Well... the next couple of days in the house purchase are going to be critical...
Update: 3 bedroom, single story house with very nice barn, stream, 16 acres, etc. Structurally sound, needs to be redecorated (carpets, etc.) badly.
Got the mortgage commitment letter... things are going good... but in the details in the mortgage contingency, they say "utilities need to be turned on." Well, the previous people (foreclosure, eviction) took an exterior wood stove for the hot water baseboard with them... pipes weren't reconnected to the oil-fueled boiler in the basement... They also ripped out the water filter or softener (whatever was there) and left those pipes disconnected as well.
No problem, I'll fix it. "Oh no you won't. It has to be done by a contractor." Okay, I'll hire xxx construction company - my bro-in-law is the head of their heating department. "oh no you won't. It has to be done by OUR contractor, because of liability issues." Cost for their contractor: $9600... wtf?! I have estimates for a brand new heating system for less than half of that!
So, had to scratch loan #1... can't meet their contingencies... Tomorrow, we should know if we have a new lender, and work our way around the "utility" issue. (seriously, I'm not afraid of the condition of either the heating system or the water... issues I can resolve on a Saturday.)
Then, like house #1 that we lost out on, we have to resolve this looming Feb 14 deadline. And, like house #1, the property sat for half a year with no offers, then after our offer is accepted, people start pouring out of the woodwork with cash offers for the place.
Anyway... thought I'd toss out an update.
Update: 3 bedroom, single story house with very nice barn, stream, 16 acres, etc. Structurally sound, needs to be redecorated (carpets, etc.) badly.
Got the mortgage commitment letter... things are going good... but in the details in the mortgage contingency, they say "utilities need to be turned on." Well, the previous people (foreclosure, eviction) took an exterior wood stove for the hot water baseboard with them... pipes weren't reconnected to the oil-fueled boiler in the basement... They also ripped out the water filter or softener (whatever was there) and left those pipes disconnected as well.
No problem, I'll fix it. "Oh no you won't. It has to be done by a contractor." Okay, I'll hire xxx construction company - my bro-in-law is the head of their heating department. "oh no you won't. It has to be done by OUR contractor, because of liability issues." Cost for their contractor: $9600... wtf?! I have estimates for a brand new heating system for less than half of that!
So, had to scratch loan #1... can't meet their contingencies... Tomorrow, we should know if we have a new lender, and work our way around the "utility" issue. (seriously, I'm not afraid of the condition of either the heating system or the water... issues I can resolve on a Saturday.)
Then, like house #1 that we lost out on, we have to resolve this looming Feb 14 deadline. And, like house #1, the property sat for half a year with no offers, then after our offer is accepted, people start pouring out of the woodwork with cash offers for the place.
Anyway... thought I'd toss out an update.
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