An Explanation of Sad, Dark Cloud with a Silver Lining
A few weeks back Sunshine tore his rotator cuff at work. We’ve been trying and trying and trying to get an MRI scheduled but NO ONE will call back. But it sounds like surgery is the option.
This officially disqualifies him from the Ohio job. The injury means he wouldn’t be able to complete their academy, and would be left unemployed. We can’t have that.
The weekend following his injury, he went to headquarters to assist with oral boards for new applicants. One of the “higher ups” offered him his dream position, with a catch. We would have to move to Phoenix by January.
So we have began looking at houses, and got prequalified for a mortgage. This is so exciting, WE WILL FINALLY HAVE A HOUSE OF OUR OWN!
This is also a big pill to swallow since we haven’t had rent or a house payment in 2 years, the department provided our house since Sunshine was working remote duty. I will be rejoining the work force. Honestly, I’m looking forward to working again, but I’m sick to my stomach at the thought of leaving my kids. I know it will pass, and get easier, but right now I’m so nervous.
Basically, I’ve been so wrapped up in my saddness over the loss of Ohio and being by our families that I lost my ability to look for the silver lining. Amazingly, my normally pessimistic husband noticed this and found a way to bring the light to me. He showed me how great this will be for our family, and reminded me just because moving east isn’t happening now, doesn’t mean it never will. Have I ever told you how much I love this man?
Yesterdays Mens Pro Skate Qualifiers was another scorcher at the Van Doren Invitational at the Vans US Open in Huntington Beach, CA. Only 10 out of the 32 skaters could advanced to the Semi-finals where they will meet the 10 prequalified skaters in todays finale. Watch live today at 3pm PST at vansusopenofsurfing.com
“Do you remember the time you felt proudest of your daughter?” “Violetta won a karate tournament once. And she wasn’t even supposed to be in the tournament. There were only 16 slots, and most of the girls had prequalified– so Violetta had to fight her way into the wildcard slot. Once she qualified, her chances were very small. There was this one girl from Connecticut who was just destroying everybody. She was really tall, and she’d already won three of the four events. The only event left was sparring, and she cruised through her first matches pretty easily. When she came up against Violetta, she’d already pencilled in a victory in her mind. But Violetta scored a point on her early, and the girl got rattled. Then Violetta scored another point, and her eyes started to get puffy. When Violetta scored a third point, the girl faked an injury, and her dad had to come out of the stands to convince her to get off the mat. When Violetta went up by four points, the girl just had a total meltdown and couldn’t finish the match. Now I’m not saying that we were happy the girl started crying, but we were proud of Violetta.”
Unless homebuying works differently in Chicago or Illinois, they will want you to get prequalified for a loan amount, not the monthly-payment amount. The total amount of the loan will be broken down into monthly payments, but those will be paid to the bank. Then there are the HOA dues, which are separate…I am so glad I am out of my condo and into my home! Still unpacking, though.
It…might. In Illinois, or at least with the bank I’m at, if you’re buying a condo, they roll taxes and HOA into the loan. So here’s the problem with getting preapproved for an amount…that amount has to include all of that stuff, which fluctuates wildly from property to property.
So like. I can offer $180K on a home with $300/mo HOA and $2K/year taxes. I’m approved to offer $180K since that overall will work out to about $1400/month total. But if the home has $500/mo HOA and $4K/year taxes, I can’t offer $180K, because the cost of the monthly home payment plus the taxes and HOA comes out to more than I’m approved for. I can only offer up to $160K on THAT home.
Technically I’m still approved for the same amount overall. I’m just not approved to offer a set amount because of the other fees – so it’s much more informative to give me a monthly amount and have me calculate back from there. (The bank gave me a spreadsheet calculator so I can work out how much I can offer on any given place.)
I’m not ultra-clear on a lot of it, but the bank I’m working with is very reputable and TRP uses them a lot, so I’m trusting them for now and will be reading the fine print carefully later.
Out of curiosity, Sam, my Fellow Adult (tm) - how does real estate buying in the US even work? Because I just acquired a cute piece of architecture in the German backwaters, er, countryside I mean, and was surprised that the progression is; handshake deal -> notarized contract -> paying taxes -> paying the *actual* price -> calling yourself home owner
Man, fuck if I know, there’s like eighteen steps in the process, since the bottom fell out in 2008 it has become SUPER COMPLICATED. I’m being walked through it by a local not for profit (The Resurrection Project, HIGHLY recommend if you’re first-time home buying in Chicago).
So far the process seems to be:
1. Talk to a mortgage guy at the local bank. 2. At his request, take some classes in debt management and homebuying (required for prequalification). 3. Get prequalified for a loan amount (in my case it’s actually not a loan amount, it’s a monthly-payment amount, because condo) (required before any realtor will talk to me) 4. Meet with realtor, look at many homes, find one I want 5. Make earnest-money offer (?) which is accepted (I hope?) 6. Home gets inspected, possibly assessed? 7. LaWYER?? 8. SIGN A THING? WITH BANK? 9. ??? 10. HOME OWNERSHIP.
You can kind of tell where my real life experience leaves off and my “this will happen sometime in the future” knowledge picks up. But I have an advocate at TRP who will be taking me through each step, at least, thank goodness.