stevenpiziks: (Default)
stevenpiziks ([personal profile] stevenpiziks) wrote2017-04-26 08:46 am
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Ypsilanti Condo

Darwin is City Manager of Ypsilanti, but we don't live there.  For city managers, this is problematic.  Whenever a city manager makes a decision that affects residents (including tax policy), the residents like to say, "You don't really care--you don't live here and this doesn't affect you."

However, we aren't portable right now.  Maksim is in high school, and we don't want to uproot him.  Also, much as I love Ypsilanti, I'm living in a place where I have a short commute after 15 years of a 45 minute commute.  I'm not willing to move back right now.

Hence The Condo.

A while ago, I called our old realtor, the one who brokered our houses in Ypsilanti before, and the search began.  We were basically looking for a condominium to be a rental property, with the rent going to pay the mortgage.  That way, Darwin would be a homeowner in Ypsilanti and could rightfully say, "I own a home here, and these policies affect me, too."

Since I know Ypsilanti, though, most of the searching fell to me.  I wanted something close to Eastern Michigan University for the simple reason that it would be easy to rent out and the resale would be higher later.  But there aren't many, and when one does show up, it goes fast!

And then we learned about one.  It's right across the street from the University.  I wasn't able to get out to see it, but Darwin was, and it was exactly what we were looking for.  Except it's occupied by tenants--the people selling it are the landlords.  Apparently the tenants had no idea the landlords were selling it, and they were moire than a little shocked when the realtor called to arrange a showing.  (Their lease ends this fall.)  The landlord did give them the option to buy first, but they didn't want to.

Anyway, we put an offer in.  After the usual wrangling, it was accepted. 

And then there was the mortgage application.  After a 20% down payment (required by the type of mortgage you can get on a rental property), the amount we'd be borrowing for the mortgage fell below what Quicken wanted to loan us.  In other words, we wouldn't be borrowing enough money and paying enough interest.  Quicken compensated by offering us the scandalously high rate of 6% over 30 years.  Darwin was shocked.  Not only was 6% way, way higher than what our credit rating should have given us--or any other human being in America--they were requiring 30 years, and we wanted 15.  Darwin went back and forth with the loan officer for about half an hour on this, and finally snarled that we'd find someone else.  He snapped the connection shut and ended the relationship.

The next day, he talked Marj, our realtor, who said, "Oh my!  You need to talk to =these= people."  And Darwin did, and they trotted us right through a proper mortgage.  Sheesh.

So we're looking to close soon, and we'll be property owners in Ypsilanti again!