- Apr 28, 2010
- 337
- 6
- 121
As some of you know, we have been going through the fun process of buying a house.
We had some pretty specific requirements with what we wanted and what we were alluwed (he's military). It had to be out of the city with some land but still close enough. Out here our only options in our price range were all manufactured homes, which we didn't mind as long as it wasn't trashy looking.
I found a place for sale by the owner on 11 acres, we really liked it and it was within iyr budget. Still looking around though totally randomly we contacted the Realtor who had shown the house previously when it was on the market. She said the appraisal came in at $50,000 less then what they were asking for, they were upside down on the payments Ans thought they could make it up by selling themselves for more. They also claimed there was more square footage then it actually was. No way were we going to get into that deal, no one would approve a loan for it especially not a VA loan which we were using. Also we realise we just don't need 11 acres of flat dusty dry land. The covenant was really weird too, saying you couldn't keep chickens but you could other fowl.
So I start looking again, drive around to more places some being OK others I wanted to get as far away from. Took the bf around to my top picks, found one we really liked, called the Realtor and went to check it out. Its a newer double wide, 3 bed 2 bath on 2.4 acres. There are trees bordering some of the property line and around the house, a huge garage, several out buildings and a really cute gazebo. We love the area, fishing and boat launch just down the road and plenty of empty land to explore. The inspection didn't find anything major, however several electrical things weren't up to code and was priced at $1200 to fix. We offered $10,000 under their price and to pay closing costs, they wanted us to rack on $5,000 and them pay closing and we agreed. That same morning we get a call from our lender saying we weren't actually approved for the loan because its a mobile and his credit score was just a few. Points too low.
We panic but do end up finding a place that will give us the loan if we take classes, which we suffer through. Turns out even though the new interest rate was higher we ended up saving as the first one we found had a couple thousand more of fees.
The house is appraised at $5,000 lower then the deal, despite the panic of our Realtor we changed our offer to the appraised price. Because that $5,000 extra was added for closing costs and not the house value we actually are paying $10,000 less them what we originally offered. To add onto that, the appraiser totally ignored the flaws and issues that the VA loan would require to be fixed beforehand. Great deal for both parties They don't have to fix anything and we can do it on our own time.
During this time we here less and less from our Realtor and lender, them only contacting us when They need something immediately and us often not able to get it on that short notice.
We get the insurance taken care of, fonding out no one wants to insure a mobile home and the only reason we got it is because it wad stated that the property and home were in immaculate condition.
Fast forward us getting more and more frustrated with the ever more apparent incompetence of our Realtor, who we find out later was just totally scared of the sellers agent.
Few days ago we get a call from our lender saying to our surprise we're closing the next day. We get a call 6 hours before closing saying we need another proof of employment that wasn't sent or else we can't close and we lose the house. Once again we panic and unsuccessfully call around on base right before the holiday weekend. We finally contact someone and find out the person involved with that paper is married to someone my bf used to work with. He calls her gets his number, talks to him and gets him to FAX the paper before the office closed in 10 minutes.
At closing our lender says he gad to jump though a lit of hoops to be able to have us sign a day before (since my bf was leaving the next day for a few days). Our agent didn't even show up.
The next day my bf leaves, I pick up the keys and am left to do the moving while he is gone. It feels so good to finally be over and the place be ours, after everything we were minutes away from losing it just because if a piece of paper stating he wasn't fired within the two weeks of sending in the first one. I can actually sit back and breathe now for the first time in over a month.
Pictures to come when I get home!
We had some pretty specific requirements with what we wanted and what we were alluwed (he's military). It had to be out of the city with some land but still close enough. Out here our only options in our price range were all manufactured homes, which we didn't mind as long as it wasn't trashy looking.
I found a place for sale by the owner on 11 acres, we really liked it and it was within iyr budget. Still looking around though totally randomly we contacted the Realtor who had shown the house previously when it was on the market. She said the appraisal came in at $50,000 less then what they were asking for, they were upside down on the payments Ans thought they could make it up by selling themselves for more. They also claimed there was more square footage then it actually was. No way were we going to get into that deal, no one would approve a loan for it especially not a VA loan which we were using. Also we realise we just don't need 11 acres of flat dusty dry land. The covenant was really weird too, saying you couldn't keep chickens but you could other fowl.
So I start looking again, drive around to more places some being OK others I wanted to get as far away from. Took the bf around to my top picks, found one we really liked, called the Realtor and went to check it out. Its a newer double wide, 3 bed 2 bath on 2.4 acres. There are trees bordering some of the property line and around the house, a huge garage, several out buildings and a really cute gazebo. We love the area, fishing and boat launch just down the road and plenty of empty land to explore. The inspection didn't find anything major, however several electrical things weren't up to code and was priced at $1200 to fix. We offered $10,000 under their price and to pay closing costs, they wanted us to rack on $5,000 and them pay closing and we agreed. That same morning we get a call from our lender saying we weren't actually approved for the loan because its a mobile and his credit score was just a few. Points too low.
We panic but do end up finding a place that will give us the loan if we take classes, which we suffer through. Turns out even though the new interest rate was higher we ended up saving as the first one we found had a couple thousand more of fees.
The house is appraised at $5,000 lower then the deal, despite the panic of our Realtor we changed our offer to the appraised price. Because that $5,000 extra was added for closing costs and not the house value we actually are paying $10,000 less them what we originally offered. To add onto that, the appraiser totally ignored the flaws and issues that the VA loan would require to be fixed beforehand. Great deal for both parties They don't have to fix anything and we can do it on our own time.
During this time we here less and less from our Realtor and lender, them only contacting us when They need something immediately and us often not able to get it on that short notice.
We get the insurance taken care of, fonding out no one wants to insure a mobile home and the only reason we got it is because it wad stated that the property and home were in immaculate condition.
Fast forward us getting more and more frustrated with the ever more apparent incompetence of our Realtor, who we find out later was just totally scared of the sellers agent.
Few days ago we get a call from our lender saying to our surprise we're closing the next day. We get a call 6 hours before closing saying we need another proof of employment that wasn't sent or else we can't close and we lose the house. Once again we panic and unsuccessfully call around on base right before the holiday weekend. We finally contact someone and find out the person involved with that paper is married to someone my bf used to work with. He calls her gets his number, talks to him and gets him to FAX the paper before the office closed in 10 minutes.
At closing our lender says he gad to jump though a lit of hoops to be able to have us sign a day before (since my bf was leaving the next day for a few days). Our agent didn't even show up.
The next day my bf leaves, I pick up the keys and am left to do the moving while he is gone. It feels so good to finally be over and the place be ours, after everything we were minutes away from losing it just because if a piece of paper stating he wasn't fired within the two weeks of sending in the first one. I can actually sit back and breathe now for the first time in over a month.
Pictures to come when I get home!
