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Home Buying

Stress tested

Trying to buy this property has been one of the most stressful house buys I have ever experienced. I have purchased several homes, all of them were mostly non-events but this house…. not so easy.

The first hiccup came just after the sellers accecpted the contract. While the mortgage broker was looking it became clear that the house was some sort of conjunction of more than one house type. This was also apparent when going in the home. When you first walk in off of the amazing full width deep country porch you arrive in a big room with a vaulted ceiling. This is just an open room with a fireplace on one end. Going past the living room you arrive at the dining room. The ceiling here (and throughout the rest of the living areas) is very low, from the appraiser they called it at 6.5′ — much lower than the 12 – 14′ ceiling I am accustomed to in my current home. Not anything I have not lived in before, just a jarring difference between the 10′ vaulted ceiling in the rest of the home.

Because it looked like this could be a “mobile home” it would change the loan quite a bit. When financing a “mobile home” you have a limited number of banks to chose from, and because of that the rates are higher. In fact the mortgage broker I was using did not have any lenders to work with if it indeed was a mobile home, but only if it was a single wide mobile home. If it appraised as a double wide or manufactured home then everything was fine.

This is the first time I wanted to back out of the deal I would have lost my option money but that is just a few hundred dollars. Going further would mean that I would need to lay out closer to $900.00 to get the inspectors out moving my total loss to around $1,200.00. I chose to go ahead and will see what happens.

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