Thursday, October 15, 2009

Snake bit

That's a phrase we use around these parts to indicate something that has a problem. I am using that term for the property we wanted to buy as a rental.

Our first problem was wayyyyy back in July. The owner (who had moved out of the property and was facing foreclosure) got two additional contracts. The other two were for cash, but were for a much lower price. He took several weeks to decide, and then took ours. It went to his mortgage company who felt the price was too low, so we came up $3000. It was still a good deal - even with all the work that needs to be done.

We were on vacation then. We had to find a fax machine in Canada to send in that offer. The mortgage company then sat on it for a month. They then accepted it. They originally set closing for less than a week away, but we got it changed. They said by October 28, we said the 21.

So I have been trying to get utilities on for the structural and mechanical inspections. The gas still isn't on. The structural we had indicated a "moderate amount of settling.) There are two doors that stick. Around these parts, that isn't an uncommon problem - especially after our hot, dry summer.

When the appraiser came out, the appraisal came out much higher (they couldn't tell us how much) than the purchase price, but the appraiser is concerned with the foundation. Also because there is a broken window, some HUD thingy said that we have to get an estimate for the window that the title company will cut a check for at closing (from our funds) to have it fixed the day after closing. (Huh???)

So I met the glass company (the second one because the first thought I was crazy and almost told me so). I have the estimate in hand. But now the appraiser wants another structural on the house to specifically check the foundation.

I am beginning to think that nearly three months and all this "extra money" is a bit much!



flying eagle woman said...

I learn something EVERY time I read your blog! I'm going to USE the term "snake bit" today - I'm headed in fact, to a "snake bit" meeting!
YOU're the best!

angela said...

Yes, it does sound like it might have been too good to be true. Houses. My head is just going back and forth. Head shakers.