Tuesday, January 11, 2011

Post-closing Thoughts

Phase one of our odyssey came to a close Friday afternoon; after much stress, many unreturned phone calls, and a small forest's worth of paperwork, we officially own the house.

A few random post-closing thoughts:

1.  The foreclosure industry is positively booming.  The attorney's office that handled our closing does most of the foreclosures in the Atlanta area, and I was rather surprised at how busy they were on the Friday afternoon following a holiday weekend..  In case you're an optimist who thinks the worst is behind us, the closing attorney told us December was the busiest month they've ever had.

2. Being a listing broker for a Freddie Mac property has to be the greatest job in the world.  Freddie sets an incredibly low price on the property that makes buyers willing to jump through a multitude of hoops in order to close the deal - why bother providing decent service when the buyer will bend over backward get the deal done?  Your 3.5% commission is same either way.  Truly a stellar example of your tax dollars being flushed down the drain.

3. I am still incredulous at how much money banks were willing to lend us.  Yes, the documentation was intense, and yes, we are good credit risks, but still - a little crazy.  Banks may be not be lending like they once were, but apparently if you can fit into their cookie-cutter profile there are loans to be had out there.

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