Knocking on wood here!
This morning, my lawyer sent the final numbers through. It's complicated, as a lot is being deducted from the proceeds of the mortgage. Then various taxes and title search/insurance charges are lumped together to be paid to the title company, also out of the proceeds of the mortage. I had to do a lot of addition and subtraction to be sure everything matched up to what I thought it should be, but in the end, I'm left having to get one certified check for almost $50,000 as soon as the bank opens tomorrow. Yowza. Au revoir, cash!
This is all more or less what I was expecting. The numbers don't totally match my original Good Faith Estimate but the total is in line, and in fact I thought it was actually much better... but then realized (oops) that was because of the credit I'm getting for the floor. But after adjusting for that I realized things were a little higher but still fairly close to what I'd bargained for, so no more cash panic.
I added and re-added things several times to make sure there were no errors. I noticed the property tax escrow seemed high-- I thought it was supposed to be for 4 months, but it seemed like the amount would be for a much longer time period that that. So did they get the taxes wrong? I was always nervous about a clause in the contract that basically lets the seller off the hook, saying they make no representation as to the taxes, and also that the broker can pretty much tell you all manner of lies and that they are not responsible.
I called my lawyer again... turns out the taxes were indeed wrong, and are more than I was told. They are still not too bad though-- of course it is a bit of a blow, especially since my mortgage rate is higher than I originally thought I'd get when I first found this place a year ago, but I got a decent raise this year so it's something I can absorb. Not happily, though. I would like to know how I could have checked that myself beforehand, but it's difficult with new construction-- Property Shark shows estimated taxes, but Property Shark doesn't even know my condo exists yet, so that is no help at all.
I just finished what I think will really be the final walkthrough. It was ok-- still a few things left undone, but nothing too major. A few are things I could handle myself, but I don't want to and don't think I should have to, but the developer has already agreed to do them, and my lawyer is going to push to keep money in escrow to make sure. But the neat thing about having all these walkthroughs is that every time I'm there it feels more and more like MY HOME. And if all goes well tomorrow, it really will be. Well, mine and CitiBank's, but close enough.
Monday, November 13, 2006
Knocking on wood here!