2/23/2007
I had been warned that closing on a house wasn't necessarily the most pleasant experience in the world. But I have to admit that I wasn't fully prepared for the drama ultimately involved in the event. I'd gotten a guide for first time home buyers that was a couple steps up from the Idiot's guide to home buying. It was written by a real estate attorney who had flipped several homes through her career. The advice and background info about the process and everything involved was mostly review, but there were several good things that I took away. If I were more motivated I'd go look up the author and title and link to the book here but that book, along with hundreds of others, is in a box somewhere within the piles and piles of boxes still all over the house and I have no desire to go unearth it just to make your life easier. If it really really ruins your day not to know what the book was, or if you are searching for a home and feel the desperate need to read the same book I did, e-mail me and I'll consider putting forth some effort.
If there is an image most unlike the process of closing this is probably close to it.
Beauty, serenity, symmetry, color, nature, and balance. None of this has anything to do with the closing process. It is an agonizing soul draining experience full of paperwork, bureaucracy, delay, and stress. Perhaps the one best piece of advice that I had gleaned from my first time home buyers book was to take the full day of work off for closing. That and to have some reward for yourself for the completion of closing because there was bound to be anywhere from moderate to profound buyers remorse shortly after doing the deed. I did in fact take the full day off work. My closing was set for 3pm on a Friday afternoon and I spent most of the day getting last minute things faxed over to the mortgage broker's office and by about noon had gotten word that everything was good and that the mortgage was secured and that we were good for closing.
I have to say that the best thing about the whole process of getting a home was the team of people that I had helping me. It's not that I'm all that important or wealthy and have teams of minions flitting about to do my bidding (much as I may desire it) but as a buyer and particularly a first time home buyer it is ridiculously easy and on the surface very much free (nothing is truly free, you do pay for it somewhere but just not out of pocket) to get help. I've already mentioned super Agent Wayne and through him I was led to a great mortgage broker, home inspector, and title agent.
If I were to write an idiot's guide to home buying, and believe me anything I wrote would certainly be by an idiot home buyer even it weren't written for an idiot home buyer, I think my #1 tip for the process is to admit defeat right up front and know that unless you are already in the industry there is no way for you to reasonably raise your knowledge level much above idiot status in all the various aspects of home buying. There are just too many variables for one person that doesn't make it their life's work to master. Having Agent Wayne on the job and having him bring a network of trusted professionals that he'd worked with in the past made my job as a home buyer so much easier. And truly that is the Agent's job. To know more than you do about the market, take the time to get to know you enough as a person to find YOUR home, and draw upon their experience and contacts to make the process as straightforward as possible. This sounds fairly straightforward but it is a phenomenally difficult job.
Based on the horror stories I've heard from other people's real-estate agent experiences I think most of the time the problem is with the home buyer. So my #2 tip is not to be an idiot. Of course if the book is titled "Idiot's guide..." this may alienate a lot of my readers but fuck'em they already bought the book, I got my dollar. ;-)
In my mind, and eventually in chapter 4 if this ever becomes a book, the absolute most critical aspect is to find an agent that you can communicate clearly with. This ties directly in to tip #2 above. If you can't clearly explain what it is you want, need, desire, and despise about a home then all hope is lost. What I mean is that the agent must be able understand what you mean when you speak, not just hear the words that come from your mouth. This goes both ways. You must be cogent enough to explain yourself and your agent must be enough in tune with you to comprehend what you are asking for.
There are some people who I suspect are just incompatible with any real estate agent because the real problem is that they themselves are lousy or confused communicators and can't even get their wishes clearly defined enough for the agent to work with. That and the delusional folks who can't get past reality. "Well I want 5 wooded acres and a 2,500 sq/ft home in a gated community within a 15 minute commute to work and there needs to be shopping within walking distance and my budget is $37. Oh, and a pony! If it had a pony that'd be great!"
But I digress. Really we should be sticking to the tale of my closing. After all this whole thing is all about me and what I want to say. ;-)
So on that fateful cold February Friday I made my way to RGS Fountainhead title in timonium prepared to spend the next few hours signing away my life. Their offices are very cozy and comfortable and considering the stress level what goes on in their office are some of the nicest and most relaxed people to work with. I met the seller for the first time and after a few minutes we all proceeded into a conference room to begin the process. The title agent must have made arrangements to borrow Agent Wayne's mule team because she had a pile of paper on the desk that could choke a medium sized termite colony.
About ten minutes into the process someone came into the room and asked to see the title agent outside. My stomach made a slight lurch at this point as I knew whatever it was couldn't be good. They never come pull a title agent out of a closing to let them know that they just discovered that the buyer had won the lottery and wouldn't need this whole mortgage thing afterall. Only bad news is delivered privately and in hushed tones. We continued reading and signing things and she returned a few minutes later and now asked me to step out of the room with her. Ok so this is even worse my stomach now completed the double gainer back summersault that it had been contemplating with the first interruption.
. It is one thing for the title agent to be pulled out, it is another entirely for me to be called away. When it was just the title agent I was able to restrain my stomach with thoughts of other scenarios besides a disaster with my closing process. It could very well have been that her daughter had fallen on the playground and she had been called out to make arrangements to pick her up or something else that affected someone other than me. But now it had been confirmed that there was something not at all good happening and it was about to happen to me.
What I found out was that the state had just called to say that "Ummm, oh by the way that mortgage loan that we approved and sent over to you for Mr. Moore, yeahhh, well uhh just kidding." Well that's maybe not exactly what they said but that was the gist. Basically the person at the state who had signed off on the loan and authorized the disbursement was not authorized to do so. Now of course we had already started the signing process and the title agent had a check in her hands ready to hand the seller. And as of that morning I'd been told all was well. It was now about 3:30p on a Friday afternoon. Anyone who has ever had to deal with a state bureacracy knows that there really isn't a worse time of the day or week to try to get anything to happen at the sate.
My heart sank. I just knew that the one competent person at the state office office of loan approvals or whatever who's been there for 40 years and would be able to quickly resolve this problem and without whom the entire process just grinds to a halt had to be long gone and well on her way to the shore for the weekend. My mortgage broker's office jumped into action and began working things from their end. They needed some further documentation from my business partnership and after a couple of calls to the one woman in our office who can get this kind of thing done (who was in fact in the car on the way to the shore for the weekend) and some strings pulled by my broker to get someone at the state to stay late and take care of this etc we finally got word at 5:45pm that the state had moved things through and that it was ok to disburse the check. Whew.
At this point, after spending nearly 3 hours on the precipice of disaster the "joy" of now owning a home was largely absent. It is hard to describe the feeling but it can basically be summed up as "Great I've just cashed in my life's savings, sold my soul, and mortgaged my very existence for the next 30 years all for a small brass key on an "Everything's bigger in Texas" keychain. Woot." No victory or achievement in my life has ever felt as empty or worthless as I felt after going through all this to get a house.
The reward I had gotten for myself was a really nice bottle of champage to celebrate this first night of home ownership. I still have that unopened bottle of champagne chilling in the fridge today. After the closing process I don't think I even bothered to go down to the new house. I'm pretty sure I just went home and sat on the couch and watched TV. Pretty much shell shocked from the whole ordeal.