mudcat
Platinum Member
EddieWalker said:
DITTO!Land we rent sold
- Thread starter AlanB
- Start date
- Views: 15425
DITTO!
OP
AlanB
Elite Member
I think the big test comes Monday. Hanna is coming in from Germany Sunday night, and I have it set up Monday afternoon for her to see the house....
So if I never get to write again,,, you guys remember me
I think she will be happy overall.
I am so gunshy now, I just wonder what is around the next corner.
So if I never get to write again,,, you guys remember me
I think she will be happy overall.
I am so gunshy now, I just wonder what is around the next corner.
BTDT
Veteran Member
- Joined
- Sep 17, 2006
- Messages
- 2,209
- Location
- North Texas
- Tractor
- IH M Farmall-propane powered, H Farmall (father-in-laws), Ford 1300 diesel
I think she should be proud that you've worked so hard to make this deal come about. Good luck.
rox
Veteran Member
BIG Thumbs UP to you. I had good vibes from what you were writing about the Farm Credit. It really isn't that big of deal IMHO, if you have got a good credit rating, good employment, other assets, your equity in your other home, it is a good loan. The appraisal already knocked off $$$ for the mold, there is no need in my mind for any bank to further knock down a lendable amount against the property.
Will you be able to get jsut one loan against the new home and a seperate loan against your current home (which could be a baloon note with no payments due in full in 6 months)? Or are they going to tie them together under a blanket mortgage?
Again big congratulations and I hope Hana see the same potential that you do.
Will you be able to get jsut one loan against the new home and a seperate loan against your current home (which could be a baloon note with no payments due in full in 6 months)? Or are they going to tie them together under a blanket mortgage?
Again big congratulations and I hope Hana see the same potential that you do.
OP
AlanB
Elite Member
The plan as of this moment is to increase the current open credit line against my current home, with my current bank, and borrow about 25K to cover my down and my closing stuff. By doing this with my current bank, there is no payoff date (other then selling my home that the equity is against) there are no closing costs, and they give me $100 for increasing my credit line with them. (if this all works)
Then Farm Credit will lend me about 102.
Two seperate loans, two still distinctly financially seperate properties.
It looks like this is working out quite well. Now I am just waiting for the next step to go wrong. My fingers and toes are crossed hoping this all goes smoothly next week.
Then Farm Credit will lend me about 102.
Two seperate loans, two still distinctly financially seperate properties.
It looks like this is working out quite well. Now I am just waiting for the next step to go wrong. My fingers and toes are crossed hoping this all goes smoothly next week.
rox
Veteran Member
Alan,
Hey Hey! Good for you! Ask when you will get your loan commitment letter so that you can remove your financing contingency on your offer. They should be able to give you one today if they approved it. Once it is approved they can ask any support staff to print you up a letter. it is not like that is a big deal on their end. Might not hurt to suggest that you would like to pick it up rather than ahve it mailed.
Anyway, good for you, when you sell your current home, with any excess you can decide what you want to do. Pay down on this loan invest in a new shop and storage for Hana etc. i think really you have gotten yourself the best. might be tight with the increase in the payment until your house sells but all it takes is one more landscaping job for Hana and the payments are covered for 6 months worth of payments.
One time when we were closing on a home or it might ahve been a lot, we had to schedule the closing for the day my hsuband and i got paid, we needed our last pay checks in order to come up with the rest of the down payment, not that is cutting it close. However, no pain no gain! Short term pain, long term gain.
Hey Hey! Good for you! Ask when you will get your loan commitment letter so that you can remove your financing contingency on your offer. They should be able to give you one today if they approved it. Once it is approved they can ask any support staff to print you up a letter. it is not like that is a big deal on their end. Might not hurt to suggest that you would like to pick it up rather than ahve it mailed.
Anyway, good for you, when you sell your current home, with any excess you can decide what you want to do. Pay down on this loan invest in a new shop and storage for Hana etc. i think really you have gotten yourself the best. might be tight with the increase in the payment until your house sells but all it takes is one more landscaping job for Hana and the payments are covered for 6 months worth of payments.
One time when we were closing on a home or it might ahve been a lot, we had to schedule the closing for the day my hsuband and i got paid, we needed our last pay checks in order to come up with the rest of the down payment, not that is cutting it close. However, no pain no gain! Short term pain, long term gain.
OP
AlanB
Elite Member
I am feeling the pain right now, I am just going crazy waiting on my bank to call me back. I am "approved" right now (well no crap, I have a line of credit already) but they are looking at what it will take them to make it 25K, of course they would know in an hour,,,,, of course I started last night, and still have not heard back from them since I called them at 10 this morning.
This is one of those deals where it seems it is just me that wants anything to go forward, everyone else just seems to take their sweet time, even the day after they told me it would only take an hour....
Took my daughter in for braces, (again) and after waiting 30 minutes past our appointment, they take her in the back,,, then they come back up front after 10 minutes and say I need to sign a financial agreement, then I wait another half hour while the lady that needs to do the financial agreement does whatever it is that she does,,, Then they call me up to sign a form that says I will pay for it......... Then we wait again for my daughter goes back again... Then I go to pay, and they at first say that I must wait till my daughter comes out, so I ask are the costs going to change??? well no,,,,,
So why can't I go ahead and pay?
Oh, well I guess you can.
Well better news, the loan officer for my second mortgage called me back finally and say's there is some confusion between us. She had said I was approved, and they were evaluating how much earlier, which I took too mean that they did not know how much over the 10K existing line they were going, because after that we started speaking of the different methods of evaluating the worth of my current home, tax card, or appraisal or some kind of comp with other homes in the area. Anyway, what she meant was, I was easily approved for the 25K that I had originally asked for, what they were trying to decide was if it was just going to be about 40K off the tax card, or if they wanted to do an appraisal and see if they could bump to 50K..................
So, I am breathing a big sigh of relief at the moment. She said I am already approved for at least 35 K and if I needed more it should be figured out Tuesday. We should close that loan Tue or Wed next week as soon as they get it written....
Things are on track at the moment... Now I just need to update my realtor....
This is one of those deals where it seems it is just me that wants anything to go forward, everyone else just seems to take their sweet time, even the day after they told me it would only take an hour....
Took my daughter in for braces, (again) and after waiting 30 minutes past our appointment, they take her in the back,,, then they come back up front after 10 minutes and say I need to sign a financial agreement, then I wait another half hour while the lady that needs to do the financial agreement does whatever it is that she does,,, Then they call me up to sign a form that says I will pay for it......... Then we wait again for my daughter goes back again... Then I go to pay, and they at first say that I must wait till my daughter comes out, so I ask are the costs going to change??? well no,,,,,
So why can't I go ahead and pay?
Oh, well I guess you can.
Well better news, the loan officer for my second mortgage called me back finally and say's there is some confusion between us. She had said I was approved, and they were evaluating how much earlier, which I took too mean that they did not know how much over the 10K existing line they were going, because after that we started speaking of the different methods of evaluating the worth of my current home, tax card, or appraisal or some kind of comp with other homes in the area. Anyway, what she meant was, I was easily approved for the 25K that I had originally asked for, what they were trying to decide was if it was just going to be about 40K off the tax card, or if they wanted to do an appraisal and see if they could bump to 50K..................
So, I am breathing a big sigh of relief at the moment. She said I am already approved for at least 35 K and if I needed more it should be figured out Tuesday. We should close that loan Tue or Wed next week as soon as they get it written....
Things are on track at the moment... Now I just need to update my realtor....
CurlyDave
Elite Member
I am happy to see it all coming together for you after all the trials you have had.
OP
AlanB
Elite Member
Hey Rox, meant to answer you and got so wound about the other stuff I wandered off track.
Loan commitment letter, setting closing date (28th I think) etc. should all happen tues or wed I think next week. (Presidents day Monday)
I think we are going to take some extra cash out of the current home to completely gut and redo the bath and the kitchen and the basement in the new home. Also have to put in about $1500 or so worth of gravel drive to get it where I want it I think. I think we will be cash poor for a bit, the good part of the equation is that we are coming in too the cash rich portion of the year for the wifes business (landscaping). Now she only needs to work 1/2 days on the house, and 1/2 days on the business and sleep 8 hours,,,, If we just had that 32 hour day it would be fine
So on the funny side of things, turns out the appraisal lady is very helpful, has answered more of my questions before I even asked, and answered the ones I did ask fully. So I am napping on the couch and the phone rings, the lady on the line says it is Sandy (which is also my loan officers name I just had spoken with) and she needs the address of the bank doing the loan.......... Ok, let me call you right back.... So I go get the info and am dialing my bank back up and the fog clears slightly so I realize, why the heck would the bank want the adress of the other bank??????????? the two deals are not tied............. So, thank goodness for caller ID, I was able to realize that my appraiser was also named Sandy and she needed the written adress..... Called her back and spoke for a bit. The "new" appraisal is now done, and sitting on my loan officers computer.... and she cannot send me one, because technically it is the banks, they must order it, and she must send it to them, even though I get the pleasure of paying for it........... It makes sense in some ways, that way I cannot adulter it or infuence it, but in some ways it is crap too. Oh well, there are some parts of this system I just need to take as an educational experience and move on from.
So here on Friday night.
The bank has said it is a go.
My bank has said I have the cash for the down and for renovations at 5.25% interest only for the first 4 months going up to 6.25 after that..
The bank has the contract, the new appraisal and all my credit stuff.
It is set up for my wife to see the house Monday and my paint guy and another close freind will be there to advise (protect) me.........
And my Realtor said she bought a big red foam pointy finger that says "HE DID IT" so that Hanna won't be mad at her
I think it is on track.... time to build a new tailgate for the dump trailer.
Loan commitment letter, setting closing date (28th I think) etc. should all happen tues or wed I think next week. (Presidents day Monday)
I think we are going to take some extra cash out of the current home to completely gut and redo the bath and the kitchen and the basement in the new home. Also have to put in about $1500 or so worth of gravel drive to get it where I want it I think. I think we will be cash poor for a bit, the good part of the equation is that we are coming in too the cash rich portion of the year for the wifes business (landscaping). Now she only needs to work 1/2 days on the house, and 1/2 days on the business and sleep 8 hours,,,, If we just had that 32 hour day it would be fine
So on the funny side of things, turns out the appraisal lady is very helpful, has answered more of my questions before I even asked, and answered the ones I did ask fully. So I am napping on the couch and the phone rings, the lady on the line says it is Sandy (which is also my loan officers name I just had spoken with) and she needs the address of the bank doing the loan.......... Ok, let me call you right back.... So I go get the info and am dialing my bank back up and the fog clears slightly so I realize, why the heck would the bank want the adress of the other bank??????????? the two deals are not tied............. So, thank goodness for caller ID, I was able to realize that my appraiser was also named Sandy and she needed the written adress..... Called her back and spoke for a bit. The "new" appraisal is now done, and sitting on my loan officers computer.... and she cannot send me one, because technically it is the banks, they must order it, and she must send it to them, even though I get the pleasure of paying for it........... It makes sense in some ways, that way I cannot adulter it or infuence it, but in some ways it is crap too. Oh well, there are some parts of this system I just need to take as an educational experience and move on from.
So here on Friday night.
The bank has said it is a go.
My bank has said I have the cash for the down and for renovations at 5.25% interest only for the first 4 months going up to 6.25 after that..
The bank has the contract, the new appraisal and all my credit stuff.
It is set up for my wife to see the house Monday and my paint guy and another close freind will be there to advise (protect) me.........
And my Realtor said she bought a big red foam pointy finger that says "HE DID IT" so that Hanna won't be mad at her
I think it is on track.... time to build a new tailgate for the dump trailer.
OP
AlanB
Elite Member
Well, just picked up Hanna, they had a light flight coming in so they made it an hour ahead of schedule, then she was able to catch an earlier flight up from Atlanta, so we got back in Clarksville in Daylight and went and saw the house.
Well, I think she is happy enough. It was as described, not her dream house certainly, but as she said as well, we have the land there too work with.
I think I can probably even put the shells back in the home defense gun and sleep ok tonight
Tommorrow will tell though, we are doing the big review of the inside, I am going to try my 1st shot mold solution on a small test area, and my paint guy will be there to start my shopping list............... Somehow I suspect it is about to get expensive.
Well, I think she is happy enough. It was as described, not her dream house certainly, but as she said as well, we have the land there too work with.
I think I can probably even put the shells back in the home defense gun and sleep ok tonight
Tommorrow will tell though, we are doing the big review of the inside, I am going to try my 1st shot mold solution on a small test area, and my paint guy will be there to start my shopping list............... Somehow I suspect it is about to get expensive.
