Our House <3

[Don M]

The bank just doesn't like older homes---I've seen this before & I don't know what the answer is.

[CS in Low Hud]

Just a thought... is there currently financing on the house? If so, that bank would not be "risking" anything further then they already are if they financed you. Might be worth looking into.

Chris

[mrsnightengale11 (WavyGlass)]

The house is completely free and clear. The previous owner who passed owned it for 40+ years.

Upon further checking, it looks like the house rated as it did literally because it's old. There were no modern updates or improvements other then the basics and so it scored low. Which is kinda funny that it's such a big deal to the bank since we specifically wanted a home without the nonsense that we wouldn't use anyway, which they assured us originally wasn't an issue.

Our realtor got us in touch with two mortgage companies today though, one is optimistic the other not so much. We've forwarded all the info to them, and should hear a yes or no come Monday. So here's hoping!

[mrsnightengale11 (WavyGlass)]

Well we found a lender who will lend on low rating houses, however she has concerns about the porch roof (its damaged). Our insurance inspection also just came back red flagging the roof, meaning they won't insure it but have a company that will for an ungodly sum.

We've forwarded all this info to the sellers, and told them we need their commitment they will make any repairs required for closing or we walk. They've been talking it over for a few days, and actually relisted the property. So we've decided if they don't have a decision tomorrow we will break contract and move on.

I'll be honest we were pretty crushed at first, but after all the drama we're just ready for it to be over one way or another. Our realtor is taking us out to see some pricier (more updated) older homes this weekend. So hopefully something works out, as we're already at the end of our time line and I can't tell you how unfun living in an unfinished basement in your in-laws duplex is..

[Don M]

May be for the best---the sellers will have to disclose the porch roof problem to future buyers---they should rethink their position.

[mrsnightengale11 (WavyGlass)]

Well the sellers decided to not respond to the request for commitment to repair, so we had to end contract. The good news being we get our earnest back, found a better lender, and as of this weekend another house has come on the market that we're considering.

The house we're considering now is slightly newer (1928), and completely updated (it should satisfy the lender & insurance), but does have a much smaller yard (66x84), and no garage (but is on a cul-de-sac). Right now our plan is to go over the property with a fine tooth comb on our next viewing (Wednesday), and to check into the utilities and taxes. We've also forwarded the listing to our lender and our insurance to get their thoughts before we put anything in writing.

So cross your fingers, we're really hoping third times the charm.

[Don M]

Their loss---good luck with the new prospect!

[Neighmond]

Our lips to God's ear.....we're rooting for you!

[Gothichome]

Mrsnightengail. sorry to read the deal fell threw. and I certainly hope you will find the old home to your liking that the banks will be happy with.

[mrsnightengale11 (WavyGlass)]

Well so far the lender and our insurance are content with the home were looking at now. So all that's left is doing another walk through and inspecting, then making an offer and hoping for the best. So here's hoping third times the charm!