So at 1:00 PM today our loan guy called to tell me that we got final loan approval! Everything is done with underwriting and it’s off to the escrow office to pull and finalize all the paperwork! We have a couple more things to sign with the escrow company and I guess then that’s it. It’s the home stretch!
On Saturday we purchased our fridge, dishwasher, and range, and then on Sunday we purchased our washer and dryer. We really like the bottom freeze design of the fridge and from my research fridges without the ice dispensers on the door are big pluses. Not much to say about the dishwasher other then Consumer Reports had it highly rated. We were a bit torn on which range to get, there was a really nice double oven that we wanted, with convection but couldn’t justify the price, so we went with this single oven that has convection and a warming tray. Then the washer and dryer were pretty highly rated on Consumer Reports and we didn’t have a need for them to stack, not to mention the capacities are huge.
Also on Saturday I met with two electricians and went over the work I need done on teh wiring for the house. We need to get our panel and riser moved because they are currently in the garage and it’s the original subpanel from 1949. In addition to that we need a new switch put in the living room for the light (it’s currently in a closet???) and I need to get a dedicated breaker put in the room that is going to be the office that I have the computer in. I then met to more electricians today, I think I’m set on who I want to use, but I’m still waiting for one more finalized quote.
Today we also had two roofing companies check out the roof. They both felt the roof was in good shape except for 1 or 2 trouble spots that shingles have blow off of. In addition one of the companies pointed out an issue with the flashing on our eaves that is allowing water to puddle up on the eaves.
Lastly we had a sales consultant from Home Depot talk to us about installing partial window replacements for 15 windows in the house. The house currently has the original single pane, double hung, wood pane windows. We want to get really nice double pane, double hung, vinyl windows installed throughout the house. They gave us a quote, and we are working on getting two more from other companies.
So that’s where we stand, we are almost done!
Here are some old pictures our Realtor was able to get us of our house as it looked over 2 years ago from the outside and also with furniture inside. It really opens our eyes to how nice this place will look once we finally get moved in!
So there are no updates on the house on the loan/purchase side, but that doesn’t mean there is no new news! I called our Realtor today and asked if it was ok for us to start getting estimates for the work that is going to need done on the house and the seller said it was fine. I have 2 appointments tomorrow with electricians and then on Monday 2 with roofing and 1 with windows. We are going to get as much stuff done as quick as possible. I’m taking most of the week on Jan 12th off so I can get things started.
So we weren’t able to close today. Due to the issues with the seller getting the utilities on for us to do the inspection and then us getting the loan application started after that, the loan is still in underwriting.
It’s almost done, but we’ve had a couple things requested from the bank that we are getting our loan from, mainly just little things such as a copy of the contract from when we bought our business and new copies of my paystubs, simple things.
New closing date is to be by 01/09/09.
Update. They offered back 4k and that was it. After putting a lot of thought into it my wife and I called our Realtor and turned it down. After some discussions with our Realtor he asked what it would take to make us say yes, and he told him 5k and the water heater replaced, he said he’d get that done one way or another, either having the seller accept it or him paying for the extra 1k and the water heater replacement himself. So we said yes!
It was only about $1,800 difference from what they were willing to offer but it was less then what we had already laid down as what we would accept. Can’t believe we are going to really get the place now! We both felt sick after saying yes, we are really going to be home owners now!
So inspection came and went on Saturday. There is nothing major that needs done except the water heater. But there are a number of minor things that really need to be repaired, roofing, plumbing, electrical, windows, etc. Things that would mount up to probably at least a couple thousand in repairs. Also we got the pest inspection back and it has about $5000 in work that needs done to get rid of infestations and to repair damage (I think a majority of that is because the water heater caused a bit of damage to the firewall of the closet that it’s in).
So we are now redoing a counter offer based off the inspection and the work that is needed to get this house in a better livable condition. We are going to amend the offer to include for them to replace the water heater (the thing is completely shot) as well as give us a $10,000 credit for us to do repairs that will be needed.
Also my insurance company is asking when the work will be done because in this condition they are saying that they might not be able to cover it, unless we are repairing it soon after purchase. Going to sign the new counter offer tonight. Our contingency ends on Friday! If they don’t at least go 1/2 way on the credit we will walk and see what happens from there.
So our extension offer was accepted, so we have an extra 10 days now because of the sellers failure to get the utilities on before last weekends failed inspection.
The inspection is slated for tomorrow morning at 9:30 AM. I already know there are various little things that will need to be repaired, and unless there is some major game changing issue we will be buying this house, but I had a question for all of you.
Since this house is a foreclosure and thus is sold “as-is”, should be still turn in a sheet of things we want fixed before we continue along with the contract? I mean what’s the worst that could happen, other then them saying no and us still end up buying the house.
Anyone have much experience with getting banks to fix things on foreclosures, most of my reading say it’s hit and miss.
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