Mortgage Decision Today
June 7th, 2007
Today is the day! Our loan officer at Metro Island Mortgage said yesterday that the loan committee has all of our information and we should have a decision by the end of the day today. Because we have been working on this since September 2006 we really just want an answer so we can either get ready to move to Culebra or else come up with a plan b.
Loan Committee
June 5th, 2007
Greetings, we received this note from the mortgage broker yesterday morning:
“Good morning.
The appraisal has been reviewed “as is”. This means there are no repairs in the subject property that need to be done.
In the other hands, the case will be submitted to the credit committee today. Probably I will have an answer by Thursday. I will let you know.
Thank you,
Sara”
Appraisal
June 3rd, 2007
Wow! Almost one full month since we signed the purchase agreement and after a tremendous amount of frustration waiting to hear back from the mortgage broker…we finally received an email yesterday with the appraisal attached. According to the broker our file will go to the bank loan committee at some point next week and we should have an answer by Thursday or Friday.
Purchase Agreement Signed!!!
May 8th, 2007
At 10:25 this morning Terrie emailed me to say that the seller has signed the purchase and sales agreement. We are finally in a locked contract to purchase the Palmetto Guesthouse on Culebra. Now our work really begins, as we have to schedule the appraisal with the bank and then wait for the mortgage to be approved. Hopefully, this can be done in less than two weeks time. I just found out that I have six weeks of vacation available, so once we close on the property I will give my notice at work and Terrie and I can finally start to pack.
Progress on the Culebra Purchase
May 4th, 2007
After a long week and many phone calls and emails we have a draft purchase and sales agreement that has been emailed to the seller. Along with the sales agreement, we are also working to finalize the commitment letter for the additional financing we will need. Our attorney, Ignacio Gorrin of FGR law firm has been very helpful.
Palmetto Guesthouse Purchase and Sales (part II)
April 30th, 2007
As of today, April 30, 2007 Terrie and I are still waiting on some documentation from our attorney before the purchase & sales agreement can be signed by the seller and ourselves. We are hoping that by the end of the week the agreement will be signed and we can finally move forward with the official bank appraisal.
Waiting on the Culebra purchase & sales
April 24th, 2007
Greetings all, as of this morning we are still waiting to hear back from Sandra Wagner, of Blue Horizon Realty, the Culebra real estate agent regarding some small items and details that we need to get finalized in the purchase and sales agreement. Unfortunately, our purchase cannot move forward until we have this document signed by the seller so we are kind of in a continuous state of limbo. Additionally, we still need to have the appraisal done and the actual approval of the bank loan but none of this can (or will) happen until we finalize the sales agreement.
Culebra Property Inspection
April 20th, 2007
Well, we went up and conducted the property inspection this past Wednesday on the Palmetto Guesthouse. Lucky for us, our attorney has a very good friend who is an engineer and he was able to come across to Culebra for the assessment and he brought an electrician. Other than a few minor issues, which will be sorted in the purchase agreement, the place really just needs some paint and cosmetic updates to make it a pleasant place for travelers to stay.