After hearing about roofstock on a Listen Money Matters podcast. I was very interested in rental real estate investing. Below is my own case study and times.
- Submitted an offer of $83,000 on an $85,000 house.
- Contacted by Zach At roofstock to go over the process
- PSA was sent over
- PSA was completed
-Earnest money was sent to meridian title company $1500
-$20 wire fee
-I have recieved the current lease, lease extension from 2016 - 2018
- Zach looked at insurance options and sent them over
- I selected the insurance with realprotect with a $5000 deductable.
- Title company confirms with me that they received by earnest money deposit
- Zach contacts me back saying their have been no updates and we are waiting on the lender
- I called the lender, they are waiting on the title company
- Title company contacts me asking if I want a Permits & Cases search done for an extra $100. I decline. If I didn’t respond they would have run it.
- Lender contacts me to fill out a bunch of paperwork in their TRU Mortgage - eDisclosure Request.
- Borrower’s Certification & Authorization
- Authorization to Release Information
- Acknowledgement of Intent to Proceed
- Disclosures - 4506T
- 1003 - URLA
- Notice of Right to Receive Copy of Written Appraisal/Valuation
- Loan Estimate
- Hazard Insurance Authorization, Requirements and Disclosure
- Notice of Furnishing Negative Information
- Mortgage Fraud is Investigated by the FBI
- Fair Credit Reporting Act
- Equal Credit Opportunity Act Notice
- USA Patriot Act Information Disclosure
- 2015 Settlement Service Provider List
- Acknowledgement of Receipt of Loan Estimate
- IN Notice to Borrower/Prospective Borrower
- IN Right to Choose Insurance Provider
- RESPA Homeownership Counseling - List
- Most can be esigned, but a few had to be printed out, scanned and uploaded.
- Got an email requesting for a lender payment of $650 and payed it via credit card.
- Got a call from meridian title company confirming what address my wire transfer was for.
- Received an updated PSA extending the Appraisal contingency to 9/27/17 and the close on escrow to 10/06/17.
- Appraisal has been scheduled for 9/18/17
Home loan has officially been approved.
- Needed to completed an inquiry letter with recent credit pulls
- Needed to show proof earnest money came out of my account with the before and after balance.
- Received the insurance verification files in my inbox. Saved them to my cloud storage.