skwerl
tree hugger
Skwerl's quest for a new cabin
I'm probably still premature posting this since I don't even have a contract yet but I expect everything to go down in the next two weeks and I have to share this before I burst. Been looking forward to this move for many years and everything came together in the last 2 months straight out of the blue. The biggest part was an individual (unnamed) who stepped up and volunteered to back me financially since my lack of documented income prevents me from acquiring a traditional mortgage under today's strict guidelines.
For years my dream home has been a small house on a big lot with some privacy and room for my equipment, but close enough to town so I'm not driving an hour each day back and forth to work. I currently live in an 1100 square foot house and don't use half of it, my needs are simple but I want a big shop/barn for my truck and gear. Most seem to think a bigger house is always better but my eyes glaze over when people begin going on and on about all their fancy marble trim and exotic cabinets or their huge pool (a hole in the ground filled with dollar bills). A couple months ago I started looking after being irritated by the neighbor's party with Mariachi music shaking my windows until midnight. I've been in this house 17 years and it's time to go.
Shortly after starting my search I found a small house on a 1 acre lot about 5 miles out from my current house. It looked ok but needed a lot of work (tarp on the roof, missing AC, gutted interior) and the asking price seemed high. But my biggest shock was when I walked inside (the sliding glass door had no jamb or latch) and saw this picture in the living room.
You see, I have the identical picture in my living room. I've done tree work for the photographer and bought this 72" print about 10 years ago.
The picture told me I was home. I had no idea how it was going to happen but I began contacting my resources. I asked a Realtor client of mine to look at the values of the house along with my house but he never followed through. I asked my house mover client since he's moved hundreds of houses this size and knows everything about everything concerning construction costs and making stuff work, he said it would be better to tear it down and move another house onto the property. I asked my bank about money and they said in spite of my 814 FICO I didn't show enough income and to come back with two years of tax returns showing more income.
At this point I was feeling like it wasn't going to happen and I was stuck. I asked another friend who has dabbled in buying and flipping houses for the last 10 years and he reluctantly agreed to help me submit an offer but he told me to keep looking. A few days later I mentioned it to another friend and out of the blue he said "I'll loan you the money." You could have knocked me over with a feather.
Anyway, my buddy Paul submitted 3 bids. A lowball cash price, a second price with a decent size down payment and the owner carrying $50K of the financing at the rate of $1000 per month for 50 months, and a third bid close to asking price with a very small down payment and the owner carrying $100K at $1000 per month for 100 months. The seller came back a week later with a counter offer which I thought was still too high. He was interested in the second bid but needed more down payment. We adjusted the numbers slightly (without increasing the total offer) and 2 days later he accepted. But he already had another buyer under contract and they had until Dec. 31 to close. Fortunately for me they were looking for conventional financing and there isn't a bank in the country that would finance that home without some repairs done first.
Needless to say it's been a very long month for me. Then just before Christmas my real estate buddy Paul tells me he's flying to India after Christmas and won't return until the 7th. Since the seller has been dealing with Paul, that left me hanging until he gets back. In the mean time I've been spending a bunch of money on stuff for a house I don't own yet.
The house:
I'm probably still premature posting this since I don't even have a contract yet but I expect everything to go down in the next two weeks and I have to share this before I burst. Been looking forward to this move for many years and everything came together in the last 2 months straight out of the blue. The biggest part was an individual (unnamed) who stepped up and volunteered to back me financially since my lack of documented income prevents me from acquiring a traditional mortgage under today's strict guidelines.
For years my dream home has been a small house on a big lot with some privacy and room for my equipment, but close enough to town so I'm not driving an hour each day back and forth to work. I currently live in an 1100 square foot house and don't use half of it, my needs are simple but I want a big shop/barn for my truck and gear. Most seem to think a bigger house is always better but my eyes glaze over when people begin going on and on about all their fancy marble trim and exotic cabinets or their huge pool (a hole in the ground filled with dollar bills). A couple months ago I started looking after being irritated by the neighbor's party with Mariachi music shaking my windows until midnight. I've been in this house 17 years and it's time to go.
Shortly after starting my search I found a small house on a 1 acre lot about 5 miles out from my current house. It looked ok but needed a lot of work (tarp on the roof, missing AC, gutted interior) and the asking price seemed high. But my biggest shock was when I walked inside (the sliding glass door had no jamb or latch) and saw this picture in the living room.
You see, I have the identical picture in my living room. I've done tree work for the photographer and bought this 72" print about 10 years ago.
The picture told me I was home. I had no idea how it was going to happen but I began contacting my resources. I asked a Realtor client of mine to look at the values of the house along with my house but he never followed through. I asked my house mover client since he's moved hundreds of houses this size and knows everything about everything concerning construction costs and making stuff work, he said it would be better to tear it down and move another house onto the property. I asked my bank about money and they said in spite of my 814 FICO I didn't show enough income and to come back with two years of tax returns showing more income.
At this point I was feeling like it wasn't going to happen and I was stuck. I asked another friend who has dabbled in buying and flipping houses for the last 10 years and he reluctantly agreed to help me submit an offer but he told me to keep looking. A few days later I mentioned it to another friend and out of the blue he said "I'll loan you the money." You could have knocked me over with a feather.
Anyway, my buddy Paul submitted 3 bids. A lowball cash price, a second price with a decent size down payment and the owner carrying $50K of the financing at the rate of $1000 per month for 50 months, and a third bid close to asking price with a very small down payment and the owner carrying $100K at $1000 per month for 100 months. The seller came back a week later with a counter offer which I thought was still too high. He was interested in the second bid but needed more down payment. We adjusted the numbers slightly (without increasing the total offer) and 2 days later he accepted. But he already had another buyer under contract and they had until Dec. 31 to close. Fortunately for me they were looking for conventional financing and there isn't a bank in the country that would finance that home without some repairs done first.
Needless to say it's been a very long month for me. Then just before Christmas my real estate buddy Paul tells me he's flying to India after Christmas and won't return until the 7th. Since the seller has been dealing with Paul, that left me hanging until he gets back. In the mean time I've been spending a bunch of money on stuff for a house I don't own yet.
The house:
Last edited: