Thursday, February 28, 2013

Housing Purgatory

*Deep breath and sigh*
Another morning in this housing purgatory.
So as of yesterday evening there wasn't much more to do.  Our HOA provided us with the paperwork to waive the permit, the one we thought we didn't need.  It apparently was no big deal, they just have the rule in place for protection. Our Realtor is headed to the HOA headquarters this morning to turn everything in for us and get the "official docs." 
As far as the county, we'r waiting on some call backs - real shocker, the county is in no hurry for anything.

Dream house agreed yesterday that they would bump the closing back 6 days to, well, the 6th.  Projected closing is the 4th if all goes according to plan.
But wait, there's more!  Just before bed last night our Realtor called and said that dream house had decided that they wanted a check for $1100 to extend they closing to the 6th. It would not be cashed if we closed on or before the 6th. If we did not, they would extend the date to the 26th and cash the check. However, if we closed by the 26th they would refund $550 by taking it off the purchase price of the house.  

"What!  two hours ago they were fine with this!!!"

So know we are looking at paying the mortgage on our house, paying a $500 deposit to lease back, a daily pro rate on the days we are actually leasing back, and $1100 of dream houses mortgage.  Does this sound crazy to anyone else or is it just me? Let me put it in perspective, we could have spent $100,000 more on a home if we wanted to pay that much in mortgages each month.  

Anyway, we knew we were getting close to it, but this became the point we drew the line. We decided we were no longer paying to make everyone feel comfortable and if they disagreed then the house deals were done. Being the guy in the middle sucks! We decided to ask our house buyer to make the same deal with us if we couldn't pull it off we were just going to tell dream house flat "no" and hope for the best.

I guess as a good faith gesture (finally!!) the buyers of our house decided to waive the deposit on the lease back enabling us to give in to the dream house's demands. 
SO now we wait, on the appraiser, the county and whatever else pops up. 

Wednesday, February 27, 2013

House Appraisal Hell

So in the last post you may remember me talking about some extra "more detailed inspections" on our house.  Those took place last week and here's what they found.

  • The hot water heater vent pipe in the attic needed to be supported or moved. It was apparently too long of a run from the actual vent to the hot water heater. It was originally done this way to hide the pipe in the back of the house so it couldn't be seen from the road.
  • The PEX plumbing that had been replaced in the attic needed to be insulated. - no we do not live in Minnesota, we live in Houston. And no, I have never heard of attic pipes freezing in Houston but maybe its a thing.
  • The water heater overflow drain pipe needed to be pointing to the garage floor and no less than 6" from the floor while no more than 12. 
In the meantime, I will come back to these repairs, we found out that in order to get an FHA loan (we had already been approved by the lender and underwriter and whoever else) we had to actually sign on our house before the dream house, though it could be done on the same day.  Our underwriter didn't realize this when he initially approved everything. So now instead of a 2 week grace/moving period between the two houses, it had to be done on the same day. 
We decided to get the buyer for our house to try to bump up the closing date and do a "lease back" to us for a week so that we could move. In context with everything this seemed like the most likely and best option. If nothing else, we didn't want dream house to dump us and go with the original cash offer. After ironing out the gritty details, we came to agreement with our buyer. 

Back to repairs, we did the repairs even though we felt they were ridiculous and petty, we just wanted to get things moving and we were down to a week until close. 

Check out this beauty they just added:

Here is a really bad before and after but it's all I had (come on, its hideous, even our neighbor across the street called to ask about it. It says: "Welcome to our hot water heater vent home. Yeah, I meant home")

Once repairs were made the appraiser had (72 hours) until Tuesday (3 days until close) to respond.  Yesterday (Tuesday) our Realtor called at 5:30 with closing details (sigh of relief!) The buyer on our house would close at 3:30 on Thursday (they actually bumped it up an extra day) which we would be there for. Afterward we would do the walk through on dream house and the owner would meet us there to teach us about the pool (awesome of them since neither of us know anything about pools and friends volunteered their knowledge but don't have a salt water pool.) Then dream house would sign papers Friday morning at 9 and we would get there at 10 to sign. They would be moved out by noon and the place would be ours. 
We decided to take the kids out for pizza for a little celebration!
There was a lot to be done over the next week to prep for our family and I have spent the last week lining out all the things to take place and placing deposits.  here's what we are looking at:
  • Friday we close
  • Saturday the hubster and a friend were going to take a load of all the outdoor ride on toys and lawn equipment over so we didnt have to have it in the moving truck with everything else. We also had carpet people coming to replace the carpet in the upstairs and a fence guy coming to put the safety fence around the pool.
  • Monday -Wed we were having a painter come in
  • Wed - an exterminator
  • Thursday- a house cleaner (any my MIL to help with kids)
  • Friday - a carpet cleaner to clean the downstairs
  • Saturday movers
This couldn't be more exciting dinner conversation! On the way out we let the kids put quarters in those machines where they get sticker or tiny pieces of junk in plastic bubbles and I missed a call from the Realtor.
I called her back on the way home only to have everything come to a screeching halt.
The appraiser did in fact take full advantage of his 72 hour window on the previous repairs and was fine with them but, now needs to see the permit from when the porch was built (4 years ago.) He wanted the HOA, The City, and the County permit and he now has another 72 hours bumping the earliest possible closing back until next Tuesday (has this guy not seen my list!) First things first, we don't live in the city so obviously wouldn't need a city permit (you'd think a guy being so hard us would realize at least this much.)  Secondly, our HOA doesn't care as long as it can't be seen from the street.  - Both of these could be cleared up easily with one phone call on his part instead of tacking on another 72 hour window. 
As for the county we have no idea if one is required or if the builder of the porch purchased one. So to our knowledge there isn't one. At which point we are wondering, what can be considering the porch is already built? Can a permit just be purchased? Do they have to send more people out to inspect? Is this the last thing that can come up? How many times can he extend the 72 hour window?Who pays for these things? I'm sure they will want us to pay for everything (again) but I am feeling a bit over it at this point. I realize some things need repair in most house deals but here's what they are getting:
  • 3 year old A/C
  • 2 year old roof
  • 4 month old wood floors
  • 1 year old hot water heater and attic plumbing
  • a 2 year old storage shed
  • 1 year old built in over the range microwave
  • Fresh, neutral paint throughout (among other upgrades/updates -kitchen and bathrooms included)
  • All my drapes and rods, the gas fireplace logs we recieved as a Christmas gift, an extra box of flooring, all the touch up paint I have, and all the documents on the house for the last 25 years (the people before us left almost every reciept/manual for us and we have kept up with it) including a list of all the plants I know in the landscaping and how to care for them
  • + additional repairs they needed done per the appraisal totaling to aprx $450
  • now the $ they get for leasing us back the house as well - felt like while I'm tallying up, I should add that too
Not to be too petty myself but this is my blog so try to see it in our shoes (and be on my side here, its just better.)  I feel like we are leaving them in pretty good shape and they are definitely buying move in ready. Where does the line get drawn for what we have to invest in this place just to sell it? As for the hubster, dream house isn't very dreamy anymore,  the whole deal is just a hassle and he is ready to quit. It feels like a beat down when there seems to be no end to the "problems" with our little house and we keep being told everyone is doing us a favor by trying to get us to close early. Its hard to see any favors being handed out other than ones that cost us money.  
Not to mention, we have to get dream house to agree to push back closing (what we tried to avoid in the first place) but guess what, they are moving to Arizona and the moving truck pulls out Friday at noon. So we're not sure how the Tuesday closing (4 days after they are supposed to be in Arizona) will work for them. 
So that's where we're sitting a day before closing, or not, on our house.  We're waiting on some calls to be made this morning and hoping there is some way around the whole mess and the buyer's (insert vulgar word here) appraiser. I hope this is all released to you this weekend but it obviously may be later. One thing I know, next time they give us a close date (if we make it that far) it better be for later the same day and we are going to run as fast as we can get there and put our autograph on those "docs" (thats Realtor speak, haha.)  

Tuesday, February 26, 2013

Buying and Selling

As you know we put our home on the market this January. By the time I actually release this post it will be like 3 months later but we actually had multiple offers, 13 showings, and a full price contract only 23 days after listing it. Not bad, right?  I hope you read my selling tips for future knowledge if nothing else! So here's whats gone down since...
As soon as both parties signed/accepted the offer on our home (to make things easy this is what I am calling the one we are currently in) we were able to put an offer on the new place.  I was so excited because we saw the house the week between Christmas and New Year's and I had been watching ever since. This house was our inspiration to go ahead and sell ours.  We walked in and loved it. Sure it's older and needs some updating but I'm not going to lie, I was starry eyed thinking of all the possibilities. Of course like two days after we put our house on the market, the dream house  (and this is what I am calling the one we are buying) was under contract.  We were pretty upset but like with everything patience is a virtue and the deal on the dream house fell through before we had a contract on our home and by the time we were ready, it was available again!
We put an offer in right away. Wouldn't you know it, the same day the dream house received a cash offer. They accepted the cash offer and left us crushed.  We looked every day after that. Went to several open houses and saw several more. We put 2 other offers in that didn't work out and were just about to give up on our desired neighborhood when low and behold... the cash offer also fell through.  - See this house was meant to be ours!
We put in another offer right away and it was accepted without a counter.  I was pumped I felt like we were getting a steal on the house @ $16k less than listing price (those poor people probably just ready for someone to actually buy it.)
Finally relieved not to have to show our home anymore and to have a place lined out to live, we were able to move along in the process. Our home was inspected then dream house was inspected with in a week of each other.  The buyers for our home never asked for anything and never said anything about the inspection (per our Realtor's advice we didn't ask either and just moved on.)  Dream house's inspection went well and the seller agreed to our terms (plus we found out our pool was a salt water pool - I am pretty stoked about that!)
Next step, appraisals. I had never heard of an appraiser coming inside to do the appraisal and whether its a new thing after the mortgage crises or its just a luck of the draw thing, I'm still not totally sure. Either way, the appraiser came in and did his thing on our home and and the other appraiser went to the new home the same week.  Here's where I started getting a little worried again.  We were selling our home for top dollar in a not that great market so we needed a good appraisal. Dream house, like I said, was a steal so I wasn't as worried about it.
Well today, only 15 days before closing on dream house, we heard back from the buyer.  The buyer's lender is requiring some more detailed inspections on our plumbing (read, hot water heater -which is brand new as of last year) and the flat roof on our addition (which I am not worried about because this is the second roof we've put on that thing after the first one failed. I'm certain (OK at this point we'll go with hopeful) that it should pass inspection just fine.
So here we are, never seeing the actual inspection or appraisal on our house and waiting for Friday (it's Wed afternoon) to roll around so we can see what the deal is.
Please know that while it doesn't seem that big of a deal, Friday gives only 13 days before we close on dream house. After closing we will own two houses for a very brief (scary, intense) two weeks before we actually close on our house. We are excited for this time to move and do a couple upgrades before anything is brought into the house but its still scary. Not to mention, my entire house is completely boxed because I have an even bigger surprise coming up for you and I will be out of pocket the 22-24th with limited activity after that.
So thats whats up with our nerve racking roller coaster house buying and selling. And its not over yet!