I don't know much about this "uninhabitable home" thing. Hoping you guys could shed some light.
(this is a bank owned home)
After months of looking we found our DREAM house! You know, the house where, when you walk in, You KNOW it's the house for you!
I honestly started crying when i went in there because it was EVERYTHING I had wanted in a house! It IS PERFECT!
We saw it today and it needs work but my boyfriend is an engineer and nothing is too major to do (except put in a new HVAC)
This is what needs to be done.
Floor in living room needs to have pergo re-layed. Dog pee stained and has the old boards curling.
Car port that is attached to house has water damage. We were going to rip down the shingles and roofing part of it and replace it when we had the money. Its not needed to live as it's not IN the house In our opinion.
Some water damage in front room probably from a bad seal between the outside wall and carport. After we ripped the carport down we would re-seal the opening, tear out that part of the wall and put in new drywall. EASY!
The kitchen was in the process of a re-model (looks like they ran out of money).
It has some bottom cabinets on one side. These are missing doors. I don't think the sink is in or hooked up.
There are no top cabinets and no cabinets on the other side of the kitchen.
It has NO appliances but its piped for gas stove, fridge, oven, and dish washer all have places.
The bathroom in the master they were re-modeling too. They removed the sink/counter and put a new one on the opposite wall. They had it plumed as well so it works.
The place where the sink was has a pipe sticking out of the wall but looks like they were getting ready to put a garden tub there (which we would continue to do). It has a shower, and a toilet that i believe both work.
Everything else IN the house looks fine.
The only other issue is, the HVAC is missing. On the roof there is a metal box. Looks like sheet metal. The inside of the box is empty. It looks like they just pulled it out.
I called some companies to get an estimate based on square footage and a 5ton AC unit (this is without visiting the property) would be 5-8 grand. That's fine and we can do that over time. We have a place to stay during renovating as well. We don't care about making repairs and have jobs to pay for it.
So here is the problem. Our lending agent (i think that's what he is called. He looks for loans for us) says we probably won't be able to get a loan on the house because it is probably considered uninhabitable.
The house is 2650 sq ft, they're asking 54,900 for it. It's a damn good deal in a good neighborhood near major shopping and roads. We were going to put $10,000 down and finance 40,000.
(offering 50,000 instead of 55,000)
He doesn't think we can get the 40,000 loan we were pre-approved for in our LSR beacuse of the work it needs.
What, from what i listed, would make that house considered uninhabitable?
Someone said just the missing kitchen sink. They said HVAC has nothing to do with being habitable. Lendor guy says due to being in arizona, we have to have a working HVAC unit.
Someone said something about putting in an offer, going for the loan, let them tell you WHY you won't get the loan (IE sink needs to be in, HVAC needs to be in, etc) and fix only the bare minium that the bank says you need to in order to get the loan.
My question is, if we put an offer and try to get the loan, WILL they actually tell us what needs to be done to DEFINITELY get the loan. I mean, we have money set aside for repairs but we don't want to make the repairs if the bank will NOT give us the loan even after the repairs are made.
What are my options. So far tomorrow i will be exploring:
-Getting a personal loan for 40,000-45,000
-Home possible mortgages
-lending agent is doing some research as well
Please give me some info on what to do. This is our dream house and for that price, i'd hate to let it slip right through our finger tips!
(this is a bank owned home)
After months of looking we found our DREAM house! You know, the house where, when you walk in, You KNOW it's the house for you!
I honestly started crying when i went in there because it was EVERYTHING I had wanted in a house! It IS PERFECT!
We saw it today and it needs work but my boyfriend is an engineer and nothing is too major to do (except put in a new HVAC)
This is what needs to be done.
Floor in living room needs to have pergo re-layed. Dog pee stained and has the old boards curling.
Car port that is attached to house has water damage. We were going to rip down the shingles and roofing part of it and replace it when we had the money. Its not needed to live as it's not IN the house In our opinion.
Some water damage in front room probably from a bad seal between the outside wall and carport. After we ripped the carport down we would re-seal the opening, tear out that part of the wall and put in new drywall. EASY!
The kitchen was in the process of a re-model (looks like they ran out of money).
It has some bottom cabinets on one side. These are missing doors. I don't think the sink is in or hooked up.
There are no top cabinets and no cabinets on the other side of the kitchen.
It has NO appliances but its piped for gas stove, fridge, oven, and dish washer all have places.
The bathroom in the master they were re-modeling too. They removed the sink/counter and put a new one on the opposite wall. They had it plumed as well so it works.
The place where the sink was has a pipe sticking out of the wall but looks like they were getting ready to put a garden tub there (which we would continue to do). It has a shower, and a toilet that i believe both work.
Everything else IN the house looks fine.
The only other issue is, the HVAC is missing. On the roof there is a metal box. Looks like sheet metal. The inside of the box is empty. It looks like they just pulled it out.
I called some companies to get an estimate based on square footage and a 5ton AC unit (this is without visiting the property) would be 5-8 grand. That's fine and we can do that over time. We have a place to stay during renovating as well. We don't care about making repairs and have jobs to pay for it.
So here is the problem. Our lending agent (i think that's what he is called. He looks for loans for us) says we probably won't be able to get a loan on the house because it is probably considered uninhabitable.
The house is 2650 sq ft, they're asking 54,900 for it. It's a damn good deal in a good neighborhood near major shopping and roads. We were going to put $10,000 down and finance 40,000.
(offering 50,000 instead of 55,000)
He doesn't think we can get the 40,000 loan we were pre-approved for in our LSR beacuse of the work it needs.
What, from what i listed, would make that house considered uninhabitable?
Someone said just the missing kitchen sink. They said HVAC has nothing to do with being habitable. Lendor guy says due to being in arizona, we have to have a working HVAC unit.
Someone said something about putting in an offer, going for the loan, let them tell you WHY you won't get the loan (IE sink needs to be in, HVAC needs to be in, etc) and fix only the bare minium that the bank says you need to in order to get the loan.
My question is, if we put an offer and try to get the loan, WILL they actually tell us what needs to be done to DEFINITELY get the loan. I mean, we have money set aside for repairs but we don't want to make the repairs if the bank will NOT give us the loan even after the repairs are made.
What are my options. So far tomorrow i will be exploring:
-Getting a personal loan for 40,000-45,000
-Home possible mortgages
-lending agent is doing some research as well
Please give me some info on what to do. This is our dream house and for that price, i'd hate to let it slip right through our finger tips!
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