Tuesday, June 30, 2009

We Bought The House!

We are homeless no more. It took 6 weeks from offer to closing. If you haven't seen them yet, you can see pictures here: http://stuporglue.org/gallery/Moores/2009/house/ .

It's close to a nice park, really close to the light rail park and ride, a few blocks from the library, and close to an Old Country Buffet.

It's a foreclosure and it does need some work, but I think it's within our abilities. Hope so anyways. :-)

We got everything moved into the garage tonight, and will clean and work on actually moving in tomorrow!

I'm sure more pictures will follow...


Here's a brief review of our experience with Edina Realty and Edina Realty Mortgage
http://www.edinarealty.com/ -- Edina Realty
http://stevenrosnow.edinarealty.com/ -- our agent
http://danwright.edinarealty.com/ -- our mortgage guy

For anyone coming to the Minneapolis area, we used Edina Realty for our agent, and used the Edina mortgage people (Wells Fargo affiliates, or something). Here's my review:

Our agent, Steven, was good. He was flexible with his schedule and was always very punctual. He was friendly and seemed to know what was going on in the market and such.

Once we had picked a house and made an offer though, Edina Mortgage just dropped the ball. Dan and Brenda were friendly enough, but I wouldn't use them again.

What I expected was that they would tell me what they needed, I would get it to them, and that would basically be it.

What happened instead is that they kept asking for more and more and more documentation. While their claim that the underwriters kept asking for more may be true, it is my opinion that as professional mortgage people they should know their underwriter and know ahead of time what to ask me for.

The underwriters then asked for a second appraisal saying that the first one wasn't in-depth enough. Again, I think that a competent professional should know that and get the right appraisal the first time.

The last thing I wasn't happy with was that they didn't push the underwriters to get everything done until it was too close to the original closing date (last Thursday). It was around this time that the second appraisal results came back with two new things to fix before we could buy the house...

Even with the closing date set for today, they didn't have the documents out of underwriting until yesterday afternoon. Lucky for us the seller (Fannie Mae) didn't press for the 72 hours they had requested to review the underwriting.

Anyways, if we were doing it over, we would probably use Steven for our agent, but use someone else for the mortgage.


Amber said...

Wahoo! Congrats on signing your lives away! Enjoy getting settled in. We can't wait to see all the improvements you make :)

Tyler said...

Congratulations guys! Hope you are mostly settled by now. I am sure Ryan is enjoying that huge back yard. Our place seems pretty empty now. See you soon I'm sure

Lindsey Hicks said...

Congrats. I'm so so so far behind on your lives. I can't believe the hilarious things Ryan says. It makes me miss him. What a cutie.