In an absolutely fabulous twist, my mortgage company called and said the loan went though and only took THREE DAYS TO CLEAR once it reached the rural development end! This was a big worry because many others online indicated it took them three weeks and beyond.
This was both a good and a bad thing. The process took longer than anticipated overall so I had to apply for a 2nd rate lock. After this Friday, had I not been able to close, my rates would have risen from 3.75% to 4.25%. Adding to that, the sellers are leaving the country after this Friday and wouldn't have the opportunity to sign again until July 3rd! This means it's now a mad scramble to get all of my ducks in a row so I'm prepared for Friday.
Well over a month ago I called Meemic for an insurance quote. I described the house, they checked out photos, and cleared me for house insurance and gave an estimate that was fairly reasonable. (For those who don't know, Meemic is an insurance provider for Michigan educators.) From this point forward, I was counting on them. The rep I had been speaking with even checked in with me halfway through the process to make sure I was still interested. Now that I was in an emergency situation where I needed to have house insurance in place prior to moving in, of course that's when more bumps in the proverbial road reveal themselves. (Warning: this is about to turn itself into a Meemic rant.)
I called my representative and ensured we were all set. She replied, "Yes, you're good! We just need someone to take a quick scope of the property prior to issuing the insurance." That was fine, though in retrospect in thinking on how they chose their order of tasks added with people I needed to call later, I'm COMPLETELY baffled as to why they wouldn't have done this in the FIRST place when I was trying to get a quote rather than waiting until the absolute last minute. The house wasn't homestead and was unoccupied.
She called me back 10 minutes later.
"Hi this is ________________, from Meemic, we spoke about your insurance on the house...?"
"Hi. Well, when we went our person out there to check the house, it seems as though there are some issues with the house. First, there is peeling paint on the garage/barn. And one of the windows in the back of it has been boarded up. The roof is also an issue, so it seems we won't be able to insure the house."
It took the wind right out of me for several reasons. The biggest reason was that many of her "reasons" were blatant falsities. The roofs are both new. The "peeling paint" doesn't exist. How do I know this? I had an appraisal done and he wrote up peeling paint. It had to be fixed and I had to have a second appraisal ordered to make sure it was fixed. And I certainly didn't realized one boarded window on a detached barn suddenly scared insurance companies into backing out of verbal agreements.
We argued back and forth for a few minutes. I told her he must've been mistaken and gave her the same reasons I gave you here. She then began trying to chew me out, telling me I obviously, "...didn't pursue it or give her enough time". Tip: chewing me out is NOT a good idea when I have been meticulous, have done my due diligence, AND have checked in. I used some very choice words to let her know I didn't appreciate her attitude, nor her laissez faire approach towards something that was incredibly important to me. Here I am: given three days from the mortgage company to make moves, and the biggest sack of crap dumps itself in my lap. So educators? Don't waste your time with Meemic. And it IS a waste. After I told my mortgage broker what she said his reply was, "They just plain ol' didn't want to insure you."
I called several insurance companies after that but many expressed that it was just too late in the process and wouldn't be able to help me by Friday. FINALLY I was able to reach a place with a very polite and efficient woman who was able to get insurance on our house on the SPOT.
Now we're set to move forward! Our close date is Friday (tomorrow) at 2:30. I'M READY!
This is a space separate of my house blog. Here is where you'll find a little bit of everything. I'll try to avoid vapid posts - but no promises.