Wednesday, July 28, 2010

The Appraisal Report...and the action that ensued

The appraisal was ordered and we found out that we managed to buy the house for about $10,000 under its value.  YAY!! Go us right? 

Well then we found out that while the house was in great shape there were a few minor repairs necessary by FHA to be able to fully qualify for our loan. And remember the house is being sold AS IS...meaning we get to do the work

Qualification Number 1: Absolutely NO PEELING PAINT on the outside of the house. 
          Okay, no big deal, there were only a few spots right? Heck no there were great big patches of peeling paint on every side of the house, so our quick weekend project turned into an all week adventure.  I spent 2 days (Saturday and Sunday) helping Hunter scrape and prime 2 of the walls and the front porch, but then he was on his own.  Everyday the following week we would get up, take care of the dogs, drive to the house drop Hunter off to scrape and prime, I would go to work at the stores in the area, drive back to the house around 5 or 6 to get him so we could get home and to bed.  This went on for 5 days until finally Friday we were done.

Qualification Number 2: The stairs to the basement were a huge fall hazard with out a railing...
       Now luckily for us, this was something Glen felt he and his brother in law could accomplish, and overall I think they did a very good job. 

Qualification number 3:  The outside stairs also posed a fall hazard and needed extra railing added to the existing rails.
       This is where I want to add that the stairs are not really necessary, in fact we plan on ripping them out once we get the keys.  Also we found it very amusing that the appraisor didn't comment on the fact that the stairs themselves are rickety and starting to rot.  But Hunter and Glen got the boards and put the rails up anyways.














The re-appraisal of the house occured the following Saturday, as the appraisor was leaving that Sunday for 2 weeks and no one else was willing to drive out to the property.  We passed with flying colors and we have moved right along with our process to closing.  Which is tomorrow by the way.  So I am heading off to bed as I have a very long important day tomorrow.

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