So, I knocked everything off of that first list after a ton of digging and faxing and copying and etc. While I was finishing up everything, I was sent a second list. Hooray.
Listing agreement proving that my investment property is for sale
Current investment property mortgage statement showing that my taxes and insurance are escrowed
Provide a statement and proof of withdrawal from Fidelity Investments (the 401(k) that I cleaned out)
Another copy of any paystubs I might get before closing
I finally got them everything that they “need” this morning. Now it’s just up to the terrible underwriters. If they approve everything, we sign our names seventeen hundred times in a lawyer’s office.
In related news, I got some insurance for the house. That’s really important, because sometimes, houses are set on fire on purpose. How I got that insurance was kind of fun. Here’s the story:
A week or so ago, I decided to give Geico a call to get a quote. Since we have two car insurance policies with them, they would likely have the best price. At the end of a long call, I got a sweet quote to use Travelers Insurance (crap) at just over $1000 per year to cover the structure.
That was the benchmark.
Shortly thereafter, I talked to Jonny Lee Rodgers and asked him I he knew any insurance brokers. Of course he did; he’s a Realtor and a go-getter. A few hours later, I received a call from Insurance Shawn Nunley, gave him the relevant details and he went to work.
*Aside* – How on earth do the letters S-E-A-N spell Shawn? I hate that essword. *Aside over*
The next day, he let me know that he couldn’t come close to beating the quote from Geico (Travelers) and was questioning whether or not it would actually be underwritten. The reason that he was leery was because of the claim on the last house (from the fire). Usually, large claims like that lead to higher prices. I let him know that I would likely go with Geico (obviously) and would let him know if anything went wrong.
I called the folks at Geico and said that I’d like to get the policy written up at the quoted price from a few days before. They pulled up the old quote and let me know that they’d approve it in a few minutes, then send out the policy documents and we’d be “good to go”. I thanked them and waited on hold for a minute or two.
Or three.
Or five.
Eventually, the agent came back onto the line and let me know that the underwriters were still reviewing things. After another three or four minutes on hold, she came back again just to say that they were still reviewing it. I asked what the problem was and she let me know that they were going over the previous claim and wondering whether or not it was arson. I reassured her that it was in fact arson, one house of many that were set fire to that night, and offered to send the link to the news story about it. After I gave her the link, she put me back on hold.
Geico has bad hold music.
Finally, she came back onto the line and informed me that they were rejecting the policy. I was bummed. Apparently, the underwriters weren’t satisfied with the fact that I didn’t purposefully set fire to that house. I really hate underwriters very much.
I then asked for a new quote, which she got me, from another underwriter that Geico works with. Almost $1600 bucks per year.
Crap.
I thanked her and let her know that I’d call back if I was interested.
Immediately thereafter, I emailed Insurance Shawn asking for some quotes. He asked me for some car information (to get better rates with multiple policies) and said he’d get back to me on Monday.
Monday rolled around and I got some numbers from Shawn. The best quote he gave me was $25 more than the quote from Geico (including car policies). Switching insurance for the cars would have been a hassle, plus it was more expensive, thus, I thanked him for his work on my behalf and said I was going to stick with Geico.
Yesterday, I called Geico once again to get that expensive stupid policy. I assumed that they would have had the most recent quote in their system and offer that one immediately. I would reluctantly agree and that would be that, Instead, my hopes rose when the agent pulled up the first quote; the super great thousand dollar one. She said she would put me on hold for a minute to get things approved, then actually came back onto the phone a minute later with an approved policy.
Awesome.
I asked her if it was actually approved by the underwriters and the policy was “good to go” and surprisingly, she said that yes, it was. I was really pumped, but acted like a normal human on the phone. I got all of the information I needed and had the agent send the insurance info to the mortgage folks and wablam, I cheated Travelers.
I can’t wait to regret this when something happens to the house and I have to deal with Travelers for seven straight months for no reason.
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