Tuesday, August 2, 2011

Emotional Rollercoaster

Photo courtesy no limits roller coaster simulation.
Why are real estate transactions always an emotional rollercoaster? The past week has gone like this:

My lender informs me that they tried to pull my tax transcript for 2010 and there is no record of it having been filed. (BOO!) I panic and contact the accountant because I definitely paid him to file my taxes. He pulls the record of the filing. I call the lender back. They pull attempt to pull the transcript in Corey's name. This time it shows up. (YEAH!)

The wire transfer of the earnest money to the title company was refused by their bank. (BOO!) I am charged for the transaction, then charged again when the money is redeposited in my account. Then I am charged a third time when I have the transfer put through again. This time it is accepted. (YEAH!) I call the bank to get the extra fees reversed. While on the phone they ask me if I want to  increase the interest my savings account is earning. I ask if the account number will change and if there is any minimum balance required. They say "no," so I give them permission to "upgrade" my existing account.

I logon to online banking to find my bank has closed my savings account and a new account with a new account number opened. (BOO!) I panic and contact them because 1) I have automatic  transfers set up for the account and 2) the lender has the existing account on record and requires the account to have been open for a certain period with the balance I told them I had. The bank reopens the account. (YEAH!) They close it three more times in the next 5 days. (BOO!) Each time I call and have them reopen it, they guarantee it won't happen again. They offer no explanation as to why this keeps happening. (BOO!)

The lender contacts me because they see the refused wire transfer and redeposited funds on my checking account statement and require an explanation. (BOO!) What on earth are they going to think when they see the statement for my savings account?!? (BOO!)

Since the Eagle Trace house is not under contract, my parents have generously offered to temporarily give me the money until Eagle Trace sells, at which time I will give it back to them. (YEAH!) The lender informs me that my parents will need to sign a gift documentation letter. They refuse because they do not want to risk paying a gift tax. I check into borrowing against my 401(k) instead to discover that most plan administrators will only allow a loan for a first time home purchase and, even if I could get past that, the maximum amount I can borrow is only half of what I need. (BOO!) My parents research the gift tax and agree to sign the letter. (YEAH!)

My realtor informs me that he cannot do the open house on Sunday and that none of his associates are available so it will have to be cancelled. (BOO!) Two people ask to see the house on Saturday. (YEAH!) Neither of them make an offer. (BOO!) Another couple ask to see the house tonight. (YEAH!)

I feel like a ping pong ball. I wonder what this week has in store for me.

1 comment:

  1. Wow, reading that made me feel like I was on that coaster with you! It made me appreciate my Uncle who took out a personal loan when I bought my first condo to help me with my down payment. Then I paid it back each month, even after he passed away.