Dry Close

So I'm pretty well versed in real estate verbiage and the like, and yet I had never heard of a dry close before Friday. But it's what we did.

Basically the title company is not that great - both my real estate agent and my loan officer agreed on this, but still thought we should use them since in the purchase agreement it said if we used them they would pay for the home owners policy. Of course then the fees come back from the title company and the home owners policy is listed as one of my fees. Boo to them. Luckily my loan officer is on top of stuff and had them change it and a few other fees - if we hadn't noticed or called them on it, it would have cost me an extra $700.

So the title company sucks, and hasn't gotten a HUD put together, which is the main thing that both the seller and the buyer sign, showing that a sale is being completed. They finally get it put together and have everything listed correctly on Friday, but of course now the seller needs to sign it before the lender will wire over the funds. Makes sense to me. But the seller didn't get it signed before my closing on Friday...so no funds.

But we can still do a dry closing - basically I go to the title company and sign all the paperwork that needs to be signed, but everything isn't official until the seller signs the HUD, the lender receives that paperwork and the funds are released. This should happen on Monday. If it doesn't I freak out, though really I think it just means I have to go and resign everything, which would suck, but still ultimately be okay. I think. So let's just hope that the seller signs the one freaking thing they have to sign on Monday and we can just be done with it. Especially since I already started work on the house.

That's right, I decided that I couldn't risk losing the weekend to do the work that needs to be done before we move into the house next weekend. So with my loan officer and realtor both saying that I should do it, we have been in the house all weekend, ripping down the paneling, discovering what's underneath (all sorts of surprises) and getting the lay of the land.

Today we're going to hang drywall where it needs to be hung, and prep the walls for painting (patchwork and taking down wallpaper). We also need to figure out the subfloor situation in the extension of the house. Oh, and change the locks. I figure if everything falls apart, I'll squat on the property. *grin*