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hrjToday, after much getting my act together and making sure all necessary data was available, I took the first concrete step towards taking on a mortgage. Family members know the whole backstory, but for the rest of you ...
A little over 20 years ago, my parents and I entered into a partnership to buy and manage the property where I've been living ever since. Big house, three units, rental income and -- at least at first -- a nice on-paper loss for tax purposes. I'd always talked vaguely about starting to buy them out at some point, but then came grad school and lack of money. So last winter we started talking more seriously about some of the legal logistics and determined that, rather than me gradually sending them money and constantly re-adjusting what percentage of the partnership I held, it was far more neat and tidy to do the transaction all at once. And then, in the Spring, when my Mom had her cancer scare, she decided that the time to do it was NOW so that if Something Happened the house partnership wouldn't be yet one more mess to have to straighten out. (Essential background information is that my Mom has done the taxes and accounts since time immemorial.) So I was briefly in high gear about looking into what needed to be done, but when the immediate health scare passed, that pressure was off a bit. I'd said, "Oh, we'll get it done before the end of the year," thinking I was being funny in giving it that much time. Well, folks, the end of the year approaches, and it's still a nice deadline.
So today I contacted the financial services firm that my employer gives us access to, filled in the initial on-line form, and got a call from a representative about 15 minutes later. We got interrupted in the middle of collecting more details when my cell phone battery gave out, and then played phone tag the rest of the afternoon (in the middle of trying to close out an investigation that had suddenly turned more complicated than it needed to be). So we'll be finishing up on that end of it on Monday. So far, the rep doesn't seem too badly fazed by things like "and we'll set the price for the house after you tell me how much you're willing to lend me under the most ideal conditions."
Horrible dream last night about bad things happening to my cat, all connected with the wound she had back a month ago. Fortunately it was one of those dreams where the inherent logical problems made me realize it was all a dream and I could just let it go.
The weather remains coldish, but it looks like it may not rain for the jaunt to SF tomorrow.
A little over 20 years ago, my parents and I entered into a partnership to buy and manage the property where I've been living ever since. Big house, three units, rental income and -- at least at first -- a nice on-paper loss for tax purposes. I'd always talked vaguely about starting to buy them out at some point, but then came grad school and lack of money. So last winter we started talking more seriously about some of the legal logistics and determined that, rather than me gradually sending them money and constantly re-adjusting what percentage of the partnership I held, it was far more neat and tidy to do the transaction all at once. And then, in the Spring, when my Mom had her cancer scare, she decided that the time to do it was NOW so that if Something Happened the house partnership wouldn't be yet one more mess to have to straighten out. (Essential background information is that my Mom has done the taxes and accounts since time immemorial.) So I was briefly in high gear about looking into what needed to be done, but when the immediate health scare passed, that pressure was off a bit. I'd said, "Oh, we'll get it done before the end of the year," thinking I was being funny in giving it that much time. Well, folks, the end of the year approaches, and it's still a nice deadline.
So today I contacted the financial services firm that my employer gives us access to, filled in the initial on-line form, and got a call from a representative about 15 minutes later. We got interrupted in the middle of collecting more details when my cell phone battery gave out, and then played phone tag the rest of the afternoon (in the middle of trying to close out an investigation that had suddenly turned more complicated than it needed to be). So we'll be finishing up on that end of it on Monday. So far, the rep doesn't seem too badly fazed by things like "and we'll set the price for the house after you tell me how much you're willing to lend me under the most ideal conditions."
Horrible dream last night about bad things happening to my cat, all connected with the wound she had back a month ago. Fortunately it was one of those dreams where the inherent logical problems made me realize it was all a dream and I could just let it go.
The weather remains coldish, but it looks like it may not rain for the jaunt to SF tomorrow.
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Date: 2005-12-03 08:09 am (UTC)