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Old 10-05-2015, 09:45 PM
 
Location: Silicon Valley
18,473 posts, read 23,966,746 times
Reputation: 36396

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Quote:
Originally Posted by Driller1 View Post
I just got a call from a business that shared a water well with another business.

The business with the well as foreclosed on by a bank.

Over the weekend the bank had a company winterize the building.

Now there is a business with no water until we can get the well drilled and hooked up.

It could be a month before they have water.............since it is a business.........we have to wait for the health department.
Wow. Where are you? Will you be drilling in bad weather? I have a great deal of respect for well-drillers. You need to know so much about different soil conditions, etc., and maintain expensive equipment, and deal with nervous, impatient people.

When I had a well dug, I had no idea what was involved. They quoted me a price for the well, and I assumed that included everything I would need LOL. What? I need a pump? How much are those? What? I need a well shed? I need to have the water tested?

I had spent my last penny on just the drilling and actually cried in front of the well drillers LOL. He was so nice. He had a pump he could sell to me and let me make payments. The boss man and his crew actually took me to the pub down the road and bought me beers LOL. It didn't hurt I was young and single ha ha. But, they were really good to me.
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Old 10-06-2015, 08:11 AM
 
24,841 posts, read 32,882,093 times
Reputation: 11471
Quote:
Originally Posted by NoMoreSnowForMe View Post
Wow. Where are you? Will you be drilling in bad weather? I have a great deal of respect for well-drillers. You need to know so much about different soil conditions, etc., and maintain expensive equipment, and deal with nervous, impatient people.

When I had a well dug, I had no idea what was involved. They quoted me a price for the well, and I assumed that included everything I would need LOL. What? I need a pump? How much are those? What? I need a well shed? I need to have the water tested?

I had spent my last penny on just the drilling and actually cried in front of the well drillers LOL. He was so nice. He had a pump he could sell to me and let me make payments. The boss man and his crew actually took me to the pub down the road and bought me beers LOL. It didn't hurt I was young and single ha ha. But, they were really good to me.
Michigan...........we do not drill in the winter......but, we have time.

We put everything in writing..........no hidden fees.........no tears at the end.
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Old 10-08-2015, 02:42 PM
 
Location: Silicon Valley
18,473 posts, read 23,966,746 times
Reputation: 36396
Quote:
Originally Posted by Driller1 View Post
Michigan...........we do not drill in the winter......but, we have time.

We put everything in writing..........no hidden fees.........no tears at the end.
LOL good idea.
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Old 11-18-2015, 08:03 AM
 
850 posts, read 1,105,441 times
Reputation: 1776
Quote:
Originally Posted by Redraven View Post
Many years ago, we rented with option to buy a place with a shared well. We were advised that neither VA nor FHA would approve a loan on a place with a shared well.
Perhaps that has changed, I don't know. We have our own well, and I would not have it any other way.
Quote:
Originally Posted by Driller1 View Post
It is true the lenders do not like shared wells.
Not true, at all.

FHA and USDA both go on the HUD guidelines which stipulate a maximum of 4 properties on a shared well, and I believe this would hold true for VA loans as well, but I am not 100% certain as I didn't intend on utilizing the VA funding option thus I didn't research it much. This is including vacant/unimproved lots, as I found out the hard way a few times - although there were only 2 or 3 _houses_ on the well, some of these shared wells also had half a dozen zero development lots attached to them as well which disqualified them for FHA/USDA financing.

A lot of this depends on what is normal for that area. Here, outside of Phoenix, shared wells are VERY common on properties around an acre or less in property size, and even quite a few on multiple acres, until after you cross around 300K in sales price. As in, it was nearly impossible for me to find a property without a shared well. I think a lot of that has to do with the cost of drilling a well here in the desert - it just doesn't pay out well financially speaking to drill a $30K well on $100K property...

I have very recently been through this myself, as I expect to be closing on a house with a USDA guaranteed loan early next week. Prior to this house, I was looking at homes utilizing the FHA loan program, and got most of the way through a purchase before it fell apart due to a gross disagreement on value between the selling bank and the appraiser (which I'm ultimately thankful for...I hadn't considered the USDA program prior, and found it to be a MUCH better deal than FHA. The FHA loans are really just a bad deal all around, when you consider than 3-5% down conventional loans are still available).

Also, these guidelines are only minimums based on what FHA/VA/USDA will guarantee the loans for. The lenders are free to adopt stricter standards if they so choose. For instance, while USDA Guaranteed does not have an absolute minimum credit score needed to qualify for their loans, a 580 FICO is generally considered to be the minimum score. However, my particular lender won't touch anyone under a 640 score, and even that generally is going to be a manual underwrite situation.
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