Happy holidays! We’re in the thick of the season and of our contingencies. We had the home inspector come out to the condo on Thursday, December 26th, and once we discovered that it had gone well (aside from galvanized pipes instead of copper, which the HOA would be responsible for if it becomes an issue), we decided to remove the inspection contingency. There were, of course, the little things. The seller will need to install a carbon monoxide detector, for instance. There are a few missing electrical outlet covers.
All in a day’s work.
So the inspection contingency was removed yesterday, 5 days after the opening of escrow. Hoop 1, check. Now on to hoop 2: the loan. This evening we met with Reza, our loan guy, to sign disclosure papers and to discuss any questions we had. We ended up learning of a new (to us) option for paying property tax: the impound account. We could pay our annual property tax over the span of the year, or in two lump sums – one in November, and one in February. At first it seemed like a great option, but then I got to thinking. Because our income is not 100% set in stone each month, it will be smarter for us financially to go the conventional route of paying in the lump sums rather than as a part of our monthly payments. While it seems nice to be able to pay a smaller amount each month than to have that ever-looming larger payment around the corner, we’d like to keep our monthly costs to a minimum. Best to save up for that larger sum.
For a while it seemed like it would be best for Sohrab to go for the loan with his dad as a cosigner, especially when we weren’t engaged, we are instead trying to get the loan together – just him and me. Things are different from a year ago; we’re engaged, we have a better understanding of what everything in the real estate world means, and, well, it’s real this time. This is a venture that Sohrab and I are undertaking on our own, and there’s no reason to drag anyone else down with us in case things go sour. This is one of the biggest financial decisions of our life together, and we need to take responsibility for it. Fortunately, it’s looking like everything should work out, and we’ll be able to be on the loan together. We’ll find out within the week!
On the topic of the house itself, we were able to take Sohrab’s sister, Yasi, and her husband, John, to see the place on Saturday, December 28th. They’re in town because MSU will be playing in the Rose Bowl on Wednesday! Woohoo! They loved the place – and it feels good to be getting approval from people we’re close to. The next person we’ll take to see it is my sister, who is currently decorating Rose Parade floats with my mom – they do it every year and 2014 is no exception! Today is their last day, and Salia will be in town until January 11th, which means we have plenty of time to take her to the condo.
Things are looking up, and it’s hard not to get too excited. Nothing is 100% official until we have the keys in our hands. But oh boy, we’re getting there!