fly around the conference room table. About an hour into the festival-of-signatures comes the query to the prior owner: stock certificate? No, she doesn't have it. Folders slam closed, people say "well, this is adjourned" and start to leave. WHAT??? A quick cell phone call to her daddy, and he's is on his way with the needed document. Signing resumes.
We had a two-hour window for this closing. That clock has just run out when Daddy finally arrives. Frantic arrangements, rushed paperwork, more signatures, and the apartment is OURS.
That's when the Mythical Renovation begins - a somewhat interesting story....
posted by Val Smith at
6:03 AM
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