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More About the House

March 15th, 2016 at 01:51 am

So the mortgage person got back with me. He does think the basement/roof might be issues for both the FHA and Rural loans. I asked him if he thinks we should move on, or it it would be worth an inspection, etc. He said he'd have to talk to C.

Sigh.

But I figured out how I can share photos. They have 99 photos for the house. Smile I am using only 26 of them. Big Grin

It's 3 bedrooms, 2 bathrooms, a sunroom, 17xx sq ft, 1/2 an acre. Has a 2 stall detached garage, a 1 car detached garage, a firepit, a greenhouse, a storage shed, birdhouses galore .. The kitchen has a built in microwave and a built in electric oven.

Some of my favorite parts are the greenhouse, the sunroom, the room with the mirrored doors, the wood stoves ...

https://www.amazon.com/clouddrive/share/rFFmrSmLdJncBwhAIp5BBa4hj0WPRsNReXSvAxZJ48Z?v=grid&ref_=cd_ph_share_link_copy

Hopefully the link will work.

14 Responses to “More About the House”

  1. AnotherReader Says:
    1458007691

    Fortunately, the lender will prevent you from making a bad decision. FHA and the USDA rural loan programs know first time buyers are not knowledgeable and are emotional. If the basement is as you describe, I would not spend another minute thinking about that property. You could easily have a $30,000 repair and then there is the roof.

    Why not buy something in town or close, so your commute is short and you have easy access to grocery stores and other amenities? Why isolate yourself in a more rural area? How will you feel about the commute when gasoline is $4.50 a gallon again? What will you do when it snows and the roads are not plowed? In your shoes, I would opt for something smaller with access to everything. If you ever have to sell, it will likely be much easier to sell the in-town house as well.

    Houses are like your buses. If you miss one, another will be along shortly. Don't compromise on a house with a lot of defects because it's the first thing you liked. Tell the agent your price range and requirements, and let him show you what's available. If you don't see one you love, rent until you do.

  2. FrugalTexan75 Says:
    1458008312

    Thanks AR. I do get what you are saying. It's just that this place has everything we are looking for, plus more. We both kind of really want the small town/country feel, but had been looking in the city because we weren't finding anything in the outlying areas.

    99% of the commute would be on state maintained roads / L town maintained roads (i.e. bus routes) so the snow thing wouldn't be too big of an issue. Gas when it's back up to the horrible numbers ... yeah, that definitely would be a bite.

    I have the feeling that it's going to be out of our hands anyway.

  3. AnotherReader Says:
    1458010129

    There are other factors about this house that I would consider.

    What about your other bills? In a house that old, the utilities will be high. Is the house properly insulated? What type of heat does it have? How old is the furnace? Is it air conditioned? What about water - City or well? How much are the property taxes?

    The kitchen appliances are from the 1970's. Can you afford to replace them all? What about the water heater?

    State or County/City maintained does not mean the roads are plowed immediately. Can you ask around to find out how long it takes typically?

    How long has the property been on the market? Why hasn't it sold?

    Finally, what if one of you loses their job. Can you afford the payments and all the related bills on one income?

    Not trying to spoil the house for you. Just think about all the issues and don't make a quick, emotional decision that you may regret later.

  4. FrugalTexan75 Says:
    1458010580

    I don't know about the insulation or utility bills. It's propane heat / forced air, window unit a/c (4) = water I'm not sure about - sewer lines. Property tax is roughly 2k.

    Water heater was replaced in 2000. Kitchen appliances - I could personally live with them until we got other stuff done to the place. Smile

    The property has been on the market for 4 months - probably hasn't sold because it's overpriced for the location, and because of the location.

    If one of us lost our job, then just about any house we've been looking at would be a stretch. Which is why one of my first big goals is to beef up our emergency fund for job loss.

    I do appreciate your thoughts/questions.

  5. VS_ozgirl Says:
    1458040982

    It looks so cute and love that porch! I hope that the basement repairs can be done and the owners will drop the price to accommodate the works involved.

  6. FrugalTexan75 Says:
    1458044126

    Thanks VS Smile

  7. creditcardfree Says:
    1458045196

    It is cute. I do agree with AR, on all the points brought up. It probably hasn't sold because of the basement issue. That is a big red flag for many people. Definitely check on water source. How safe is the water? Will you need, or does home have water filtration? My parents lived in an area with well water. The well can stop working due to many factors, it always seemed to be lightening strikes! It was jointly owned which actually even more of a problem because they couldn't all agree how to take care of it.

  8. FrugalTexan75 Says:
    1458045657

    CCF - The house does have a water filtration system - I noticed that when we were in the basement. Does that mean it's probably on a well system? I will have to check into that.

  9. creditcardfree Says:
    1458046087

    It could be filtered on city water, too. I'm guessing it's well water though, if it is that rural. It should be listed on the property disclosure.

  10. FrugalTexan75 Says:
    1458089737

    CCF - I looked over the disclosure form and couldn't figure out what the water system was. I think it's a no go though. Texted back and forth with mortgage person a bit. He thinks the roof/basement may be no go issues for FHA and Rural. Frown
    So ... keeping on looking. Mr FT is getting really discouraged (especially after seeing that yard and comparing it to what's available in L - even out of our price range here.)

  11. creditcardfree Says:
    1458090827

    Sorry to hear the home is likely off the table. Are you not eligible for other types of loans? The right house will come. And new properties are going to be listed every week this spring!

  12. FrugalTexan75 Says:
    1458092044

    Thanks CCF. No, Mr FT had to file br less than 4 years ago (*just*) due to a needed emergency surgery (before Obamacare he didn't have insurance.) So we can only qualify for FHA or Rural.

  13. LivingAlmostLarge Says:
    1458102553

    If you can't buy a house soon I know you said you can't live together. What are your options after marriage?

  14. Frugaltexan75 Says:
    1458123331

    The only option would be to continue living in our own places until we find a house together.

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