by KaraLee Foat
on Tuesday, November 14th, 2017 at 12:06pm.
Arthur called me out of the blue on a Tuesday. He got my name from Mike at Worry Free Mortgage. He had a mortgage pre-approval and was ready to buy a condo. Extremely ready. If you could buy a condo at Walmart, he would have picked one up that day.
But it's not that easy to buy a home quickly.
We arranged three showings on Thursday morning. The first one was perfect. We canceled the other showings and wrote an offer. Arthur planned to take possession and move in two weeks.
Then things got tricky.
Every real estate purchase requires a deposit. But Arthur planned to use RSPs for his downpayment. Converting your RSPs into liquid cash for a down payment takes time. Sometimes weeks. Arthur rushed to the bank.
We were able to negotiate a low deposit because we were taking possession of the condo quickly. On payday, Arthur got a bank draft and all was good.
Now, all we needed was to secure Arthur a mortgage.
Again, the RSPs were a hiccup. There are some restrictions to pulling money from RSPs to make a down payment. Arthur didn't know this. He never thought to ask. That's fair, I wouldn't have either.
More hiccups came when he needed statements of his income from his employer. Arthur's a hard-working dude. He works lots of overtime and is smart with money. But banks don't get to know you. They look at you on paper. His base salary was way less than he actually makes. Which meant more paperwork was needed. And more time.
Mike is a rock star and made it work. Arthur got his mortgage commitment on Friday and started planning to move in on possession day, 6 days later. He just needed a lawyer...
Lawyers seem to work late, but not quickly.
The quotes he got from lawyers were much more than the amount either of us were expecting because of the quick possession date. After a bunch of calls, Arthur found a solid lawyer at a reasonable price. The lawyer contacted me right away. Met Arthur and the lawyer later that day to sign the mountain of paperwork.
Everything went smoothly from there.
On Wednesday I met Arthur at the condo for the final walkthrough. He was smiling from ear to ear. The condo gods must have been pleased with us that day. By a stroke of luck, we ran into the seller getting the last of his mail while we were there and he handed us his last keys.
On Thursday I handed Arthur the keys to his first condo. On Friday he moved in. On Saturday he relaxed on the balcony with a beer.