So, we've done the deed. We are now homeowners again. Closing took about an hour and was fairly straightforward. We did have one surprise, however. Shortly after we move in, we are expected to pay around $4,500 in school tax to cover the period between now and the summer. We were not told about this, so we will have to wait a few months before we'll be able to afford a new bed, washing machine and dryer.
Stopping by the house afterward, we were delighted to see everything all ship shape. We found a surprise gift from our sales and project managers, but I'm not going to spoil the surprise for anyone else who might get it too.
Update
In fairness to NVR Mortgage, we were told about the interim tax payment back in October when we received a Good Faith Estimate; however, it was not something that was brought to our attention in any verbal discussions we had. The moral of this story is to always read all the little bits of paper you get from your mortgage company or broker, and make sure you understand everything. Make sure you understand what is included in closing costs, what is rolled into the mortgage payments, and what costs (if any) are not covered in either of these.
Congrats on the new house! Enjoy.
ReplyDeleteCongratulations! That surprise bill really stinks...You'd think that would be something you would have been told about beforehand. Regardless, I hope you enjoy your new home! Share some pics when you have a chance :)
ReplyDeleteCongrats!! We found out after signing our contract that we would owe an entire years worth of property taxes at closing in addition to the estimated closing costs. I was so angry! So i can relate to how you felt when you heard your news. We'll have to wait on a few purchases now as well due to the increase in cash outlay. It will all come together with time :) Congrats again and enjoy your new home!
ReplyDeletecongrats! What was the surprise? sounds like something just your PM/sales rep does as I got nothing but a key.
ReplyDeleteCongratulations, your patience has finally been rewarded, that really stinks, $4,500 is a large sum of cash to not have been warned about. We had a nice little surprise when we showed up at our new home as well, nothing fancy, but thoughtful, just the same.
ReplyDeleteCongrats!
ReplyDeleteCongrats!! What a shitty surprise - 4,500 bucks is a lot of money to have to pony up at the last minute. PA school taxes are out of control! $4,500 is more than an entire year of school and property taxes for us, and our taxes doubled from the old place! It will all be worth it.
ReplyDeleteSo, did NVR have any other last minute surprises for you?
Congrats! We are in the beginning of our venture. I do not know what surprises we will get in future.
ReplyDeleteEnjoy your new house..