U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 02-19-2009, 11:26 AM
 
Location: Censorshipville...
2,438 posts, read 3,573,339 times
Reputation: 1196
Novamom06 - thanks for the encouragement

Got off the phone with my agent and the termite inspection came back. Looks like this house had some termite damage. On the inspection report, it came back with the following:

Visible evidence of wood destroying insects was observed as follows:
  • No live insects were found
  • Dead insects, insect parts, frass, shelter tubes, exit holes or staining (description & location): Termite shelter tubes in crawl space on sill plate and Banboard
  • Visible damage from wood destroying insects was noted as follows (description & location): Termite damage to sill plate
  • It appears that the structure(s) or a portion thereof may have been previously treated. Visibile evidence of possible previous treatment: Drill marks front stoop and garage
The inspectors recommendation was to do a termite treatment at a cost of $450

My agent has asked the selling bank to pay for a termite treatment which comes with a 1yr warranty and to repair the sill plate. I have an appointment with a regular home inspector this Saturday so I'll try to find that damage they mentioned in the report. Anything else I should be concerned about?

Any idea on what a sill plate costs to replace in case the bank doesn't fix it? I've never heard of a sill plate until I googled it. My current home also had signs of being treated at one point (drill holes), but in the 5 years I've lived there I've never had a problem with termites.
Reply With Quote Quick reply to this message

 
Old 02-20-2009, 11:40 AM
 
Location: Censorshipville...
2,438 posts, read 3,573,339 times
Reputation: 1196
And the hits keep coming

My lender just sent me an email telling me that the appraiser could not get into the house. The key in the lockbox did not work and the listing agent said the locks were changed. I have a home inspection tomorrow so doubt the key will work then. I've sent an email to my agent so we'll see what happens come tomorrow.
Reply With Quote Quick reply to this message
 
Old 02-27-2009, 09:12 AM
 
Location: Censorshipville...
2,438 posts, read 3,573,339 times
Reputation: 1196
I've been busy so haven't updated this since my home insection.

The home inspection went relatively well. He didn't find anything that was a deal breaker like structural issues. There were some foundation cracks, but it appears to not be major and no water intrusion into the basement because of the cracks. The furance is probably original to the house, but it was working so hopefully it lasts a few years more so I'll set aside some money for it. The AC unit is also pretty old, but we were not able to test it because it wasn't warm enough. The clothes dryer was making a racket when we turned it on so that probably needs to be replaced. The electric oven's top burners were sporatic, it looks like it's useful life is over anyways so I was going to replace it anyways. Dishwasher kind of backed up into the sink, but inspector said the return was probably just glogged. Both full baths need some tile work done. Roof looks like it'll last another 5-7yrs, but next time I do it I'll need to rip all the tiles off as there are already 2 layers on. There were some mice droppings found so a call to an exterminator is in order.

The appraisal went through and now the loan is in underwriting. House appraised for 7% more than what I'm paying. I've got a question into the lender to see if that is appraisal is for the house in it's current condition or what it would be if it was fixed up.

I'm scheduled for closing on 3/6.
Reply With Quote Quick reply to this message
 
Old 02-27-2009, 09:27 AM
 
563 posts, read 920,498 times
Reputation: 481
Good luck, and thanks for all the updates.
Reply With Quote Quick reply to this message
 
Old 03-05-2009, 06:52 AM
 
Location: Censorshipville...
2,438 posts, read 3,573,339 times
Reputation: 1196
I got good news and bad news.

Good news is that the home insuarance quote I got was about $100 cheaper than I had estimated. Yay! Other good news is the bank is paying for termite treatment since the termite inspection saw past evidence, but nothing active.

Bad news is the bank is pushing settlement back 2 weeks. Apparently there is something in the titling process that is holding things up. It's a foreclosure so I'm not really suprised. I'd rather them do it right now with the delay, than me having to deal with it when I own the house. Title insuarance is going to be worth it for this one. Other bad news is that the bank will not fix the damaged sill plate. During the home inspection we couldn't find the sill plate that was damaged, and the termite report didn't specify either.

I was looking forward to working on the house this weekend since it'll be in the 60-70s. Hopefully the melting snow/ice doesn't flood the basement
Reply With Quote Quick reply to this message
 
Old 03-17-2009, 01:17 PM
 
Location: Censorshipville...
2,438 posts, read 3,573,339 times
Reputation: 1196
So still haven't closed on this house. I was suppose to close on 3/16, but of course that day has come and gone. I talked to my agent and he said he spoke to the banks agent, but apparently there is still an issue with the title. I wonder if it's like on TV, where they can't "produce the note" so the house is in limbo so to speak. At this point, we have no idea when we'll be closing. My agent said we could walk away at this point with my earnest money back, but then I'd be out the $650 for the home inspection and appraisal. I'd also have to start the whole process of looking for a home again and it seems the inventory is slightly down compared to when I first started looking.

My lender has no issue extending my locked rate of 5% at a 1/4 point. I've noticed rates have crept slightly lower so maybe I can get in at a lower rate when I finally close.

Termite treatment was completed.

It's been about 2 months since I made my initial offer. I'm getting kind of frustrated at the process, but really don't have any control of the situation.
Reply With Quote Quick reply to this message
 
Old 03-17-2009, 01:30 PM
 
Location: VA
236 posts, read 649,661 times
Reputation: 99
Just hang in there, patience has its own reward
Good luck!!
Reply With Quote Quick reply to this message
 
Old 03-20-2009, 11:57 AM
 
Location: Censorshipville...
2,438 posts, read 3,573,339 times
Reputation: 1196
Found out from my realtor that they found the old attorney that oversaw the sale of this house about 14yrs ago. He is looking for the paperwork to clear up this mess and hopefully we can move right along.

Also called my lender and was able to renegotiate the rate to 4.75% at 3/8 point. I'll have to pay slightly more, but will recoup the difference in only 8 months. I have to say I'm very pleased with the responsiveness of my lender. If anyone would like a recommendation, please PM me and I'll forward his contact info.
Reply With Quote Quick reply to this message
 
Old 03-22-2009, 11:04 AM
 
482 posts, read 892,859 times
Reputation: 79
Quote:
Originally Posted by oneasterisk View Post
Found out from my realtor that they found the old attorney that oversaw the sale of this house about 14yrs ago. He is looking for the paperwork to clear up this mess and hopefully we can move right along.
What a joke. Relevant paperwork on the title of the house will all be at the courthouse in the form of recorded documents. Haven't you had a Preliminary Title Report? That takes place very early on in the escrow process. Has your bank agreed to loan on this specific property? The realtors are lying to you to try to make up for the incompetence of the bank.

I started the buying foreclosed process in November, and didn't move in until late January. I made approximately 30 offers on properties. It was aggravating at first, but I started to follow these rules:

No Short Sales.

First, look up owner information in Assessor's Database. Then you can determine how long it's been vacant, the taxes, and the assessment.

Leins and judgments are irrelevant as you will only be taking it free and clear.

Have your realtor call the Listing Agent and speak witht them personally about the house. If the LA doesn't return the call--move on; it's a chain yanker. If you get positive signals fromt he LA; go check it out, and make a low offer, good for three days. Extrapolate the price off of the downward curve of the market. What is a good buy, today, may not seem like a good buy, 1 year from now. Take that into consideration. When they are ready to counter, they will ignore your three day expiration, which is good for you. Ignore the 3-10K they will knock off for goodwill or cash, and comeback a few thousand higher, then you may get the big price reduction you are looking for.

Don't dwell on one home; there are thousands more. One botched deal can eat up two months time.
Reply With Quote Quick reply to this message
 
Old 04-07-2009, 03:12 PM
 
482 posts, read 892,859 times
Reputation: 79
Is this deal a bust?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $79,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
Similar Threads

All times are GMT -6. The time now is 08:04 AM.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top