TheFarmOfDreams- a long awaited adventure

[Baymule]

Closing can be a nightmare. I feel your pain. We bought this place as a HUD repo. Worst experience ever. Hud gives you only 45 days to close. For 3 weeks our paperwork sat on some finance guy's desk and I could not get hold of him. Finally got hold of his boss and things finally got started. Then finance got switched to someone else. I was dealing with 2 people, one in New Jersey, one in California. The time difference made it even a little more interesting.

Hud only allows 3 extensions, then they yank it away and put the house back up for bid. To make a long story short, we had to file for all 3 extensions at a $320 pop for each one. On the LAST day of the LAST extension, we finally closed. Talk about a nail biter! I was stress exhausted at that point, but it was finally ours. Financing a HUD repo is not for the faint of heart. During the financing process, thieves broke in, pulled copper wire from under the house, stole the inside and outside units, pulled the breaker box wiring and did $10,000 worth of damage. HUD allowed us a measly $1,000 off the price AND we only had 30 days to get all that fixed after closing.

Overall, I'd have to say that while the appraiser held things up for you, yours is a cake walk. Consider yourself BLESSED and do a happy dance.

 

[Alaskan]

During the financing process, thieves broke in, pulled copper wire from under the house, stole the inside and outside units, pulled the breaker box wiring and did $10,000 worth of damage. HUD allowed us a measly $1,000 off the price

That happened to my grandpa's place.

Just good grief!!

What is it with people!

 

[Thefarmofdreams]

Thank you all for the reassurances. We're definitely lucky compared to all those horror stories. Our realtor is calling people left and right to harass them about it all. It's a complicated property due to having a house, a barn, and income property all on the same place, and I guess the lot numbers and house numbers aren't matched properly either, so the appraiser was slow as all get out, and it seems the lawyer doing up the deed will be too. Sigh.

@Alaskan your reassurance about the step in posts is definitely an idea. I wasn't sure about using them for the whole winter with no back up if they were only powered by sun.... but if I finagle a way to plug them into the wall, so it's more certain (and stronger), so nobody can touch the fence.... that would feel much more secure. So that's a good back up plan. And round pen panels as an absolute last resort. Just leaves hay. the hay guy I found doesn't sell my hay before I can get it in. And that I get the property before Nov, since I already gave the horse's barn 30 day notice... I might have to ask the owner if we can rent for a month at this rate!!!!!

 

[Thefarmofdreams]

Somebody is already getting ready for barn chores.

 

[Thefarmofdreams]

So everything is on hold. Our bank won't fund the mortgage because "the comparable property is unacceptable".... basically the place is so awesome and unique, there are no comparable properties, so they refuse to accept the value on the estimate. It's INFURIATING. So after stringing us along for almost 3 months, they said no, and we have to start again. We have the down payment and credit and equity... we'll definitely get a loan... but now we're looking at another 2-3 weeks minimum. I could cry. But we'll figure it out. I'm crossing my fingers the owner will let us have prepossession so we can at least get the animals in.

 

[farmerjan]

Can you just rent with purchase to be completed within 6 or 12 months at this point???? It would give them some sort of reassurance that you are serious.... you can get in there and make improvements which will be to owners benefit IF you were to default and not buy it....????
NY state is not the "let's all move here" state like say Tx .... I would think at this point that the owner would be willing to do something to help the sale along like a rent/to buy deal of some sort. Did you explore the possibility of owner financing for say a set time of a couple years? Do they need the sale to buy something else?

Go to a half dozen banks and get a commitment from someone.... Have you tried unconventional financing..... even some place like "Lending Tree".....

Sure hope you can make it work. I was recommended to the bank that I got my financing through because the appraiser that the owners called, said that this bank worked with people who bought houses that "needed some work".... as mine did. They were pretty good to work with.... My credit union would not finance a place that was not "move in ready" and I put down 20%.....and I had been with that credit union for over 20 years....

Good Luck.....

 

[Thefarmofdreams]

Thank you @farmerjan we were referred to a local bank that will finance in house, so finding a comparable property won't matter (which is the only problem right now. The property is gorgeous and in great shape, but complex and unique). The realtors have connections that they are promising will hurry this along. I'm crossing all my fingers, lol

 

[Baymule]

Crossing my fingers too!

 

[farmerjan]

Thank you @farmerjan we were referred to a local bank that will finance in house, so finding a comparable property won't matter (which is the only problem right now. The property is gorgeous and in great shape, but complex and unique). The realtors have connections that they are promising will hurry this along. I'm crossing all my fingers, lol

 

[Bruce]

Just found this

Our septic is off to the left, near the walnut trees somewhere, to my understanding.

Seems like there would have to be another one for the apartments.

I know there's two for some reason. Right next to each other.

One for the house, one for the apartments?

Here's our house and garage

He build a house with that roof pitch in "Lake effect snow" country?
I have a friend whose mother lives in Watertown. One year the snow was up past the first floor windows. That is a LOT of snow load on a nearly flat roof.

Lots of weed eating in my future.

That is what the donkeys are for! I don't think you would find the weeds all that palatable anyway.

And it is possible in November.

Yep, the ground won't freeze until some time in December ... if then. I put in my fence in December. Did have a thin bit of frozen ground near the end. The rocks I kept finding were the bigger problem.

then it touches the t-post and sparks.

Yes and such a lovely blue spark it is at night!

Problem is mowing. It'll be any of 4 adults doing it... and I have little faith in our ability to watch for/remember it.

HAVE to bury it then.