One Life, Well Traveled

A Personal Blog

Posts Tagged ‘Mortgage

Still no house

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Checked on the house recently, but 814 Rockcreek Road is still just some air occupying red dirt.  There has been substantial progress on the other units, which started being built the first week in October (that’s a month ago, for those of you keeping track), but as yet there’s been not one wit of progress on our future home.

Now, don’t get me wrong, there could be substantive advantages for them finishing later.  According our landlord, it is much easier to find someone to pick up the lease on our current place the more into spring things get.  Also, thanks to some good negotiating, we’ve still locked in our low interest rate regardless of when we close (adjustments are the builder’s problem, not ours). I’m more or less just trying to get a “when” but the Project Manager, unlike the Selling Agent, doesn’t like making promises he can’t keep so I’m not going to get a “when” until they get something started.

But there’s is something in the way of things getting started, because the Selling Agent needs to sell one more unit in our building.  When that is going to happen is anybody’s guess.

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Written by Tarsus

November 4, 2010 at 5:42 pm

814 Rock Creek Road is Ours

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Yesterday afternoon, we penned a contract with Ryan Homes and NVR Mortgage to build 814 Rock Creek Road.  It will be a Colonial style townhouse, three stories (two above ground and one basement), with a bay window.

But right now, it is just a patch of dirt that we don’t even own because we don’t own the land, just the air (the HOA owns the land).  Now, that air may not look like anything special.  However, its our air and that is worth something.

There were a couple of things that took us a while to smooth out to our satisfaction.  The first was the “fee” to lock in the interest rate on the loan (4.25% if you must know), which while not unusual was a) about double what you would pay elsewhere, and b) totally not disclosed to us.  Arguing that down was a key provision for us and that happened, and we got it down to below what we would have had to pay from our Credit Union.  We also got a guarantee from the builder that if they couldn’t build the house within the time specified in the lock they would pay the fees to extend the lock.

The second was the issue of the bay window, which was a feature we didn’t ask for (honestly, the cats will love it, but we didn’t need it) but we didn’t have a choice to have it or not.  The result was we thought it was kinda ridiculous to pay for it.  We didn’t get it for free, but we did get it at %25 the price originally asked.

These were very minor things, but from the perspective of feeling like we were signing on to something that wasn’t going to bite us in the butt later they were essential.  If we had regrets, that would have been bad.  I’m pretty confident saying at this point we don’t have regrets about it.

Tomorrow we get to pick out the exterior colors.  There may be pictures.

Written by Tarsus

August 21, 2010 at 9:49 am