Big Money

Tomorrow is the day the P&S is scheduled to be delivered. Along with that is due a 5% down payment on the house. I had not heard back from the Credit Union regarding my request to extend my Home Equity. I called them this morning, got a busy signal, and promptly marched over there.

I had enough balance available in the existing loan to make the down payment, so I was pretty sure I could get the check for the signing. Turns out the loan had been approved a while ago and the closing was supposed to happen last week. The attorney firm had apparently neglected to call ANY of their closings last week. The manager at the credit union took over and was great. She had them schedule a closing in my office TODAY. The attorney rep just left and I have a big stack of signed papers.

There is a 3 day period for the loan to take effect. In the interim, the Credit Union manager issued a check on the balance of the old loan (if I failed to close) or an advance on the new loan to cover the 5% down payment. That covers tomorrow's payment. On Friday I will have the equity available to make up the remainder for the 20% down payment which is due at closing on September 15th.

I am now waiting for the P&S to come over the fax. I spoke to the attorney's secretary and she has the form and will be transcribing and faxing it to me. We need to sign it tonight as Joni is working tomorrow. I am a little nervous about the form as I have not seen a draft yet.

And what are Joni and Henry doing today? He is with the grand-folks for a little time while she heads over to the Reading house with our broker, Paul, and plays Hazardous Waste Testing Technician. She has instructions from a testing company on a procedure to soak, extract, and bag a sample of the ceiling tile. She will take it over to the testing lab in Woburn. The turn-around time is 6 days. They indicated it was unlikely that it would contain asbestos or at a level that requires special handling for removal. Even if it does, the removal job is not complex and would not fall into another Big Money item.

While she was there, the owners gave her back the completed list of questions we had sent them as a follow up to the inspection. All the answers were good ones (no oil leaks, fireplace used last winter, outside lamp post works and bulb will be replaced, doorbell chime will be checked and fixed). He also said they understood our concern about the possibility of asbestos and exposure to Henry and that they would pay to have it removed if it was detected!! That is exactly what we have added to the P&S so there should not be a problem with that condition. Whew!

Update 4:34 PM: The P&S arrived on the fax machine a couple hours ago. I faxed a copy to Paul. It seems OK to me. We are supposed to sign it and 4 more just like it tonight. Paul will take the signed copies and the check to the sellers to review. If they are OK with it, they sign and the check gets put into escrow until the closing.