patrick.net

oh, and 4.5 is what the GFE had on it yesterday when I signed some stuff..

Bap33 says

Today I bet the loan broker $20 that some stupid assed request will be made by the underwriter that will hold up the process, will cause me to miss escrow closing time, and I will not get the house. He’s pretty confident it will close with no sweat.

Stay tuned.

Yes, yes, and YES but I still managed to Close on time. Well a day latter actually.
Although all was moving forward the whole time and I was putting money out I would never see again, on inspections and other appraisal fees. Nor if the deal fell flat, was I convinced I'd get "ALL" of my money back from other fees like Title fees, and Broker fees, and other deposit monies.

It was very stressful, and keeps the Home buyer, imprisoned in agony and suspense, trapping them from shopping other lenders for a better deal. In spite of the verbiage in the HUD addendum attached to the daily changing GFEs I got, that were all over the map. I wasn't even sure what my total closing nut would be. In spite of the "new laws" that was supposed to make lenders more forthcoming.

Ok, here we are. The loan docs are supposed to be in the lender agent office tomorrow. The escrow will have to stay open a couple of days. An extension was requested on Friday and no response yet, but the REagent and the Lender agent both asure me that the seller will not have any problem with waiting a couple of days for escrow to wrap up.

Had to come on here to get away from the political area! I find life is a little calmer when i avoid that stuff. That dang shooting pulled me back into the junk, but I'm all done with it now! lol

It is COLD this week.

To recap, my offer was accepted on 11/08/10
Stay tuned.

welp ... the lender did not send docs, they sent more requests for stuff we should have had requests for a month ago, or more.

This sucks all the ass.

Doubt we have enough time to satisfy these underwriters lists.

Not a fun process.

Sounds like it would be easier to just rob a bank and pay the seller with the bank's money directly.

Ok .... and so today the entire package/bundle/answer pile was turned into the east coast based lender for final underwriting.

Even if they did the impossible and got docs to me tomorrow, there is no way the thing closes in time. I have no idea how much more F-ed up the system can be.

I have spend $2,175 in fees, inspections, certifications and just plian F-ings.

The latest F-ing was having to pay the lender's appraiser to go-re-inspect a fence that was vandalized during this process. A fence that was ok when I made the offer, it was still ok when we went into contract, and then it got tore up so I bought the parts and repaired it to keep things moving, but they couldn't just go by the pictures we sent them. Oh, and put on new water heater quake straps -- all on my dime. Capped by another $200 right in the butt to get it re-appraised, even though value is not even an issue with the fence F-ed up!!!!!!! Arrgggg!!.

My hard-money idea looks soooo much better right now.

Thanks for the positive thoughts folks.

All issues have been addressed.
All questions have been answered.
All paper work is in.
The REpro is sending a bunch of proof for the seller/escrow to know we are all in at this point.
The downpayment sits ready.
The bank account is ready for the auto-withdraw to begin.
House insurance is set up.
The lender's exact words: "100% of the time the loan goes through from this point on."

Stay tuned.......

ok ..... tomorrow is Friday. Friday in the morning the NY based lender is to send the docs to title, and title is to send them to notary near here. Me and wife will be called by notary as soon as they hit her office tomorrow morning. Local lending agent is going to come too, incase of any issues, they are fixed on the spot.

After all docs are signed they will be nextday aired back to snowy east coast (they will not accept electronic data transfers --- odd huh?).

Monday they should fund and trigger the title/escrow completion.

All should be done by Wednesday (says local lender)
Trouble is the last extention runs out on Monday. We are 3 days tardy at best. I told the local lender broker to have the NY based lender call the seller directly and explain the time frame. Friggin idiots took for-ev-er.

So, what will happen this time? Seller going to say "times up!"? Or, are we in there?

Here is one thing that happened that you may not believe: I was asked by the NY lender to explain why my signiture did not match on every document, and then sign a document that said I had signed every document. Yes, that is the truth. I was asked to sign a doc to prove I had signed the other docs. My answer was "I did sign everything, and I signed most things 3 and 4 times by now, and my ability to write well goes away after the first 30 signitures" or some other smartassed answer. So, just to make a point, my local lender broker took a pic of me signing the doc that I was asked to sign to prove I had signed all the docs just to make double sure they had proof that I signed docs .. and he sent it to them. That was pretty funny.

Bap33 says

Here is one thing that happened that you may not believe: I was asked by the NY lender to explain why my signiture did not match on every document, and then sign a document that said I had signed every document.

These were only the loan documents right? Or did it include the purchase contract as well? I've been authorizing my agent to forge my signature for purchase contracts. Previously, he authorized me to forge HIS signature to write my own contracts.

But with that put aside, I'm glad all is working well.

um, I don't really know what docs they pertain to exactly, I just did as I was told.

today sucked all the ass. These idiots on the east coast did not send any docs until 3pm our time. friggin suck ass MFers. And so, nothing is completed until Monday.

On a side note, the docs they sent today indicate that they have sold the loan already, as I am having to re-sign up for some other company to remove funds from my bank account on auto-pay. So, it is my best guess that these MFers have been dragging ass to dely enough time, so they could sell the loan before they even make the actual loan. Just my guess, wht do you guys say?

We entered into contract on Nov 8th.
It is now Jan 28th.
Yea, I think these pukes sandbagged while they found a buyer.

you know ... you are 100% right - again. In my world, people that do a job as unproductive as these folks are normally unemployed. I know I could not hold my job if I operated like these people. I am sure you are in the same boat. This frustration zaps my spirit and drive much more than a bust-ass day of work ever has.

ok .... so, Saturday morning at 8ish my lending broker calls me and says that the final pile of papers have arrived. I told him I would be right there, and I was. Signed everything that was not signed on Firday night. Went by the CreditUnion and got the "cash to close" (up from $10+K at the begining to a new high of $14+K). And the entire package was sent over-night USPS on Saturday around 11ish.
So, I have spent $2K+ on inspections, appraisals, septic pumping, well testing, fees, and repairs. These costs were "flat" and not rated by house price.
And I just sent out $14K+ for escrow to close. Some of these costs are flat, some are based on loan amount. I'd say, from memory, it is about $5K in flat cost and $9K in loan based cost that are a percntage of the loan.
Anyways, I am into this deal a full $16K+.
Here in the valley there are not that many middle/working class buyers that are sitting on $16K, debt free, with 780 credit, so it is my suggestion that prices will still go down in the middle/upper-middle/non-rental market - OR - fees will be allowed to be included into FHA assistance loans to allow more buyers with less cash (same trouble that started this bubble).

Checked in today, and so far I have nothing more to do.

Anyways, I think the next two days tells us if we have chicken or feathers.

@ Bap33

I must confess this is one of your best posts if not the best!

closed and recorded on Thursday
started working on it on Friday
should be about 5 weeks of busting ass before wife and kids move in -- then i get to do the one we live in now, since it's a family owned rental.
Need to find a reasonable metal building for a shop.
Need to get back into shape ... friggin back is tight from just a few hours on work. I'm such a noodle armed pus-gut these days.

I'll keep you folks aware of the 203K draw process and how that goes.

Adios

What work are you going to do to it?

Congrations.
Finally closed, huh?

Looks like lots of work there. I assume you got some experiences fixing home though, don't push yourself too much, and take care of your back. Back pain sucks.

OK, now, can we expect "Bap's step by step guide to fixing home with pics" ? ;-)

Bap33 says

I’m such a noodle armed pus-gut these days.

Pretty funny description... congrats on the purchase.

@ToT, roof, flooring, painting, doors, jambs, casing, base, toilets, sink traps, undersink cabinet bottoms, new A/C, privacy/pool fence, sink fixtures, some outlet upgrades to GFI, plumb for gas at oven and dryer, removing all near-house landscape and lower near house grade, .... just little stuff too.

@seaside, thank you. Yep, closed. I have a card in my back pocket that says I used to be a capenter. Most of the stuff is under the 203K contractor bid. I'm just doing the extras that help things come together nice. As far as pics, I took a bunch of "before" pics, and even did a vid walkthrough on my wife's camera that's about 12 minutes long. I have no idea how to post such things on here, but I my be able to set something up on some hosting site (?). Anyways, I have tons of "before" pics. The "after" pics will be a couple months out.

@ellie, thanks. Getting old sucks.

One week after close:
New roof will be 100% done tomorrow
New HVAC and some duct modification all done.
New facia and re-hung some gutter.
Some new starter board (the plywood you see from under over-hang)
All base and doors removed
New jambs installed in a few spots, doing match doors everywhere else
Toilets removed
Removed fart fan covers, but left in fans until after painting and then replace.
Removed all HVAC duct registers.
Switch plates and plug covers removed
Removed the door chime off the wall ... first time I could remember taking one of these things apart.
Lights and fans removed
Window blinds removed
Walls repaird (one more coat of mud and some areas will be re-textured)
Pool temporary secruity fence done
Weeds mowed and then rotatilled
Some fence removed after wind blew it down
Removed some corny pravacy lattice that looks like it once surrounded a spa
masked off everything but windows and front door.
Ran gas line for stove and dryer
Removed some shrubs against house. Tons more to remove.

Next up:
Prep for paint inside.
Refinish butcher block top of island
New angle stops everywhere
May replace kitchen sink, but the 1/4 round tile on it is absolutly cherry, and I do not want to screw it up.
New light bars in bathrooms
Remove these super big, wall size mirrors in the master dressing room and replace them with skinny mirrors from the circus.
Remove the shrubs and set grade away from house
Need to either repair some windows or get inserts.

getting in the swing of things now. only bummer so far was making a pecker track on my new facia ... first 16# galvy I'd driven in a few years ... and it had to be in prime location. Me and my brother laughed a while over that one. I see it every time i walk by. lol

How much was new HVAC, did you do the roof your self?

new roof mount 3.5 ton, 13 seer I think, new plenum and draw duct, installed for $3,700

I am not doing the roof installation. 1,800 sgft home, 5:12 roof, not cut up, lifetime comp, top of the line felt, for $12K, includes stripping and taking old shake roof to dump, installing all new osb plywood over the skip sheeting, all new flashing and tin work. Not bad for $12K.

Bap33 says

Remove these super big, wall size mirrors in the master dressing room and replace them with skinny mirrors from the circus.

Marry me!

finishing up the base and doors and trim work tomorrow and Wed.
sheetrock repairs completed.
doing some plumbing improvements Wed.
Painter should start Thurs.
I'm tired. Gnite.

Bap, double congratulations.
You bought house and you got a propose from elle. Does your wife knew this? :)

Man, your capenter background really helps. I don't even dream about some works you're doing, partly lack of experience, partly due to my spine problem. Keep up with good work, don't push too hard.

So, what's your choice of color for what rooms?

Pushed the painter back a few weeks
decided to do an addition, waiting for plan check and permits
nothing fancey, just put a room where some covered patio now sits. No roof work, just slab and walls and elec and insulation and rock and done.
removed the stucco from walls and lid and hammered the patio
framed in new windows and entry for addition
can't do much more until permits hit my hand
so, this week I'll do plumbing and fix some windows
side note- found the sewer clean out. This is a great thing to know the location of.

inspection for foundation tomorrow, cement Sat if no rain.
got everything torn to shit right now, but it will all mesh back together at once.
friggin windows must be made with baby white rhino testicals, they are expensive.
the last few weeks have not rocked.

ok, update time:
put in windows and ready for stucco to begin tomorrow
inspection for rough frame, elect, lath next day
insulation and sheetrock installation start late Thurs.

coolness points for this: Added a home switching center for the cable / Cat5 / phone / modem to be all in one cabinet. Ran all new RG6 and Cat 5 to all rooms. My buddy is really into this stuff. He does homes on the coast for like $7K a piece, so we are just using spare parts and making my stuff all baddassed super tech !! lol. If you want the badass central panel, hit me up.

So, plumbing is all done except top-out of new fixtures in all lavies and kitchen and toilets. That stuff will all be last anyways. WIth all new angle stops I have no problem doing fixtures over brand new hardwood floors.

Ran exterior light plugs to two under-eve locations with a switch in the master closet for X-mas lights. Cool huh?

Refinished the kitchen island butcherblock top ... oh my god it looks like WOW ... I suprized myself it came out so bitchen. Lots and lots of linseed oil and buffet it with stuff like beeswax (but not bees wax) and it looks badassed. I may have to load a pic.!! lol

back after a week or so,
adios.

wow cool. id like to see the countertop if you have a pic

It would be much better if I had "before" and "after" pics .... we'll see.

I do need some help finding the best way, and least intrusive way, to remove smoke damage from some of the bricks on the fireplace. They are not too bad after I hit them with some mild cleaner and a stiff brush and then a rag ... but, they are still a bit tinted. My brother says I should just paint them all white. They are currently red cement brick with that blotchy grey look that makes them look like "used" real brick.

texture 1/2 done. they finish tomorrow
I'm running base and trim tomorrow with my brother
painters start caulk and putty on Thursday
painting will be done around next Wed.
I'll start detailing the inside when the painters leave.
Electric and communication lines get terminated next.
That leaves just the floor covering and appliances, blinds, light fixtures, plumbing fixtures, shower enclosures, ceiling fans ... I'd guess we are 3 weeks from completed with the whole deal (interior).

Stucco finish starts tomorrow too.

On the outside I have been removing old fence and trees. I dug up power and water lines by hand to help avoid hitting them with the tractor. I have some very large tree removal starting soon ($800 worth). Things are getting cluttered in the garage and here and there becaue I have only a medium sized dump trailer. I think I need a dumpster, but they are expensive.

okie dokie ... I will be putting the finishing touches on the inside next week. The place came out even better that I figured. Spent about 15K on the addition and some other detail work I did and outside stuff I paid for.
delivering appliances Saturday
moving in some stuff that is in storage.
mostly reinstalling stuff, changing switches,plugs,plates to deco white, little things.
all hired tradesmen will be done and gone by Wednesday.
2nd draw from the rehab loan next week too. Doing a change order to repay myself for some plumbing and windows I paid for, paid out of the contingency money (I hope).

Milgard windows are expensive. Nice though.

and then ..... the outside gets undrway. Trouble is, I am out of money!! lol No shop is a bummer. Anyone wanna sponsor me a shop? I can get 24 X 26 steele up and done for $7,000 including a 20X20 approach pad. Anyone? lol

okie dokie ... sent off Draw #2 for the 203K Rehab loan. It has everything but the appliances in it, so I will have one more draw and a big change-order to access the 15% cushion that was created.

The entire interior is done. I only need to finish detailing some cabinets and getting some blinds.

Need another gorillia to help me lift the island back into position. Co-worker shall be volunteered tomorow.

I have two doors to hang. New rear patio man door and new garage man door. Paint is drying on them.

We need to get some good carpets for the entry points to control some dust. Stinkin hard wood cherry colored floor shows the dusty boot prints very well.

Wife and oldest daughter cleaned a few windows today. I am suprized as you are.

Put a new door bell chime and button. Ding ding dingding .... ding ding dingding. You know the one.

And so ... completely out of money (about $3K cash total left in bank, 25K in signiture loan [$500 a month payment for 60 months] used to fund addition and extras, 130K in house loan, 34K in rehab 203K [1,300 a month for 30 years]) so, $190K in debt against a $250K estimated house value, and $3K in cash ( I feel so naked without cash). I will refi as soon as the rehab loan is finalized if rates are still good.

Outside work will be slow due to no funds. First I must paint the outside. It will cost about $700 in material. I am doing the backyard/pool fence next. Friggin fence is $10+ per foot just for the material. Absurd. That makes it a $3,000 pile of wood for me to build with. Next will be some front yard doctoring and circle drive stuff. Again, just doing what I can without spending money. Cement is still $75 a yard, so I'll be pouring in a patchwork fashion on paydays .... lol (the construction guys will get it and laugh).

Ok, anyone have any questions about the 203K rehab loan? It worked for me.

planted water melons. lots of em.

mucho yard work all weekend.

appliances come Monday, then we start putting in our junk.

Bap33 says

planted water melons. lots of em.
mucho yard work all weekend.
appliances come Monday, then we start putting in our junk.

Put a few watermelons in square jars so they come out like this for fun:

Fits nicely in the fridge. It'll mold to the shape of the glass but you will have to break the jar when it is full.

how does it spin on the vine with a block shape? That is pretty neat. May try it with a wine jug, just for kicks.

I've seen these...they are grown in Japan...

Alrighty ... just refied down to 3.5 from 4.64, the loan cost will be paid back with the savings in about 3 years. House appraised at $260K, into it for 191K total.

Completely repainted the exterior.
Built shelves for inside the garage.
Shop and cement around it were done last summer.
Finished off the inside of the shop, epoxy floor, slick OSB side walls, lots of lights and plugs, wired for Cat 5 and Cable.
Oh, and the epoxy floor was a real challenge. I wanted to have a metal flake over white floor, to give it a 50's vibe. Well, I muffed up the application of the metal flake, made a mess and used up $200 extra in epoxy, but now it all looks ok, just plain bright white .. no clear, no metal flake. lol. This story is much funnier while standing in the shop!

The only thing really needed to do, besides constant maintanance, is landscape and flatwork.
I have diced, graded, and worked the lot to smooth and flat, and ready to be made cool, just don't wanna go into debt for landscape and flatwork.
Cement is $100yd, my cost, on Saturdays, with a full truck and no stand by time. Running lots of sprinklers on a well is not my favorite thing either, so I'm looking at lots of flat work and mow-strips to allow for rock areas.

top-grade laminated Hardwood floors are awesome, and the dog cant scratch them.

Black Appliances look neat but are hard to keep clean and look like crap too much of the time. Kinda like a black car.

Fire stove is a harth mount and is amazing. Uses very little wood, makes lots of heat. House is at 80deg and kids walking around in summer clothes after showers at night.

The market is pretty strong around the area because folks want to get away from the scummy areas. That is the only motivator in this area, I think. Otherwise, it's farther to the store, DMV, Doctor, ect. No sidewalks around here, and that can be an issue.

Kids have friends all around and the court we are on the end of is the playground. In the summer months there are nights when there are 15 kinds between 7 and 12 out on the court with scooters, bikes, or balls, or just running around being kids. Not a bad situation right now. I'm sure when they are all teenagers I will be keeping my daughter closer to the house! lol

my gorillia guard dog is getting lazy and fat due to no more true guard duty.

Merry Christmas

Bap33 says

welp ... the lender did not send docs, they sent more requests for stuff we should have had requests for a month ago, or more.

Or as I found, stuff you've sent tens times already in the last month.

Congratulations Bap, sounds like it is going well. Thanks for the update.

Bap33 says

I'm sure when they are all teenagers I will be keeping my daughter closer to the house! lol

Good luck with that!

15 kids, not 15 kinds .... 15 kinds made very little sense. lol