Our buyer's option to rescind expires at midnight Central. That's a little over 3 hours! I know our realtor would call or email right away if anything had happened, so feeling really good. I'll feel 100% great tomorrow morning, when it's over for sure.
Today I got notice that the appraisal was scheduled for 3/18, so that makes me feel confident too.
Got some answers of sorts from the broker. He's really knowledgable but can be kind of obtuse about when he's not providing a real answer or info that makes sense. As a result, he's quick to reply to emails but they can be kind of cryptic. At the same time I try not to get into phone calls with him because he rambles on and on; it's the opposite of his email style.
So anyway, finally got him to say today that he didn't think the duplex would appraise high enough for a traditional refi. And the streamline wouldn't go through; he thought it hadn't quite been long enough.
I thanked him and asked (just to be clear) if we still had to pay off the promissory note for a streamline refi. And if so, whether it mattered how we did it. One reason I've been in a hurry to do the refi is because we'll have much less cash after we close on the condo sale, and I remember how strict all the rules about cash were when we bought the duplex.
He wrote back that NO we don't have to pay off the promissory note for the streamline refi and if we do, it doesn't matter what funds we use to do it.
Oh. He was completely unclear about that before; he made it sound like neither refi would go through unless we paid off the promissory note.
But, even though it's bad news we won't have two options to choose from, it's good news that the one we may qualify for isn't dependent on paying off the promissory note. That means I can take my time on that one, find some lower-interest borrowing options after the condo and possibly the streamline refi. We've been getting some good 0% CC offers and AS has a potential ($2700) big check coming in for an acquisition deal she's been helping with. Plus, by mid-April we'll know about the WV deal, so that's another possibility for the promissory note.
So, not feeling as rushed to get everything taken care of. The broker said he'd get back to me in the next week or two as soon as the streamline refi was available. I'll give him two weeks off from my incessant emails and then bug him again.
For now, we'll just focus on the condo closing, getting that all taken care of. We need to get the electrical repairs done, and I was kind of sweating about how much that would cost. Now that we're not rushing to pay off the promissory note, I'm not as worried.
The UK flat renovation will start shortly. We're about 500 pounds short of what the management is estimating for the cost. NT needs to either borrow the difference from his family, work out a payment plan with the management co., or tell them they need to cut corners somewhere. I can't really do anything about it except nudge him, which I keep doing because we need to get it done ASAP so we can start pulling in rent again.
Some semi-interesting updates
March 14th, 2015 at 02:44 am
March 14th, 2015 at 08:11 am 1426320676
March 14th, 2015 at 03:00 pm 1426345206
March 14th, 2015 at 04:16 pm 1426349778
March 14th, 2015 at 05:49 pm 1426355383
March 15th, 2015 at 04:34 pm 1426437279
I also think this vindicates your decision to buy and move - can you imagine trying to let your little girls enjoy life while living in a showhome for all those months?