Roofstock Case Study

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.

08/28/17

  • 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

8/29/17

  • 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

8/30/17

  • I selected the insurance with realprotect with a $5000 deductable.

8/31/17

  • 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.

9/1/2017

  • 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
  • SSA-89_Borrower
  • SSA-89_Co-Borrower
  • 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.

9/5/17

  • Got an email requesting for a lender payment of $650 and payed it via credit card.

9/09/17

  • Got a call from meridian title company confirming what address my wire transfer was for.

9/11/17

  • 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.

    9/13/17

    • Received the insurance verification files in my inbox. Saved them to my cloud storage.