My Day - and it's only 10:45
Jan. 6th, 2009 10:53 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
garnigalI've been looking forward to today for a month. Turns out it sucks.
We accepted an offer on the townhouse in early December. We'd been carrying 2 places for 6 months, so even though it was ten grand less than our previously agreed upon lowest price, it seemed like a decent deal. And really, it is. It's in line with other prices in the condo development, just 10 grand lower because of the market.
Anyway, today is the closing. We were supposed to have enough to pay back my mom the money she loaned us as a down payment on the new place (essentially a home equity loan) with a little ($500 or so) left over. Basically, today was our fresh start - debts zeroed out, money in the bank.
Except I forgot something in my calculations - penalty for paying off the mortgage.
The mortgage company finally sent the payout today - $9300 in penalties. We were figuring about $103,000 to the mortgage company, but with the penalties, it's $112,000ish. Which means we are $9000 short on Mom. Which means we still have debt and there's nothing left over.
I just keep reminding myself that we did make money on the house. We did get the house we wanted (and we'll never have to sell and move again). Our loan is to Mom, so we've got flexible repayment terms.
It's just not how I was hoping today would go.
We accepted an offer on the townhouse in early December. We'd been carrying 2 places for 6 months, so even though it was ten grand less than our previously agreed upon lowest price, it seemed like a decent deal. And really, it is. It's in line with other prices in the condo development, just 10 grand lower because of the market.
Anyway, today is the closing. We were supposed to have enough to pay back my mom the money she loaned us as a down payment on the new place (essentially a home equity loan) with a little ($500 or so) left over. Basically, today was our fresh start - debts zeroed out, money in the bank.
Except I forgot something in my calculations - penalty for paying off the mortgage.
The mortgage company finally sent the payout today - $9300 in penalties. We were figuring about $103,000 to the mortgage company, but with the penalties, it's $112,000ish. Which means we are $9000 short on Mom. Which means we still have debt and there's nothing left over.
I just keep reminding myself that we did make money on the house. We did get the house we wanted (and we'll never have to sell and move again). Our loan is to Mom, so we've got flexible repayment terms.
It's just not how I was hoping today would go.
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no subject
Date: 2009-01-06 09:36 pm (UTC)The thing that burns my ass is they changed the wording from the original agreement in 2002 to the renewel in 2007 - it had originally been 3 months interest.