Thursday, November 02, 2006

Closing: More Funds Availability Panic

Last week my lawyer sent me an estimated recap of all the monies that would be due at closing. It all seemed in line with everything I was expecting based on my mortgage broker's Good Faith Estimate. But then, less than 48 hours before the closing, my lawyer called, saying that he'd gotten a statement of funds due to the seller and that there was an extra $3500 mortgage tax credit something-or-other on there that he had forgotten about! That suddenly took me from thinking "yes, I have a good cushion in my bank account to cover the closing costs" to "oh sh*t, that might be cutting it too close unless I can write more of this than I thought as personal checks. I'm going to have to do another emergency wire transfer!"
Last night I went over and over my numbers, trying to figure out if I'd have enough money in the right account. Today, I left messages for my lawyer and mortgage broker. While the situation was still unsure, I didn't want to delay, so I faxed off another wire transfer request to E*Trade bank. If they receive it before noon, it happens same day, and sure enough, 2 hours later the money was in my Chase account. Of course this is another $35 in fees, which is totally annoying, but I figured it was worth it for the piece of mind. Though I did get a little more annoyed when my lawyer called me back a little while later and said it had all been a misunderstanding and that the $3500 was already accounted for in the original closing cost estimate. Anyway. Closing is tomorrow, final walkthrough tonight, I don't yet have my instructions for the certified checks I have to get at the bank, I'm nervous, excited, happy, nervous... gah!


Single Ma said...

The day has finally arrived? I'm sooo happy for you! I apologize for not being able to comment on your other homebuying updates, but I can relate to each and every one of them.

You may still find some things unfinished at the final walkthrough but don't let it steal your joy. If it's major, don't close. If it's minor, make note of EVERYTHING in writing (no matter how small) and keep it moving. Don't let anything slide (without consideration) and don't sign anything until it's YOUR satisfaction.

Be nervous, excited AND happy. Tomorrow, you WILL be a homeowner. Congrats!

IRA said...

Ah, bummer about the wire transfer charge. But congratulations!
There's a light at the end of the tunnel :-) I'm crossing my fingers for you. Hope everything goes well tomorrow.

Bitty said...

(Friday sure came a lot sooner in New York than it's coming in Florida. Here we have another four and a half hours!)

But, yippee! We're moving! We're moving! I'm so excited.

Congratulations (and everything single ma said).

Madame X said...

I was all confused by the Friday comment, but I could have sworn yesterday was the 3rd!
Thanks for good wishes everyone, though as today's post shows, they have turned out to be premature!

Anonymous said...

"piece of mind"

What about the rest?


Madame X said...

Whoops! Yes, I had peace of mind, but only in only one piece of my mind!