Sold, to the wrong person

As Steve and I were leaving to go on our 10-day vacation in September we got word from the lender that they had approved the loan conditionally.  Unfortunately for us, we received the info while in the airport and my cell phone hardly had any juice and we couldn't get a hold of our realtor.  Just as our number was being called to board we got a hold of Amy, our realtor, and decided to let everything wait out until we got home.

When we got home we found that the lender was requiring $5,000 in a savings account in addition to the 20% down.  This put us out of the running.  We figured we'd put everything on hold and see if we can save up for the next several months.  After all, the house has been on the market since November of 2011.  We'd probably get that money together somewhere after February.  If the house was still available it'd be in the dead of winter and her house would have been on the market for that much longer and we'd low ball her.

Fortunately for her she sold it.  I click on the web page every day, sometimes several times a day, just to keep tabs.  And this morning it's gone.  So sad, but that's the way it was going to be for us.  End of story.

Are you SERIOUS???!

I couldn't get a hold of the lender all day yesterday and I finally got a call back from her today, after I called twice.  She said that the work is backlogged on the underwriting side and they haven't even looked at my application yet.

I about went through the roof.  I told her that we wanted to put in an offer this week and that Steve and I were leaving for a cruise at the end of next week.  She told me to call her back tomorrow.  As if one day's going to make any difference for a file that hasn't even been opened.

I talked with my friend, Billy, and he told me that Mountain America Credit Union will loan to a modular home.  I guess I'm going to have to start the process all over again.  That's unfortunate since we'll be gone.

Then I tried getting a hold of the realtor, Amy, today.  She's a difficult one to get a hold of and she didn't return my call even though I left a message.  This is getting very discouraging and to top things off, I don't want to go on the cruise.  *sigh*

Say what?

Yesterday, we got a notice from Wells Fargo saying that they were unable to process our loan due to an incomplete application.  I called the lady, Danielle, who submitted the info and she says that the system shut down in the middle of entering the data and she had to redo the submission.  The notice was on the first submission.

Danielle had a few questions for us regarding our Magna rental and she needs to resubmit the information because she didn't understand that we had two homes. I'm not sure where the breakdown occurred because I was very up front about us having a rental with tenants.  Oh well, she says this shouldn't hurt us since we collect rent.  I just wonder if this will delay us in finding out if they'll lend to us.  She had said we'd get our verdict tomorrow, Wednesday.  I was hoping to put an offer on the house by the end of the week.

I got an email from my realtor's office asking how things were going.  Other than that it's been slow going.

Beaten into submission

Ok, so we weren't beaten, but sure felt like it after gathering all the info for the Lender.  Submitting did we do, we submitted all the info they requested.  Good thing that we are mostly organized.  Well, except for the tax file.  I looked 5 -6 times over where it should have been and then tore the house apart.  Finally, I gave in and had Steve drive me to the storage unit so I could look there, in the dark.  Steve parked the car so the headlights shined inside the unit, I had one of those head lamps, and Steve held a flashlight while we tore that thing apart 2 - 3 times over.  We came home discouraged.  We're talking about a folder that had our taxes, W-2s, 1099s, etc. all the way back to 2006.

We woke up in the morning discussing where it could possibly be and woke Cheyenne to our chatter when she quipped that it was in the sewing room since that's where she brought it to me when she was filling out her FAFSA for her student loan.  I had looked the night before and didn't see it in there, but I went back in for yet another look.  I didn't know where to start, but I cocked my head to the side and there it was under the arm of my sewing table, it was just the right size to support the arm.  Silly me.

I left work early to go work at the Box Elder County Fair's hamburger shack and found an email in my inbox  from the insurance agent after I got home.  The email said:  "Back to the drawing board...I am going to have to find a different company to insure this property.

With all the information in, the company I have been working with doesn't want to write it because they are selling it to you for less than 1/2 replacement cost.  Replacement cost came in at $165,720 and premium comes in at $1,715.14.  So, I will check new companies tomorrow.  Will see what I can find out tomorrow."

UGH!

Today's been a slow day.  No communication with the lender and none from my realtor.  But, I got another email from the insurance agent.  It said:  "Okay, finally got another quote finalized.  $1,060 per year.  The highest they will go on the mobile home coverage is $57,200 but with the land being deducted from what you are paying, that should cover it (as long as your mortgage company is okay with that.)  It has earthquake, which is optional.  Would be $38 less without it.  See attached quote and let me know what you think."

We'll keep the earthquake insurance, THANK YOU very much.  After all we have earthquake coverage on our Magna and Bear River homes.  I AM a Cali girl and know its value.

A blip in the road

Well, I was supposed to get a pre-approved letter from the lender today and put in an offer.  That didn't happen.  Now we've got to get the following info to her and go for the long pre-approved route.  Darn.

• 2 most recent pay stubs (4 paystubs if paid weekly)
• 2010 and 2011 Tax Returns (include all schedules, W-2's, 1099's, and extensions)
• 2 consecutive months of bank/investment statements (please include all pages)
• Life Insurance Information showing cash value
• Approval Letter for vehicle loans showing rate, loan term, loan amount, etc. (loan does not have to be in place...just need approval)
• Signed 4506-T form (attached)
• Signed Authorization of Release (attached)

Been working most of the day to get these items all lined up.  Although I have lots of personal financial info on my jumper drive, unfortunately, I don't have all.  I need to go home and get the rest.  The clock starts ticking when I get all the paperwork in and then it'll be a four day wait.

I had plenty of questions for the buyer.  I received this in the email inbox just moments ago:  let' see, the shingles are asphalt, estate quality, 25 yr. warranty over tar paper. the siding is sealed composite masonite wood, i can't remember the technical name for it. don't forget the house is 2" x 6" contruction. the septic tank is between the garage and the puppy house with direct access from a valve on the east patio.  the leach fields are on the east side of the kennels.  currently the house is all electric but can be converted to propane if you want to spend the money to do it.  i never did it because propane makes me very nervous.  yes the property has a burn pit.  it is located directly north of the puppy house.  there is also a bbq pit but i only used it once and the weather has re-deposited much of the soil so it will probably need some tlc.  before i forget the roof snow load was specifically designed for UT, CO, ID, WY, and MT. there is a sheet on the inside door of the breaker panel in the utility room describing the rest of the specifics. the breakers are clearly marked as are the ones in the garage. you can request all of this information from the iron county building inspector if you need more specific info.  as for the mosquitoes; I've never had a problem with them as i never let any water stagnate even when the kennels are in full operation.  also, i had the weatherization people out here jan. 2011 to see if any improvements could be made.  the place is maxed out on insulation, the ceilings, walls and floors.  of course they made a comment about the doggy door in the north wall of the family room.  that, of course, could not be helped but can easily be resealed.  if you want the direct phone number to Nashua let me know.  i hope this helps.

More activity with the insurance company and she now needs the make, model, width, length, and serial # to continue with the quote.  Unfortunately, that was not in the email from the seller.  :(

My Dad rushed home to get me a copy of my 2011 tax returns emailed to me.  Unfortunately I need the W-2's also.  Steve went to the credit union and they said they could lend us $11,000 on two vehicles at 3.24%. I only want to borrow against them for the amount that is needed.  I was hoping $7,000, but until more items are sold, we're needing to borrow $9,000.  That will put our payments at $163 for 59 months.  YIKES!

I hope tomorrow yields better results.

Coming out swinging...

The down payment is coming along slowly, but it's coming along and looks more and more like reality than out of reach.  I've worked up the budget to see if we can afford this and all signs are giving me a green light.

So....I've come out swinging and trudging full forward.

• I've contacted the life insurance company to request a name change form so I can switch from my old married name to my new married name and requested a surrender form.  I asked the customer service rep how long the process takes and she said 20 days.  Let the jumping through hoops for this aspect begin!

• I've contacted an insurance company that insures modular/manufactured homes and am jumping through their hoops.  Lots and lots of questions, and additional questions too.

          ~ Has the roofing, electrical, plumbing, and heating been updated since 1990?
          ~ It doesn't look like there are any fire hydrants close to the Beryl home.
             Is that correct?  How far away is the fire department?  Is there a water source
             nearby?
          ~ Can the home be seen from at least two other dwellings?

          I received the following email from the insurance company:

          "It is hard to find companies that will write a rental home that far from the fire station, but I have found at least one.  One company will write it as long as it can be seen by 2 other dwellings, which you said it could.  Their only concern was whether the Beryl Fire Department would respond in a fire or if you might be too far away for them to come out. If they would come out, this is probably the best company we have to quote.  They are a great company and have good coverage.

           I have a second company that would write it, but may not offer liability depending on the animals you allow.  If you allow horses, cows, goats, etc., they would not any landlord liability.  I don't like the thought of your being without liability, but it is an option if we can't write elsewhere.

          Sorry to be so inquisitive up front, but I would rather write it right than to have to rewrite because they won't accept it after we have it issued."

•  Got the ball rolling with Wells Fargo.  We're going to go for a pre-approved loan and I filled out the online application as well as answered a bunch of questions over the phone.  She asked how I came up with the 20% down and I told her we sold off a bunch of stuff and raised monies.  She was concerned whether the raised monies were gifts from family and/or friends.  She said it would be a whole different ball game if it was.  I told her we sold off stuff and took out two auto loans.  I told her how much I hated doing that since the only debt we have is our homes.  She said she'd look into a few things to see if it looked good and to not take the auto loans out yet, but I have to document and prove every deposit going into my checking account to prove that the monies were not gifts.

• I called my real estate agent, but she was with other clients and couldn't field a call so I've emailed her telling her that we are close to making an offer.  I also sent a list of questions her way.  She was also supposed to get me information on the water, mineral rights, etc, but she's been too busy to produce the stuff.  I hope she sees us as serious clients and will start focusing on us or we'll have to look around for a new agent.

Got a dollar?

Plugging away at raising funds for the down...I had a guy call me this morning frantically wanting to know if I'd sold the '89 Ford Escort that I had posted on KSL.com yesterday.  Ummm yeah, that baby sold within 30 minutes of posting.  I was asking $300, was offered $275 by a wrecking yard as long as it was a complete car.  I sold it as a non-running vehicle, so the mechanical part of it is doesn't matter.

The second guy and I got to talking and he really needed the head, his is cracked and he's been riding his motorcycle all summer long, but winter's coming and he needs his car to be running.  After some soul-searching to see what I thought of selling the head after I'd committed to sell the vehicle to someone else, I decided that it was ok.  After all, it is a non-running car, no money has been exchanged and the car hasn't been picked up.  So, after some haggling, I'm getting $50 more than expected.

Then, when I checked the PO Box today the Costco rebate check had arrived.  That's another $150.  CHA-CHING!

I tried calling the lender today to let her know that I no longer considered the 20% down a bust and that we needed to move along, but I had to leave a message.

A couple of things I missed looking into when we were touring the property:

The location of the septic tank
The location of the BBQ pit.
Verifying with the property owner that there really wasn't a propane tank although the listing says there's one.
How bad is the mosquito problem out there.

Lookey-See and SURPRISE!

Yesterday we drove out to look at the property.  We figured that we ought to look at the place before we start selling off stuff.  (Although I wouldn't mind selling off stuff just because.)  The drive down there seemed like it was never-ending.  We arrived an hour and a half late, but Amy, our realtor, was wonderful!  We gave her some eggs from our farm.

Amy asked if we wanted to drive down with her since we'd already done a ton of driving.  We told her of our plans to surprise our FB friends, Billy and Tina Cooper and that we didn't want her to be there since Billy knew what she looked like.  LOL.  Driving in, there were lush green fields of hay and corn, but we got near our area and it was all sagebrush.  The owner of our property was there and was quite talkative.  I think she's lonely.  The place was well kept and she took great pride in what she had developed.  She purchased 20 acres in 2002 and developed the property, bringing power from the street all the way to the home which is set back quite a ways so you don't get dirt flying around from the road.  She purchased the the transformer, line, and pole that is near the house.

There's a wonderful shed out back with six? individual kennels.  An area cordoned off next to the kennels for  livestock.  She used to have goats and a pig.  The home itself has two doggie doors, one goes into a kennel, and another goes into a huge fenced off area for the dogs to run around in.  I don't know what I think about holes cut into the modular home, but that's fixable.  She also had a pet memorial near the driveway, complete with a sitting bench and markers for each animal, including a pet rat.  The markers will eventually go because it's plain creepy.

There's also a huge fenced in area on the west side of the home.  She said that you can see the western mountains (the Nevada side) light up when the proving grounds does their bombings.  She said it's your own fireworks show.  I told her that'd be cool as long as people in the area aren't dying from cancer.  I mentioned this to prod on her ails and to find out if there's rumors of people being sick.  She laughed and said they don't have problems with cancer.

The well has a cubic acre of water.  She said she uses .38 for culinary and the rest to water on the property. She's put in a drip irrigation system to water her trees, which she treasures.  I'd want fruit and nut trees everywhere instead of what's there.  We will probably develop 3 1/2 acres to use.  Two acres for alfalfa hay for our animals, 1 acre for our fruit/nut trees and garden, and 1/2 an acre for the home to sit on.  The property is 660 feet wide with the home smack dab in the middle and it goes really deep.  I don't think we'd possibly ever use all the acreage, but it can be used as a buffer.  We are interested in pricing for extra water.

The modular home was built in the '90s so it's a little dated.  The owner is a smoker, so there's some cleaning to do so I don't get my migraines from cigarette smoke.  All three bedrooms are a bit small.  I'm used to a huge master bedroom since both the Magna and Bear River homes had HUGE ones.  The master is in a different part of the home from the other two bedrooms.  There's surround sound all throughout the inside and I'm being told that it's outside also.  There's a partition wall separating the front room from the kitchen, but the wall moves so you can make either room bigger or smaller.  I'd opt to have a bigger kitchen.  :)  The windows have solar screens to keep the place cooler.  There's a small bay window in the dining area.  

The house is not in trouble and nowhere near foreclosure.  The property owner fell ill, something with her heart and is not able to keep up with the demands.  I'm guessing she owns it outright and will live off the sales in a small rented apartment for the remainder of her life.  She's supposedly gone downhill real quick this past year.  She's young, well younger than Steve, we're guessing.  It was kind of sad and she'd get a tear when she realized that she would be leaving the place.

Some pluses we learned about our Wishlist property:
About 5 huge wooden spools that she'll leave behind and we'd love for as play toys for our goats.
Free burial plots at the local cemetery, land donated by a veteran.
She lowered the price to $65,000.
Property comes with mineral rights so you own it ALL.
I would raise some purebred dogs and earn a living to supplement the income for our new style of living.

Steve's ready to move in, while I'm dragging my feet.  I want the property also, it's just so far away from family and I've grown to really love the beautiful green farm lands in Box Elder County, especially the Bear River area.  It's so so beautiful where we're at!!!  Reality soaks in and we can't afford to upgrade our living circumstances at the prices our area commands.  We have so much we want to do and learn about living self-sufficiently and we can do it without wasting a total of 5 hours a day commuting.

After we were done looking at the property, Amy drove us by Billy and Tina's place, pointing the finger for us to drive down his road while she drove on by.  What a sweet lady!  We got out of our car and walked around the corner where we heard activity and with an 18-count of eggs in hand, I greeted Tina and asked if she was our new neighbors.  She introduced us to her husband and then they asked where we lived.  Luckily, I had memorized an address of a home behind them so it all seemed credible.  The only one who asked our names was their 4-year old boy and I just ignored his question or I'd have been caught.  :D  I also gave them a cold bag to hold groceries, since we live "out in the boonies".  We exchanged some pleasantries and when it seemed like it was time for us to go, I looked at them and told them that there was one thing...I didn't live in that house behind them, but in Box Elder County.  The looks on their faces and lighting up of their eyes when they realized that they just met some Facebook friends in person was priceless.

We visited for a little while.  They showed us around their property, 5 acres, that they had just closed on and they paid CASH on it!  Owned it outright.  The Coopers found their little patch of heaven and I'm hoping that we've found ours too and turn it into a reality.

We returned home to Bear River just after 2 am.

Our Wishlist

We found us a piece of property that Steve is really excited about.  I'm excited for the possibilities to be self-sufficient and to live basically retired and working the 19.02 acres that this 1792 sq ft modular home sits on.  Steve's excited for the same reasons and for having a shop.

A modular home?!?!  Hey, at least it's not a mobile home AND it's on a permanent foundation.

Other pluses to consider:

3 bedrooms

2 baths

2 car garage

AIR CONDITIONING

Culinary Well

Underground water rights for agriculture

Double-pane windows

BBQ Pit

19.02 FREAKING ACRES!!!!

He's so excited that he asked me to figure out how to come up with the 20% down that we'll need.  That's about $14,000 for this $69,000 asking price.  I racked my brains all last week and could only get us to 2/3 of the down.  This weekend we brainstormed together on what we could sell and where we could be creative in raising monies.  We woke up this morning with even more ideas and now we think we're there.  We need to list all our things, sell them, crunch the numbers and see if it'll work without putting our other investments in jeopardy, and then make an offer.

So far here's the list where we think we can pull from:

Cashing in a life insurance policy on the ex, the kids are all over 18 now and I don't need the policy.

Selling off:  6 goats, our 1989 Ford Escort, Steve's tractor mower, my ASUS Transformer Prime tablet, our hot tub, as well as small items around the house that we don't really use.

Take out the remaining available funds in our HELOC on the Magna home.

My HRA reimbursement.

Steve has some money sitting in an FHA refi from years ago.

Take a loan against one of our vehicles, bank says can loan as low as 2.9%.

Take a loan against my 401(k) at 4.25%.

And Steve has some cash that he saves up from extra money he finds in his wallet.

We won't be doing all of these items, but these are all that we brainstormed to see where we had resources to pull from. 

We don't know what all we can raise, but we're going for it with memories of purchasing our first investment home.  On that one it didn't seem possible, but we fought hard and kept trudging forward and voila, we got it!  It was a hard fight and so many hoops to jump through, every new hoop seemed like it was going to unravel the whole thing, but we jumped each time and succeeded.

For now, all we can do is dream......sigh.