First Time Home Buyers: Insurance

We had some basic real estate knowledge; location, location, location!  Armed with that, this simple ranch was prime. It was worst house in the nicest neighborhood. The house had holes in the floor, holes in the roof, a big space heater in place of real central heating system. A diamond in the rough. The price was within our price range. I said to my girl "let's make an offer". There's a beach, water views...perfect.  She agreed.

We contracted with a real estate agent and made the offer.
The owner of the home lived in Florida so we had to wait for everything.  Our first offer was rejected, but countered with a high figure...we countered again, and the price was set. I remember the day we got that call. My dad says "It looks like you're going to be a home owner!"  I said "YA HOO!" I was pumped!!
Now for the financing: The lender that provided us the "commitment letter" already had our taxes, pay stubs, all our financial info. There was no delay in getting a closing date from them.  Being first time home buyers however, we were "green" to say the least.

Our realtor gave us some good advice. When we made our original offer, he suggested that we offer more then the asking price but ask for a credit at closing to fix some of the issues. The asking price was $125,000. We offered $130,000 with a $9,000 credit coming back at closing. This would be a net $121,000 cost to us. This suggestion was OK with all parties and the date was set.
Things were moving along when I received a phone call from the lender 4 days prior to the closing. We have re-evaluated your closing documents. The lender has determined that your car loan (which I've had all along), needs to be paid down by at least 10 payments in order to close your loan on friday! I was floored. "Are you @%*# kidding me?", I said to the mortgage officer. Nothing has changed since we first applied for this loan, and now 4 days before the closing I need to come up with another $3500 to pay down my car loan? Yes, that's right Mr. Doherty...

We were tapped out on everything. I cashed in my IRA's. We took every bit of money from the savings just to get here.  Now what?
The writing was on the wall.  What we did was BEG!  That's right, mom, dad, the inlaws, $1000 here, $500 there. We made it with no time to spare. I was angry as a badger with that mortgage person. That added more stress to our lives than we needed. That's understating it!  The closing went smooth. No more hurdles.
Because we are considered "coastal" our home insurance options were (at that time) limited. Mass Property (the Fair Plan) was the only option.
Now 10 years later there are numerous options for the coastal Massachusetts Home Owner. www.jmdins.com
 
We offer at least 5 different carriers that will insure you within a mile of the coast. Many more than that if you are over a mile from the coast.
We know the stress of home buying. Let us help you minimize the pressure and enjoy it.

The right coverage, deductibles, and price...at J.M. Doherty Insurance Inc. "Steering you in the right direction".
Call or click today.
Thank you!