I’m a huge fan of doing all we can of helping the environment, and appreciate the insightful commentary shown by the panel.

I think you will too.

Jesus H. Christ on a bike!

The mortgage mess is a mess indeed. We’re still under financial contingencies, since each and every loan has fallen through.

Scott has secured us with a lender three times. Three times. And each and every time they’ve decided to yank the offer before we sign. Like I said, the rules of the mortgage market seem to be changing on an hourly basis, and each lender has decided to change their minds. Scott’s amazed and apalled at the situation, constantly looking in disbelief at our numbers and saying “I don’t get it… you guys are golden. Your credit rocks, you’ve got money down, you’re fully documented, you’re in secure jobs, you can afford the loan with some to spare… this is unreal!”

We filed our second contingency extension with the seller yesterday, and he made it clear this is our last shot – We now have until Monday to get it done, or we lose the house. Out of a pool of two dozen lenders, we’re down to the last two. Scott’s extremely confident one of them will come through.

We’re not so confident.

I’m goin’ for a ride.

Stay tuned.

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Now playing: Queen – One Vision
via FoxyTunes

Well done to Glen Hasgard and Marketa Irglova for snagging the Oscar last night for their phenomenal soundtrack (okay, it was for just one song, but the whole disc is kickarse) from Once. If you haven’t seen it, do so immediately, or risk a stern telling off. And if you don’t own the soundtrack, get thy arse to Amazon, and do so.

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Now playing: Glen Hansard / Marketa Irglova – Falling Slowly
via FoxyTunes

Nothing written in the last seven days, basically because there was bugger all going on! Rain returned to the Bay Area with a vengance, and the weather was basically shite all week. So no footy, no riding. But this week (so far) is looking dry, so should be a few fun days of kicking the ball, and riding around like an eejit.

House thingy is still on the boil, but the credit crunch is making it’s mark. Despite us being “prime” candidates, the rules change daily. Our mortgage was done and dusted with one company, they overnighted the docs to us, and the following morning, just before they arrived, they dubbed Marin County (!!) a declining market, and now want an extra 5% down. Scott’s rockin’ the phones trying to line up a replacement, and should have it done today. We hope….

With that perpetual annoyance ongoing, thank Jebus for our expanding social scene – had nine of us clustered around a table, drinkin’ and answerin’ questions on Thursday night. I never thought pub trivia would be a cornerstone of my social life, but hey… things change. Dave and Laura, Jeret and Anna were in attendance, but new to the mix were our realtor’s daughter Jenny, and her husband Fil – good people, and fun to hang with. Much alcohol was consumed, we once more didn’t win, but we did crack the magic 30 points mark. Hooray for us. Big Papi and Mamasita swung by for dinner on Friday, and much Italian food and wine were knocked back, before a weekend indoors.

And so goeth a week in the life. Christ, we’re boring people. Ooh, I do want to recommend (HIGHLY) the movie In Bruges. Yer man Colin Farrell has completely redeemed himself. Hysterically funny, and smart thriller.

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Now playing: Red Hot Chili Peppers – Californication
via FoxyTunes

Ahh, the joys of a holiday weekend. We were really looking forward to the cabin, some down time and some rest and decompression. Unfortunately, there’s not a lot of peace and quiet to be had with a 6 month old in the house, but the flipside of that… oooh, she’s cute! But no sleep, and plenty of thinking about what we weren’t supposed to think about. But credit to Big Papi and Mamasita, who hauled us out wine tasting yesterday, and introduced us to two new vineyards – Indian Rock and… something else. I forgot. Was good though!

Our tasty lunch was cut short by a phone call from John tho. Seems we had to remove the contingencies on Sunday. This was not only a surprise, since we were told we had until Friday the 25th, but that aside, not only were we currently a 3 hour drive away (on a Sunday afternoon, no less) but John himself was in Vegas at a convention. But after some finagling, we were given an extra 24 hours.

So today we rolled into John’s Mill Valley office to chew the fat. There was nothing in the reports that would make us walk away from the house, but there were tons of little things, to be expected in a 50 year old house, that needed to be fixed. The deck. Various other bits of dry rot. Some plumbing and electrical. And I was in no mood to say, once more, yes sir, whatever you want, Mr. Seller, we’ll eat whatever you decide to shovel us. But in the end, we signed off on the contingencies, but John has “asked nicely” for a small seller credit so we can at least address some of the things that need our attention.

In other news, I was the subject of an article in Sunday’s Chronicle, as I mentioned the other day. Which made me look like something of a dumbarse, but the questions I had were questions a lot of folks not just in the Bay Area, but all over the US are asking right now. And of course, the article answered none of them. Hooray for journalism!

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Now playing: Black$Mith – Bills
via FoxyTunes

Not just once this week, but twice – I’ve actually been back on the bike. Just returned from a few laps of the McInnis levvies, and feeling rather energized, actually. It’s hardly strenuous, but it’s a start, and I figure if I keep it up, I might be able to raise my game and actually ride China Camp with JB in the Spring.

Just as well too, because the biweekly pickup seems to be dying a death. Both games this week had minimal attendance, and yesterday was less exercise and more munchin’ burrito with Jamie and Jeret. Ah well, you do what you gotta do.

And of course, no post on here at the moment can go by without me mentioning mortgages or househunting. This is a bit different tho – yours truly was interviewed by Kathleen Pender from the San Francisco Chronicle about the current mortgage mess. Not that I’m some form of expert on the industry, but there seems to be a a fairly large chunk of folks out there in jumbo limbo like us. We’re all still sitting, waiting, twiddling our thumbs to see what’s going to happen over the next month or so… and all we can do is relax and go with it, because it’s out of our hands.

Off to the cabin this weekend for Big Papi’s birthday. Which reminds me, I gotta run and go grab his pressie!

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Now playing: The Presidents of the United States of America – Peaches
via FoxyTunes

So the past few months, we’ve been stressing the housing market. We’ve pounded the pavement, scoured the streets, and driven our realtor batshit-crazy for the past six months or so in our househunting. But now, we’ve found our place, we’ve found our home, so now we’re done.

Bzzz. Wrong.

Now, instead of facing the turmoil of the housing market, we’re facing the turmoil of the mortgage industry. The Fed’s stimulus plan has thrown a vast question mark over everything, and until that’s lifted, jumbo loans are ridiculously high. Too high, in fact, for us to qualify for a 30-year fixed. Indications were pointing to this being resolved before close, but now there’s talk about the new limits not coming into effect until July. There’s talk of tiered pricing – $417,000 and less one price, above $417,000 to something like $575,000 would be higher, and so on.

Which, if interest rates rise as projected, means that we’ll be looking at much the same rate in July, as we’re looking at now.

Of course, the opposite might happen. To quote Dave Donhoff, an Equity and Leverage Planner (eh?) with No Bull Mortgage, in response to my concerns:

(Once Bush signs) I think competitive pressures will have the funding lenders honoring the guidelines immediately… or at least as soon as they are fully spelled out & comprehensible (which has yet to be the case… else there would be lenders trying to jump the gun & get a head start on the volume.)

Ignore the fearmongering rate forecasts… mortgage rates (especially FRMs) flow with long bonds, which is a market so huge that it is virtually impossible to game it or corner it. The bond market will follow its natural cycles to reflect the aggregate gross emotions of the mobs involved in it.

LASTLY… rates matter… but much less so than your overall structuring, and the actual smooth process of your purchase deal itself. Don’t let the financial planning concerns of rate timing (a bad practice in the best of times) get in the way and interfere with your purchase execution.

All I know is that between now and close, I’m as nervous as a cat in a house full of rocking chairs until we get locked in to something decent.
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Now playing: The Rolling Stones – Sympathy For The Devil
via FoxyTunes

Dude, shit… er…

Hmm. Now that we’ve gone into escrow on a house, and that drama is (temporarily – not counting our chickens before they’re hatched) over, I’m not sure what to write about now.

Um…

Well, this weekend I actually got back on the Turner. Granted it was just a leisurely pedal around the levies with Naz, but it was great to be out in the sun. Reviewed disclosures on the house, had Lindsey and Sean (Shawn? Shaun? Who knows in this country…) over last night for dinner, and this mornin’ watched my boys eke out a 0-0 draw with Chelski. Ooh, and went up to Mounts to collect some tasty Vino. And now I’m stuck in the living room on the laptop (who’s battery is about to die) since the Missus is working on the taxes in my office. So all in all, a boring weekend, with nothing exciting going on.

Which, to be perfectly honest, was bloody nice.

I’ll sleep well tonight.

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Now playing: Kelly Joe Phelps – Cardboard Box of Batteries
via FoxyTunes

Patience is a virtue, but so’s hard work

Yesterday was a tumultuous day in the Ubermick household. Our offer on the house was countered, and much scrambling ensued. Rates changed a lot overnight, and we suddenly weren’t as qualified as we had been 24 hours previous. But after hard work on the part of myself, our realtor, and our mortgage dude, we covered the counter.

And this morning, we not only learned that the House and Senate passed the stimulus bill (which will raise conforming loans from $417,000 to almost $730,000 in the Bay Area, causing whatever mortgage we end up with to be a point lower than it is now), but the seller accepted our counter response. So as of this moment, we have a house.

Woohoo!

The snag is that it’s a 45 day escrow, PLUS an optional further 45 day rental period, should the seller not get the house he’s going for. (The fact that we agreed to this was what won us the place, apparantly.) So while we close on March 25, we theoretically might not be in there until the second week of May. Fingers crossed it doesn’t come to that – will keep ye all posted!

Well, the offer we talked about yesterday is going in today. Full price.

Eek.

Cross your fingers.

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Now playing: The Beautiful Girls – Morning Sun
via FoxyTunes