The Lutheran Geek

The life and times of a WoW-playing, Java-programming dude in Chicago

Tuesday, June 10, 2008

Brutha, can you spare a quarter mill?

Oy, I’ve been a total slackass about blogging lately. Lots of stuff going on. Orbitz is history, and I’ve been working as a contractor for a printing middleman company called InnerWorkings. The headquarters are in the old Montgomery Ward warehouse on Chicago Ave. right on the Chicago River. This building is almost 100 years old, but you’d never know it – it’s been completely gutted and refurbished to make a brand-spanking-new office complex.

It’s also not too far from… my new condo! Well, not “mine” yet, but my offer was accepted last week, so I’ve now started down the path of having to hoard a ridiculous amount of money for the down payment, closing fees, inspections, and God-knows-whatever-else between now and the actual closing day, which is tentatively July 21. In the interim, I’m learning a ton about mortgages, short sales, and all sorts of the weird arcanery surrounding buying a home (or condo).

I’ll be honest – I’ve never been very good with money. Not that I’ve ever been in much trouble financially – I’ve done pretty well by the fact that I’m a techie guy and my skills are fairly well sought-after. So I’ve come into this whole process with a good deal of naivete. Fortunately, I’ve been working with people (my Realtor and loan agent in particular) who have been very knowledgable at telling me what I need to do, how to raise the money, and so forth. The one big thing I’ve had to do that was sort of against my will was liquidate a bunch of my Roth IRA holdings. Never a good thing to part with your retirement account, but I figured this was for a good cause since I was able to get such a good deal on this condo. Basically, it’s what is called a “short sale”, meaning the current owners are about to be foreclosed, and the bank wants to sell the property ASAP to get some sort of value on the soon-to-be-defunct mortgage. This means they’re less flexible in the terms, however, so I had to basically put in a single offer and hope it would be accepted – thankfully, it was. Now I have to spend the next 5-6 weeks scraping together every last dime to be able to show the banks that, yes, I can afford to do this and I am not totally bankrupt.

It’s all very crazy, and I’ve spent a couple recent nights lying awake in various states of panic as to how I was going to be able to pull all this together. Thankfully, it’s coming together nicely, it seems, so I’ll be able to sleep tonight, at least. 🙂 More details (and pictures) as they come in…

posted by Peter at 12:29 pm  

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