The House-Buying Process

So far, so good with the whole house business. The inspection happened and there were just a few minor issues that were found. The sellers agreed to address (that is, pay for) the small things we did want taken care of. The closing is set for October 20th, barring any surprises between now and then.

Just a few words for those of you who haven't bought property since the Great Housing Slide of the past couple of years. Basically, be prepared to fork over lots and lots of documentation. This house is the third piece of property I've bought (actually, this is the first one that includes dirt and ground as opposed to a room or two in a condo building). Anyhow, when I bought my first condo in 2001 or so, I think I had to provide a social security number and a pulse and I was approved for a mortgage payment I could never afford. OK, the first part of that sentence isn't true, but the last part absolutely is. (And, no I did not take the mortgage company on its generous offer to bankrupt myself or else I wouldn't be buying something right now.) Essentially the same story in 2005 when I bought the second condo.

This time around? Well, let's just say I've had to justify "unusual" deposits in my account -- that is, a couple of relatively modest amounts that didn't come from my employer. Not only did I have to write a letter, I had to provide back-up documentation when I explained the source. Of course, it has taken the banking industry millions of foreclosures and short sales to realize that giving out mortgages like candy might not actually work in the long run.