Happy to find this Forum

[1918ColonialRevival]

Unfortunately, a lot of lenders are prejudiced against older houses, especially in areas where real estate is in higher demand. We ran into this when buying our house - several lenders were making a big deal out of insignificant matters. One problem would be solved, then three more would surface.

I'm not sure who is to blame in this situation. If this appraiser has ties to the city assessor's office, there's the problem right there. However, if the lender is wanting an appraisal based solely on the lot and square footage without taking materials into account, then that can be an issue as well. A house the same size built of particleboard and drywall is not the same as a house built with old growth lumber and with hardwood trim throughout.

Your house looks nice and the architecture is very interesting. It's one of those styles that's almost unique to the West Coast. There looks to be some Bavarian influence in the design of the exterior.

[Ober51]

Is that a Julia Morgan house??

[DoorKnob]

Yes! It is a house that she designed very early in her career. I got the date wrong. The historical marker says designed 1909.

We have a new mortgage broker who is working directly with investors on the east coast to see if they will accept other Julia Morgan houses as comps instead of just other houses in the neighborhood.

She brought up another issue. We have to find someone who will insure it. Apparently, after the Napa earthquake most companies stopped insuring houses with brick foundations. We are going to try to see if the current insurance company will just transfer the policy to us at closing. If that fails, she said to look into someplace that provides policies for the families of veterans.

So many obstacles ahead. She also told us that since we are changing lenders, there is no way we can close on April 11th or even in April at all because best case is still a very long process.

So, keep your fingers crossed that all of the stars align and we are able to move into this beautiful house and give her the upkeep she deserves.

[Ober51]

Yes! It is a house that she designed very early in her career. I got the date wrong. The historical marker says designed 1909.

We have a new mortgage broker who is working directly with investors on the east coast to see if they will accept other Julia Morgan houses as comps instead of just other houses in the neighborhood.

She brought up another issue. We have to find someone who will insure it. Apparently, after the Napa earthquake most companies stopped insuring houses with brick foundations. We are going to try to see if the current insurance company will just transfer the policy to us at closing. If that fails, she said to look into someplace that provides policies for the families of veterans.

So many obstacles ahead. She also told us that since we are changing lenders, there is no way we can close on April 11th or even in April at all because best case is still a very long process.

So, keep your fingers crossed that all of the stars align and we are able to move into this beautiful house and give her the upkeep she deserves.

I think I saw the house featured recently in a magazine, but I may be wrong. Good luck, nothing is easy!

[DoorKnob]

You probably did see it in a magazine. I have seen a couple of newspaper articles about the house.

Here is one of them.

http://m.sfgate.com/realestate/article/ ... 537366.php

[JacquieJet]

Wow. What a stunning house! I've never seen a design like that! It's amazing!! I hope everything works out in your favour!

[Ober51]

Yep, that's the one. Gorgeous house.

[Powermuffin]

Wow, that is an awesome home! The floors, light fixtures, stained glass, trim - all fabulous. I hope you can get a mortgage and insurance.
Diane

[Don M]

Hello & welcome; I hope your various issues are resolved soon. Things like those you are encountering are not that unusual with old homes.

[DoorKnob]

To update, We worked with 3 different lenders, and none of them could finance this house anywhere near the contract price. The appraisers needed to use comps within 5 miles of the property. There are just not any comparable houses nearby. The area is rather depressed, but even at it's height, it was a blue collar town full of "working man's victorians." Julia Morgan designed this house, just a few blocks from downtown, for the banker.

We withdrew our offer and I started trying to sell my husband on a 1950's ranch with truly ghastly updates because inventory in the area is very low and we need to get moved.

The owners want to work with us to seller finance the delta between the contract price and the appraisal price of the Julia Morgan house. We are sending them an amended contract today, if they accept, we will close in 3 weeks and we will be the proud owners of this beautiful house which will always have the drawback of being the nicest, biggest house in town. So we are paying more than it is worth, and we will put even more money into it, but I guess there are things in life even more important than financial investments.....oh, the things we do for love!