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Post by iguanamamma on Jul 6, 2009 23:58:27 GMT -5
I mentioned that I was trying to buy a house that had apparently been in deep squalor at one time.The lender who is a nice lady called me and said that they couldn't give a loan on the place due to several factors. The place did need some repairs, there were lots of stains but the major thing that was an obstacle was that the owner apparently let the insurance lapse in February. In Texas every house in a coastal area has to have a WIP 8. This is some form that deals with windstorm insurance and any house that had had anything done to it since 1998 should have this form and it is in this giant database that is accessable to all insurers. There wasn't one on the house I was looking at. I have no idea why the owner let her insurance lapse but because she did all of the repairs done on the house were called into question. So I am not closing on the house this week or ever because of it.Great just great.
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Post by theroyaldump on Jul 7, 2009 6:36:30 GMT -5
I know how disappointed you are feeling. Now the house hunt begins again.
However .... What was that old country song about unanswered prayers by
Garth Brooks? You are probably not able to see it now but this is probably a blessing in disguise. This house could have turned out to be a monster money pit for you. God just has not put the right house in your path but He will. This one wasn't meant to be.
Keep looking, the perfect house for you is out there somewhere and you WILL find it!
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Post by mouse on Jul 7, 2009 8:21:10 GMT -5
That's odd. Can't you just have the home re-insured, or does that entail a lot more costs? Anyway, I'm sorry to hear you're not getting the house you want. That really sucks. Which reminds me... I really ought to get insurance on this place. I rent, but now I actually have nice furniture and stuff that would need replacing if the place caught on fire or was burgled. ~Mouse  |
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Post by rubyred on Jul 7, 2009 8:26:57 GMT -5
I agree with the PP that this could be a blessing in disguise. You don't want to inherit huge problems that may not be insurable.
I'll own this house outright in 24 1/2 years, but in the meantime I'm very glad that the mortgage company makes us pay the insurance and taxes as part of our mortgage. Nothing ever lapses because it can't. And when we get the tax bill, we send it to the mortgage people to pay.
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Post by messymimi on Jul 7, 2009 9:22:51 GMT -5
Iguanamama, I am so disappointed on your behalf.
As the owner of a money pit, I do hope this does turn out to be a good thing.
This also leaves me wondering -- is this house now completely unsellable for anyone, ever? If so, that is just plain weird to me.
messymimi
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Post by Peach on Jul 7, 2009 9:28:30 GMT -5
I also agree with the previous posters. It is very easy to fall in love with a house and overlook, or not really admit to oneself, that it has serious problems. DH and I almost did that two years ago. We were smitten with a cute/picturesque house with some acreage. A few very thorough inspections later, wherein I followed the inspectors around and asked lots of questions, we came down to Earth and thanked our lucky stars for pulling us back from what would have been a money pit and jeopardized our retirement. You mentioned there was residual odor from previous squalor. Sometimes odors cannot be completely eliminated, if they have seeped into the woodwork/structure of a house. That could have permeated into your possessions and clothing. You WILL find a better house.  |
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Post by juniper2 on Jul 7, 2009 12:58:31 GMT -5
bummer...but then I am a believer in if it's meant to be, it's meant to be and if not, be happy 'cause the universe IS protecting you.
Remember...when buying a house...ALWAYS take the time to check if any permits were pulled from the Building Dept. for any work that was done electrically, siding, roofing, garage conversions, additions, etc. or you will be liable to pay big bucks or reverse the extra rooms, etc., I work for the City and a poor person came in who bought a house, needed to do repairs since Code Enforcement had issued a notice to him. (Cities are on the prowl to obtain cash and are issuing notices) He's needs to remove the back porch awning that's attached, the carport, reconvert the garage back or bring it back to specifications, install a window, make the room smaller since it doesn't have the required setbacks...cost almost 40,000. Blew him away...so he is tearing down things that were built.
I checked into a house here...no permits...owner remodeled entire house without a one and the next door neighbor had an inground pool without a permit! Looked like the pool was slightly off center and leaning towards the house I was interested in.
I would never buy a property unless building permits were pulled on any work done in the house. A deal or the house of my dreams may turn into an immediate nightmare!
Good luck on your search.
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Post by iguanamamma on Jul 7, 2009 18:52:15 GMT -5
I am wondering what else wasn't done besides the insurance. I have already scheduled a visit to a house with a white picket fence, the porch is covered with purple bougainvilla vines and the backyard looks like a palm filled paradise.It is in our price range. I think I was supposed to find a better house.Hold the thought for me.
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Post by juniper2 on Jul 7, 2009 19:26:46 GMT -5
Ooooooooooooh. Purple Bougainvillea surrounding the front porch...LOVE it. Had a place with deep pink Bougainvillea that I rented. Fingers and toes crossed!  |
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