Gary RV_Wizard
Site Team
Congrats to both sets of buyers. As was said already, just LUV it when a plan comes together!
Yes, we're moving, but not far
- Thread starter Ned
- Start date
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Bob Maxwell
Moderator Emeritus
X 3
mariekie4
Well-known member
As Ned said.....we will welcome guests when we are here!
Marsha/CA
Moderator Emeritus
Wahoo....what fun for everyone. Congrats, Ned and Lorna and Chuck and Marie. Marie, any flyfishing rivers close by? Oh wait, doesn't Texas have water moccasins or cottonmouth snakes..... 
Marsha~
Marsha~
Jim Dick
Moderator Emeritus
Congratulations! Nice to hear all is going well.
mariekie4
Well-known member
Marsha it is very dry in Texas right now, but we will be close to some nice fly fishing on the Guadalupe river, just below Canyon Lake, once the waters start flowing again. However, we can go down to the Laguna Madre for some excellent fishing for Red fish and Sea Trout.
Marsha/CA
Moderator Emeritus
Marie, we are thinking Jan/Feb of 2014. We might leave Quartzsite and head toward Texas. I'll keep you posted.
Congrats,
Marsha~
Congrats,
Marsha~
mariekie4
Well-known member
That sounds great Marsha, just keep us posted! Would be great to see both of you again.
terence nathan
Member
- Joined
- Apr 25, 2013
- Posts
- 12
Ned, if we get the timing right we can be there for the housewarming. Mine is a ... but of course you know what mine is, you drink the same! Terry
I figured it was time for an update on our situation. First, the bank finally got around to getting the house appraised, something they should have done at the very beginning. Unfortunately, the appraisal came back at $30,000 less than the asking price, and that wouldn't support the loan value that we needed for the bank. We cancelled the offer and were now not only houseless but landless. Back to where we were about 5 years ago. We blame the bank for wasting the whole winter while we worked on this, just to have it collapse at the last minute.
When Chuck and Marie heard our tale of woe, they graciously offered to sell the lot back to us for what they had paid for it and we accepted. To say we were relieved would be an understatement. Now we were back to where we were the previous fall.
We are now in the process of determining if we can afford a new manufactured home on our lot. We have one specced out and have a loan offer. Unfortunately, interest rates took a big jump last month and we can no longer get the very attractive rate that we had from the bank. Also, the bank won't do a loan on a manufactured home without the land included, and since we already own the lot, we need a loan on just the house. Credit unions won't write loans on manufactured homes, so that leaves us with very few choices. The first loan offer from Vanderbilt was ridiculous with a very high interest rate and only 15 years. We really wanted a 30 year loan but it appears the best we will be able to get is 20 years. We're still working over a budget but it's looking more like we can handle the payment, but we will be cutting back on some expenditures; traveling less, eating out less, and so on.
The biggest problem is we feel if we don't do this now, we may never be able to. House prices are rising, interest rates are rising, and our income isn't.
So, that's the story to date. Of course, our buddy pad is always open to our friends, as always. We'll be back there in late September and should have more to report then.
When Chuck and Marie heard our tale of woe, they graciously offered to sell the lot back to us for what they had paid for it and we accepted. To say we were relieved would be an understatement. Now we were back to where we were the previous fall.
We are now in the process of determining if we can afford a new manufactured home on our lot. We have one specced out and have a loan offer. Unfortunately, interest rates took a big jump last month and we can no longer get the very attractive rate that we had from the bank. Also, the bank won't do a loan on a manufactured home without the land included, and since we already own the lot, we need a loan on just the house. Credit unions won't write loans on manufactured homes, so that leaves us with very few choices. The first loan offer from Vanderbilt was ridiculous with a very high interest rate and only 15 years. We really wanted a 30 year loan but it appears the best we will be able to get is 20 years. We're still working over a budget but it's looking more like we can handle the payment, but we will be cutting back on some expenditures; traveling less, eating out less, and so on.
The biggest problem is we feel if we don't do this now, we may never be able to. House prices are rising, interest rates are rising, and our income isn't.
So, that's the story to date. Of course, our buddy pad is always open to our friends, as always. We'll be back there in late September and should have more to report then.
jim and di
Well-known member
Not the news we had hoped to read when we saw the headline. However, things always happen for the best and something great will emerge.
We will keep our fingers crossed for you two.
Jim
We will keep our fingers crossed for you two.
Jim
Jim Godward
Well-known member
Sorry to hear the news. We will be pulling for that something will work out right soon.
Enjoy the summer in WI.
Enjoy the summer in WI.
So sorry to hear this news Ned. But along with Jim, I always feel things happen for a reason, and that it will all work out for you somehow. But I know how disappointing this can be when looking forward to greater things. Hang in there, there's always tomorrow.
Daisy
Daisy
Jim Dick
Moderator Emeritus
Ned,
Really sorry to hear this news. I know you both were excited about the move but I'm sure things will work out in the end.
Really sorry to hear this news. I know you both were excited about the move but I'm sure things will work out in the end.
Chet18013
Well-known member
Sorry to hear about the "incompetent" bank. Things will work out in the end. You're lucky that you had such an accommodating purchaser and were able to get your old lot back.
Things aren't all bad, as I said we're just back to where we were a year ago About the bank, some of their policies just don't make any sense at all. They won't write a loan on just a manufactured home without including the land. So if I sold the lot to the builder, then bought it back with a house on it, the bank would write the loan? ???
About the bank, some of their policies just don't make any sense at all. They won't write a loan on just a manufactured home without including the land. So if I sold the lot to the builder, then bought it back with a house on it, the bank would write the loan? ???
Hfx_Cdn
Well-known member
Ned, I can't speak for US norms, but in Canada that is exactly how it works. Once a house is built/attached to the land, it is deemed to be permanently affixed to the land, so any loan would be secured by a "mortgage" over the land and fixtures. However, here there is such a thing as a builder's mortgage, which allows contractors to draw on the loan/mortgage based on the percentage completed. Rates are fixed as at the time the contract is signed, but sub-searches are required before each draw. You might want to ask them about that type of arrangement before you move the land out of your hands.
I'm sure it will all work out for you, and don't be in a hurry to jump at a conclusion until you have explored them all.
Ed
I'm sure it will all work out for you, and don't be in a hurry to jump at a conclusion until you have explored them all.
Ed
