VectorJunkie
Well-known member
My wife had a good point about the possibility of you working this out and getting the house. Whoever wants to buy it from you could end up with the same problem when they try to buy it from you. Just a thought.
Change of plans!
- Thread starter channelmanic
- Start date
OP
OP
We aren't too worried about that part as we'll just rent it out if that happens.
Our current house is paid for and we'll rent it out instead of selling it just because the housing market is soft.
Our current house is paid for and we'll rent it out instead of selling it just because the housing market is soft.
VectorJunkie
Well-known member
Yeah, that would work if / when you want to move again. Good luck working it out man. An isolated shop over the garage sounds wonderful.
HudsonArcade
Well-known member
Oh give me a break.
If the loan doesn't go through the bank doesn't make any money on it... If your bank won't give you a loan if they can't sell it, then you need to look for a different bank.
OP
OP
One of my co-workers gave me the name of a mortgage broker and we'll be meeting with him to see what he can do. Damn bank.
OP
OP
And it's a no-go.
No comparables = no financing at decent rates.
The appraisal came in at 192k... we were in for 164k on the house provided we do the repairs needed. 30% down and 6% interest with 1 point paid would leave us with nothing to do the repairs so we're walking.
On the plus side, we have an offer in on another house but I won't have the cool above garage shop.
BUT... if the city allows, I'll be adding a second story to the garage on the other place.
No comparables = no financing at decent rates.
The appraisal came in at 192k... we were in for 164k on the house provided we do the repairs needed. 30% down and 6% interest with 1 point paid would leave us with nothing to do the repairs so we're walking.
On the plus side, we have an offer in on another house but I won't have the cool above garage shop.
BUT... if the city allows, I'll be adding a second story to the garage on the other place.
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OMG houses are cheap there.
I lost more than that on the depreciation on our Bay Area house...
I lost more than that on the depreciation on our Bay Area house...
OP
OP
Man I was just in your hood last week! Had to grab a sandwich at In-n-Out over in McCarthy Ranch.
This was the house we were trying to buy:
http://www.realtor.com/realestatean...e-Road_Highland-Village_TX_75077_M84087-65531
Oh well.
We officially retracted our offer tonight and have put in an offer on another house. This means we get to pay for another inspection and another appraisal. It's just money.
This was the house we were trying to buy:
http://www.realtor.com/realestatean...e-Road_Highland-Village_TX_75077_M84087-65531
Oh well.
We officially retracted our offer tonight and have put in an offer on another house. This means we get to pay for another inspection and another appraisal. It's just money.
VectorJunkie
Well-known member
Sorry this place didn't work out. Hope you can make a deal on the next one.
OP
OP
The next one is about 900sq ft bigger than what we have now. We are set to close on Friday.
BUT... It'll take longer to get ready. As soon as we close on it we'll be getting bids to add a 2nd story to the garage for my workshop and putting in a large storage building in the back yard. It'll be awhile longer before the repair shop is fully functional again. I'll be getting the building ASAP so parts sales continue and will be doing repairs in the computer room until the garage is done. Repairs will be scaled back until the workshop is done.
As a plus, the new place has a huge game room.
I have the wife's blessing to put in some arcade games, a big TV for the console systems, and some furniture. It'll have our existing red dual reclining love seat for playing console games and I'm looking at a small bar table & stools.The patio is huge and is covered. We're looking at an outdoor bar and table set for it.
Once we're moved in and have the game room situated there will be a party thrown for family and friends. I have a few different types of vodka on hand and will grab some beer/soda too for it too.
Vodka on hand includes: Tito's Handmade Vodka (Austin, TX), Hangar 1 (Alameda, CA), Moskovskaya (Russia), Triple 8 Blueberry (Nantucket, MA), Triple 8 Cranberry, and Enchanted Rock (San Antonio, TX).
Of course there will be apple, tomato, cranberry, and orange juices along with Sprite, Coke, and other mixers such as tonic water and bloody mary mix.
I just have to get some of my games out of storage and fixed up: Pac Man, Multi-Williams, Megatouch stand-up, and a good old B&W game: Breakout. I hope to have the party in late Feb.
This place was listed at 199k, we got it at 190k, and it appraised for 205k. It has been almost totally redone. New roof, central heat/air, new ducts, water heater, floors, and has walk in closets in all but 1 room, and more...
RJ
Last edited:
VectorJunkie
Well-known member
The next one is about 900sq ft bigger than what we have now. We are set to close on Friday.
BUT... It'll take longer to get ready. As soon as we close on it we'll be getting bids to add a 2nd story to the garage for my workshop and putting in a large storage building in the back yard. It'll be awhile longer before the repair shop is fully functional again. I'll be getting the building ASAP so parts sales continue and will be doing repairs in the computer room until the garage is done. Repairs will be scaled back until the workshop is done.
As a plus, the new place has a huge game room.
The patio is huge and is covered. We're looking at an outdoor bar and table set for it.
Once we're moved in and have the game room situated there will be a party thrown for family and friends. I have a few different types of vodka on hand and will grab some beer/soda too for it too.
Vodka on hand includes: Tito's Handmade Vodka (Austin, TX), Hangar 1 (Alameda, CA), Moskovskaya (Russia), Triple 8 Blueberry (Nantucket, MA), Triple 8 Cranberry, and Enchanted Rock (San Antonio, TX).
Of course there will be apple, tomato, cranberry, and orange juices along with Sprite, Coke, and other mixers such as tonic water and bloody mary mix.
I just have to get some of my games out of storage and fixed up: Pac Man, Multi-Williams, Megatouch stand-up, and a good old B&W game: Breakout. I hope to have the party in late Feb.
This place was listed at 199k, we got it at 190k, and it appraised for 205k. It has been almost totally redone. New roof, central heat/air, new ducts, water heater, floors, and has walk in closets in all but 1 room, and more...
RJ
Congratulations on finding the new place. The wife and I went to that distillery and brewery on Nantucet a few years back.
Be sure to post some pics on facebook of the new house when you close.
OP
OP
w00t!
Just got word from the bank that everything is FINALLY done for the underwriting. Insurance agent has done her thing too.
Closing is set for Friday... just waiting to hear at what time.
Just got word from the bank that everything is FINALLY done for the underwriting. Insurance agent has done her thing too.
Closing is set for Friday... just waiting to hear at what time.
OP
OP
WOOHOO!
We signed the papers today and just got the call that the funding came through already so we get the keys today instead of Monday.
We now have a new (to us) house.
Now the fun begins... Get a storage building built and get a 2nd story workshop added on to the garage. Once that's done I'll be taking on more repairs.
RJ
We signed the papers today and just got the call that the funding came through already so we get the keys today instead of Monday.
We now have a new (to us) house.
Now the fun begins... Get a storage building built and get a 2nd story workshop added on to the garage. Once that's done I'll be taking on more repairs.
RJ
I need pcbs fixed...jk
Congrats. I'll never forget the day I closed on my house. I was 21 and thought I was hot shit.
Congrats. I'll never forget the day I closed on my house. I was 21 and thought I was hot shit.
OP
OP
Picked up 2 of these for the game room from Northern Tool...
And may pick up a couple more to go around the games...
The dual reclining love seat will go in there since we're getting a new living room suite. And... I'm getting one of these for the game room (without the stool):
The kiddo's crane, a Multi-Williams, Atari Breakout, the Merit Megatouch stand-up, and the cocktail pinball games will be in the game room as will a 32" LCD with cable TV hookups and both the PS3 and Wii. (And later the 360 once I actually fix it...)
Should be a lot of fun setting it all up!
And may pick up a couple more to go around the games...
The dual reclining love seat will go in there since we're getting a new living room suite. And... I'm getting one of these for the game room (without the stool):
The kiddo's crane, a Multi-Williams, Atari Breakout, the Merit Megatouch stand-up, and the cocktail pinball games will be in the game room as will a 32" LCD with cable TV hookups and both the PS3 and Wii. (And later the 360 once I actually fix it...)
Should be a lot of fun setting it all up!
