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.