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Closing Time
Nov. 3rd, 2011 08:28 amMid-day yesterday, I got the call from the title/escrow company I'd been expecting: The Lyon County Recorder had recorded the deed of sale on Fernley House, escrow was closed, and we could pick up the folder with all of the papers that afternoon. We headed into Reno and just before Western Title closed, we collected a package of papers that includes the proof that we own the house. Hooray!
( Celebrating with shopping, dining, and gambling )
So now we own the house (subject to paying off the mortgage, of course), and it's a great load off of our minds, as there was always the nagging fear that the owner who scooped it from us in the auction might try to pull a fast one on us. He's made his profit, and I actually think he's better off as he's not only made about $20K in 90 days (before fees and short-term capital gains taxes), but he's not going to have to do all of the repairs that we're obliged to make. And Lisa is very happy with the house, warts and all, and is confident that we can make the repairs over time. It surely will keep her busy! There certainly are things that could be better, and if we could afford it, we'd try to buy the vacant lots on both sides of the house so we'd have more elbow room on this fifty-foot-wide lot (and less long-term concern about someone building right on our doorstep), but it's still good to have the most worrisome part of the deal settled.
( Celebrating with shopping, dining, and gambling )
So now we own the house (subject to paying off the mortgage, of course), and it's a great load off of our minds, as there was always the nagging fear that the owner who scooped it from us in the auction might try to pull a fast one on us. He's made his profit, and I actually think he's better off as he's not only made about $20K in 90 days (before fees and short-term capital gains taxes), but he's not going to have to do all of the repairs that we're obliged to make. And Lisa is very happy with the house, warts and all, and is confident that we can make the repairs over time. It surely will keep her busy! There certainly are things that could be better, and if we could afford it, we'd try to buy the vacant lots on both sides of the house so we'd have more elbow room on this fifty-foot-wide lot (and less long-term concern about someone building right on our doorstep), but it's still good to have the most worrisome part of the deal settled.
