It's Time for a Change and a New Home!

I rushed through the closing process, but it is essential to point out the need for documentation and the loan company's amount of back and forth. As was explained to me, the pandemic had made it much harder to get a loan these days. Loan companies were less apt to approve a loan given such rampant unemployment rates caused by the pandemic. Documentation, or lack thereof, made it much harder to get approved. If there are any deficiencies with the paperwork, it will red flag the loan company. It was almost a daily occurrence where our loan officer would look for additional information, documentation, explanations, etc.

The loan company is looking for several things depending on the loan amount: sufficient income, ample savings, employment stability, and decent credit scores. Regarding good income, one need not apply unless they have ample income to pay all of the bills and have a low debt to income ratio. Your income better outweighs the debts you are paying on. A decent amount of savings is looked upon favorably as a safety measure should there be any negative life changes in the future within the household. Savings is a good fallback measure. Many loan companies want to see you in your employment position over two years or more hence the need for employment stability. A decent credit score will also improve the loan approval process.

As mentioned earlier, documentation can trip up the loan approval process. We had one loan discharged five years ago when we went through a basement remodel. While we had an electronic copy of the letter, the loan company wanted a hard copy. My inexperience with dealing with current loan companies told me everything stored electronically was acceptable. This could not have been any more wrong. Reaching out to the original finance company and asking for the letter was not an easy task. They were quick to supply additional electronic copies and less apt to supply a hard copy. A new letter had to be notarized and then sent by way of USPS. To know our approval hinged entirely on one document was unbelievable. Ultimately we were allowed to follow through with the closing, although the loan company would not fully sign off until a hard copy was obtained and delivered to their offices. They would hold onto a $500 check amount until the letter was delivered. Finally, after many attempts and follow-ups, we were able to obtain this ever-elusive document.

Now that closing was complete on both homes; it was now a waiting game. However, we had only 45 days to wait, and this would no doubt go quickly. Unfortunately, we could not have been more wrong. While my family was becoming more and more anxious as the days progressed, we did not want to pressure our tenants and assumed it would take them every bit of 45 days to move out. As I had expected, our new landlords did almost the exact opposite by checking in with us a few times a week. On the day we closed on selling our home, we had already begun receiving their mail. To say the new owners were anxious to take occupancy would be an understatement. They would reach out to us on their mail, and we would arrange for a time for them to come by and pick it up from the mailbox. We planned it during a time when we would not be there. It was generally scheduled for a Sunday night pick-up.

It was roughly 40 days into the time frame our tenants reached out to say they were on their way to Ohio and we could take immediate occupancy. Given this was five days sooner than expected, we were a little caught off guard. However, receiving their phone call brought a certain amount of euphoria within. We would be able to go to the house that night, and I would be able to peruse the house we bought with little more than a 20-minute tour. It was an entirely different situation knowing the place I was walking belonged to us. Technically it had been ours for well over a month. I had already made two house payments. It brought a certain amount of satisfaction when I saw my two kids making fast friends with our next-door neighbors. The transition for them would not be as bad as we had feared.

Suddenly the plans we had made in the days ahead were immediately quashed, and a new moving timeline had taken its place. We had movers at the ready, and using the full 60 days occupancy seemed impossible. We were no longer the patient homeowners. We were getting quotes for various projects, and we were putting the pedal to the medal. The family was ready to begin our new life after putting it on hold for the last month. We would no longer have to live out of boxes; we would no longer have to visit the storage unit for desperately needed items. By this time, it was amazing to see how many items we had bought online or at stores in anticipation of taking ownership of our new home.

We had received their call on a Tuesday night, and then we immediately planned to take work off the rest of the week for the move. The movers had a plan to pick up from the storage unit first and deliver to the new house. They would then travel to the old house and complete the process. By Thursday, all of our belongings were moved in, and we would now only have to organize the chaos. Ensuring there were no surprises, we opted not to communicate with our landlords until Friday, letting them know they could take occupancy the following Monday. We wanted Sunday to spend in the old house, cleaning up and making any last-minute repairs. It was our goal to make it as lovely of a transition for the new owners as possible. How many horror stories had we heard of taking ownership of a new home and finding all kinds of immediate issues. Generally, we thought one should always leave a place in better shape as to how you found it. Such was the case with our situation in taking early occupancy; we wanted to extend the same opportunity to our landlords. All in all, they were able to get in within 50 days.