First step towards homeowners, again!

[Exodus_2pt0]

Did you ever contact the loan guy I recommended? I'm telling you Ryan is a professional. Long time running, worked his way to running the place.


With that, it was mentioned earlier...negotiate a higher sell price, sellers pay your closing costs with that. Only good if it appraises of course for higher amount.

Nah shortly after all of that my Credit Union came through for me and I completely forgot.


As for FHA , my bank doesn't offer them.

Spent 4 hours last night writing a letter of explanation for the foreclosure. The loan officer said it didn't have to be anything special, just a quick explanation.

But, I decide to look at it as an opportunity to sell myself to the underwriter. I took the opportunity to explain what happened, as well as what I've been doing since to ensure that it doesn't happen again.

I'm golden if we can get the 80-15-5.

The 80-10-10 would require me to ask for help from the seller with closing fees, and possibly some phone calls to family members (which I absolutely do NOT want to do.)

[TimeMachinE30]

Things will work out for the better.

Keep up the fervent work...

[Exodus_2pt0]

Well, my bank walked away on account of the PMI issues.

Still moving forward, working with a well recommended Loan Officer now. Apparently PMI is hard to get if you have any Foreclosure still on your record. My bank could have told me this from the beginning, but whatever. It's done now.

Ball is rolling fast on an FHA loan, looks promising.

Hopefully we will close by the end of the month, but we are OK if it goes into September.

So, thoughts on the garage? Before I do any work I kind of want to finish the walls, put some plywood up on the ceiling (exposed insulation currently), and do something with the bare concrete floor.

I'm thinking drywall the bottom 3 feet or so, and OSB or 1/2 plywood the rest of the way up. Drywall at the bottom because I will be welding in there.

Thoughts?





I'm obviously going to wait until we close before changing anything. That said, I want to get the garage how I want it before I do any work in there. Looking for a clean, bright, comfortable environment.

[mrsleeve]

Clean and bright, I would Drywall it ALL. Especially the ceiling with 5/8ths just due to the fire risk. Lots of lighting, Amazon seems to have decent LED 4-8 foot lights for very reasonable pricing, and wire them in 1/4 or 1/3 on 1 switch so if you just running out to the shop to grab a tool or something outta the car you dont have fire up ALL the lights to do that, put the rest on a 2ed switch. Paint all the walls WHITE, and use a light colored floor coating to reflect as much light back into your work space as you can, your not an industrial outfit that is going to be using huge MV lights that suck a lot of power, so you need all the help you can get from the environment to keep your light where you want it. Figure out about how many lights you think you would want then add at least 50% or double that number and you will be about right on the lighting. If its one thing I hate its a dimly lit shop.

Sucks about all the effort you put in with you banking institution, but good news on the FHA and moving forward still congrats and good luck

[Exodus_2pt0]

Moving forward again! Everything is in order.

New appraisal came back almost 10% higher than the last one, so we will have about, 15% equity right off the bat!

Biggest thing right now is we now have to bring the foundation up to code. Sounds like it's just going to be having a reinforced binding layer added to the dry block piers. If all the tie downs check out it should only run about $1500 so not a deal breaker.

Anywho, just a quick update. This has been a much, much better experience the second time around.

[mrsleeve]

If you have a 15% equity on this appraisal, with your 5% down can get you get a conventional and avoid the FHA and the required PMI for the life of the loan??? Or is this 15% including your down?? Even still can you qualify for a conventional and only pay a small PMI for a couple of years until your LtV ratio comes into better alignment and still avoid the FHA all together ???

[Exodus_2pt0]

I asked about that, but apparently finding a lender who will do a conventional on a used manufactured home is hard to find. And honestly, at this point I really have no other option then to push forward. The seller has been great as far as patience goes.

[mrsleeve]

Ahh understood, well congrats to you anyway, and glad its going to work out in your favor after all. I wish I had your shop soon to be space, we are still looking but my industry took a big shit this year, and just cant buy right now

[Exodus_2pt0]

Thanks man.

Aaannnddd another hoop! This one will cost, and has the seller pretty frustrated. But, in reality it will need to be done anyway if he wants to sell.

We might have to add some supports to one of the porches so the load isn't bearing on the original foundation. This isn't a 100%, but the inspector wants to have some drywall cutout and siding removed to he sure.

Only way around it is if we can find a foundation certificate that already exists.

Good news, is the seller found a bill where he paid for an inspection. It was sent directly to his lender, so he has reached out to try to obtain it from them. Fingers crossed! FHA doesn't care when the inspection was done, as long as it met the standards at the time. Hopefully VHDA agrees, and that we can get our hands on a copy!

Otherwise, more $$$$. The bright side is that my lender did agree to give me a written commitment so that if I spend the money, they can't back out after we drop even more money on repairs.

Frustrated, but not broken. We're getting this house!

[Exodus_2pt0]

Just sitting here, building motivation to do the shit needed to close on this place.

Thinking I'm going to finish this garage and leave the other section as is. This one is bare, without anything added to the walls from previous owners. A nice clean slate.

Plus, it's further from the house and deeper. Already has lots of light, white walls and ceiling will make it bright as hell.


Disclaimer: not my bike.

[george graves]

You're going to owe the seller a huge fruit basket when this thing closes. Most people would have washed their hand of it a long time ago.

[Exodus_2pt0]

Updates:

Owner got a copy of the foundation certification from when he purchased.

Lender underwriters said that they would accept it!

Loan was submitted for final approval on Thursday, should hear something back by Tuesday or Wed.

All looks good, but I'm still restless after everything we've been through. This is a shitty process these days.

Only thing left on my end is a septic walk over inspection, should have that done next week.

Here's hoping that we can get this done and put behind us!

[Kershaw]

It's always a shitty process, keep on going!

[Exodus_2pt0]

So, the foundation inspection got kicked back.

Seller is paying to have all the work needed done. Not sure, but I think he is going to go after the company that did the inspection that got him his house. Sounds like some shady shit was done to leave him with the bill when he sold. Should have never gotten any certificate in the first place, but that's all I'll say about that.

So I meet with the engineer and a contractor tomorrow to get a final tally.

Got the word back from the lender though, once this foundation stuff is taken care of, we are done! Underwriters are satisfied with everything else.

Light at the end of the tunnel!!!

On the bright side, after all is said and done the house will be 100% to code, and I will have all documentation to avoid all of this BS if/when I decide to sell. That said, I should be able to retire before they day comes.

[Exodus_2pt0]

Lots of stuff has been happening!

Overhang removed, rear deck has been supported. The engineer is making them add one more support to extend the beam to the end of the porch.

Should be completed this weekend, then we get our certification and the appraiser comes back out to adjust for the removal of the roof portion.

Oh, and we got the OK from the lender to close once those two things are returned. We're scheduled to close on the 30th. At that point all of these documents we've fought tooth and nail for will be put into a safety deposit box for when the time comes to sell down the road.