Today we signed and notarized a bunch of documents, mailed them off, and so we're pretty much owners of our first property! I'm really excited about that, but I'm just more excited about being done.
We started our application process April 9th, which makes this just under two months from start to finish. I don't know how long it usually takes, but this was too long. Because of problems with our bank failing to take initiative and actually DO something with our account, we had to push back our financing and closing deadlines a total of five times. To make a long and rather boring story short, I'll just say that when we applied for the mortgage, we were under the impression that they would then start working on our file and start the appropriate paperwork. After several weeks of radio silence (no answered calls or emails), our first financing acceptance deadline was approaching and we found they hadn't even started the initial paperwork on what turned out to be the section that took the absolute longest to finish. Ugh!
Moral of the story: I strongly recommend AGAINST using Chase Bank, especially in the Utah Valley area.
But despite our banker's ineptitude, and thanks mostly to our real estate agent's tireless efforts, we finally closed on our property today! We're now officially landlords! (Yay?)
We decided to buy a rental property close to BYU. Kevin and I both went to school there, we know the neighborhoods and areas pretty well, and we feel like it's a reasonably stable market. We found a condo that, among its other endearing features, has a small fenced-in grass area-- a yard! If I were going to school over again, I would definitely want to live there. Plus, it's close to campus, has good lighting, and I'm sure anyone advertising their "contract for sell" would say they had cute roommates and a super fun ward!
The next step will be to iron out the details of renters, contracts, management, and all that joyous stuff. But we're just happy to be done dealing with our bank!
Tuesday, June 04, 2013
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Stuff I wouldn't mind getting for Christmas
- Twin-sized sheet sets for Penny and Naomi (matching? flowered or something pretty, not characters)
- Scrapbook pages
- Fun refrigerator magnets
- Fisher Price Little People Pirate Ship (for Penny.... though I would play with it too.)
- Cute Stationary-- I currently write letters on notebook paper ripped from the notebook
- Boy toys for William, age 9 months-18 months or so
7 comments:
and i think it is spencer's birthday today! happy birthday to him hahaha
and i think it is spencer's birthday today! happy birthday to him hahaha
Congratulations!
That's great... now you can vote! :)
Congratulations. You now have one of the best possible investments you can make. It is not an investment unless it pays you money!
Aloha
I can't believe you just bought a place near BYU! Did you know that I'm going to be working at BYU from August 2013-2014... rented a place already though... Susan, Kevin's cousin.
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