We're back! Looks like we're getting a new home!

[WillParkinson]

We're quite excited. There's quite a bit of work that needs to be done in the house, but it looks amazing on the inside. Quite happy with it.

[snacker]

1. Congratulations!!!

That is very exciting news!!!

[siligut]

2. That's terrific Will!

How exciting. Are you guys handy? Will you be doing the work or will you hire out? My husband and I had quality time together when we were working on this house.

[WillParkinson]

3. We're semi-handy...

But we have some friends who do electric work and plumbing work. We'll have to figure out how to lay the remainder of the flooring. And I absolutely adore the fan in the dining room. Will try to take a picture tomorrow when we meet at the house to check over a few more things.

[elleng]

4. GREAT NEWS!

[GreenPartyVoter]

5. Pictures? Where are the pictures? *hugs*

[WillParkinson]

6. Here's the listing for the house...

http://www.realtor.com/realestateandhomes-detail/3534-E-Plankinton-Ave_Cudahy_WI_53110_M82014-76094

These are the best pictures we have at the moment.

[GreenPartyVoter]

7. Love the original woodwork and windows! Is it in a good neighborhood? Close to

everything you want? :D

[WillParkinson]

8. Oh yes..

We love everything we've seen.

[GreenPartyVoter]

9. It seems like a bargain at that price. I'm so glad you've found it! Good luck with

closing and inspection and all that other fun stuff. :D

[snacker]

24. It looks great...

newer roof and windows are a BIG plus! Hardwood floors and French doors too---this house is awesome for the price!

[seabeyond]

34. that is the one i remember. you are going to be able to do a lot. good for yawl. nt

[Shagbark Hickory]

35. Wow. Two houses in 1 it looks like.

If you don't feel like cleaning up the kitchen you can just use the other one. Very cool. Looks very nice inside and out from the pics. Good luck.

[WillParkinson]

10. Well this just absolutely sucks...

The realtor just called. She said no bank will give a loan for the house because of the work that didn't get done (the walls are not finished so they are just drywall).

I'm so upset right now I could cry.

(On edit: We asked the realtor if they would contact the people who own the house to see if they're willing to sink a few dollars to fix the problems. I figure if they don't get fixed no one will get a loan to buy the house so unless someone has $80k cash money it's going to just sit there forever.)

[REP]

11. No, it's a blessing. Trust me.

When you find the house you buy, you'll write a thank-you to everyone who rejected your offer. Been there done that, got a much better house (of course, we're still remodeling it, but it didn't have the problems the house we thought we loved did).

[WillParkinson]

13. They didn't reject the offer...

We're willing to pay what they ask for the house, but because it's not finished they consider it to be uninhabitable. Due to this, unless we have $80k laying around, we can't get a loan for the house.

Oh, and on edit:

There's even going to be enough room for my cocoa kitty when he decides to pack up and come live with me.

[Tuesday Afternoon]

15. that is too bad. keep us posted. I assume that the search continues

:shrug:

:hug: hang in there. It is a buyer's market after all :)

[REP]

18. The bank rejected it. It's a good thing.

Really.

And Stewart is BLACK!

[WillParkinson]

23. Puss in boots...

And regardless, I loved this house. It reminds me of when my Grandma's house was still around and I'd have to go up the stairs to the bedrooms. It's a Victorian style home and the updates were fabulous.

We have asked the realtor about talking to the owners to see if they can finish whatever is wrong to make it up to par. We really want this house. When Paul and I walked in we were already in love.

[Shagbark Hickory]

36. How out of reach is the negotiated price? Why get a mortgage at all?

[nolabear]

12. Congrats! Nice looking place!

Love the wood and ceiling fans and interior paint job.

[CaliforniaPeggy]

14. What fabulous news!

I could not be happier for you both!

When do you think you'll move in?

Or am I jumping the gun? ;-)

Congrats!

On edit: Rats, I see I am jumping the gun. I hope you can work it out. Why didn't the realtor realize it would be considered uninhabitable?

Good grief.

:hug:

[WillParkinson]

16. Sadly...

Jumping the gun. The realtor says no bank will give a loan because the house is considered unfinished. So unless someone has $80k cash, no sale.

On edit:

Our realtor (who showed the property) had not been in the house as the listing belongs to another agent.

[CaliforniaPeggy]

17. I saw...

I edited...

I"m so sorry, Will.

I hope things can be worked out, sweetie...

:hug:

[Chan790]

19. How specifically is the house unfinished?

Having been a banker, I might be able to suggest a workaround as long as the required renovation is not something insanely expensive like needing a fully-new subfloor or not having any bathrooms.

Edit: point is...ask your agent if there is any way the property qualifies for a HUD 203K loan.

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou

[WillParkinson]

21. The house...

Per the realtor: The drywall in the kitchen needs to be finished, the flooring in the kitchen needs to be finished, the trim along the windows needs to be completed. Some of the outlets were missing covers.

This is what she told Paul.

[Chan790]

25. That's what I hoped to hear.

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou

If you can find a participating bank and the property meets all the other requirements*, you might be able to get a 203(k) HUD FHA renovation loan. That's precisely the situation the program was invented for.

You do have to have the creditworthiness to cover the additional borrowing amount but that's usually the easy part as the renovation typically raises the collateral value of the property by far more than the cost of renovation.

*-Ask your agent, they would know both of those answers if they're any good.

[WillParkinson]

28. You rock so hard...

I'm writing this down so Paul can call her tomorrow. Thank you VERY much.

[riderinthestorm]

29. You might also consider a rent-to-own agreement. The owners discount the price to finish the work

which you either do yourself or hire out in the first month of "occupation". You can even negotiate that you don't move in really, the work gets done and the "rent" is the cost of the finish work on the house.

Once it's complete, you then finalize the sale so the bank approves. You get to move in right away.

Sounds like the work isn't too difficult or tricky. Get creative! Most realtors (and banks and sellers) are pretty motivated right now.

Good luck!

[WillParkinson]

32. You know, that's what I thought, too...

I thought it was ridiculous for the agent to say 'no bank will give a loan for the house'.

Then how, exactly, did they think it would get sold? Unless you've got a ton of money laying around there aren't many people who can drop $80k+ in cash on a whim.

[Shagbark Hickory]

37. What's with this $80k cash stuff?

The property is listed at $75k, first of all.
You aren't going to offer that I hope.

Second of all, don't believe everything realtors say.

Third of all, what do you want to get a mortgage for?

[applegrove]

20. Is that the one with the glass block? I liked it.

[WillParkinson]

22. It is...and so did we!

Especially when we found out that there's lights in the glass block.

[applegrove]

26. Nice. It is like art the way light plays in them. Good buy.

[WillParkinson]

27. May not be able to buy it...

Realtor says because it's unfinished no bank will give an FHA loan for the house (or, she claims, any type of loan).

[Shagbark Hickory]

38. Will... start asking around about government grants for rehabbing homes.

Yes there are such a thing. Sometimes they are administered by the government, other times by non-profit groups. But see what is out there by way of incentives for buying homes like this that need some work done.

[rurallib]

30. Lot of good news in the lounge lately

glad you could add to it.
From what I saw it was a house with some character.

[Skittles]

31. CONGRATS WILL!!

I am so happy for y'all :D

[seabeyond]

33. how exciting for you. good for you. that is always fun. you had a picture of one

a day or two ago. i liked the inside pictures.