Monday, April 21, 2008

Ending of the Option Period

We have had some really good news! We went back to the Electrician and asked what the cost is to make the house legal. Apparently making the house up to "code" was to rewire the house and put in many more outlets on top of the grounding and replacing the breaker/panel. We are now done!

The seller is going to pay for the repairs and we will assume the city permits (only about a couple hundred $$).

Now we wait until May 15th to close!!!

In the meantime we are waiting to hear back from some designers and the contractors about what the cost will be for adding the new bathroom and carport.

I want the carport to be solid like a carport but look like a pergola..what do you think?

Thursday, April 17, 2008

Inspection and Contingencies

You may have heard by now that we have still progressing with the house on Morrow.
The update:
Inspection went well last week but it was determined that the HVAC/furnace was out of code and the ducts would need to be replaced for about $2300+/-. Also the electrical panel and wiring were out of code and most importantly had serious factors that need to be resolved to the amount of $10,000 (ouch!). [The inspection report was rather lengthy but these were the serious two since it is an older house]
After meeting with the electrician and furnace/HVAC person and getting those bids, we forwarded them on and included them in our contigency to the seller that the repairs be made after closing and that they pick up the cost.

Tonight...Janet, our realtor, called and said that the seller does not want to lose us and are willing to split the cost of the repairs 50/50. You should probably know that there is two lingos going on with the electrical that we need to get more information about tomorrow from the electrician that submitted the bid. One was making the house "legal" and the other to "code". I am sure that to make it legal will still be expensive but going to code will make the addition of the 2nd bathroom alot smoother when the time comes.
My stomach is churning on the notion that we could be facing an uphill battle with getting into an older home. Also that the seller will not budge on what she wants to pay.

The facts and then you judge:
Say you were buying this home and the seller's house was in need of some updating. You are thinking that they need to make it "habitable" right? That's what I am thinking. How can you sell a house to another person when the house needs something as basic as electricity without being shocked. The backstory of the seller: she inherited the house from her parents and holds a paid note with no liens on the house. Should she pay the entire amount and call it a day since you think that she is gaining nothing but $dollars in the transaction? She has probably been paying the taxes and house bills since this. Now, say that you know that the house has been on the market for around 249 days..does this make a better bargaining tool for you to get the money you need to bring the house up to code/legal...whatever.?

Now we are faced with asking the electrician the difference between legal and code and seeing what that price point will be. Either way I feel that we start this whole process over with another house or get the seller to assume more of the cost since technically the house is not ours "YET".

YET! Fascinating word that would change lives and hopes. The new meaning that turns an appartment to a house and a buyer to an owner. We will not assume liability YET, we will not be a money pit YET...daunting and sinking and spinning to an ever lasting word..YET.

Wednesday, April 16, 2008

Found some really cool stuff!
You have to see these!!! Nice in a boys room?
What if I start selling these here?

Tuesday, April 8, 2008

The funding

Welcome to the wide world of home ownership. We just solidified our APR and deal with Wells Fargo Mortgage. Now we wait until they process us and then we provide documentation in a couple of days. Also, we have an inspection and designer coming out to look at the property on Thursday. WOW!
Here we go.....weeeeeeeeee!

Sunday, April 6, 2008

1501 Morrow....soon to the "The Roans" new digs!

We made an offer and after some slight negotiations, the house is ours!!!!

We decided to focus our attention to buying a house in a small neighborhood called Crestview. Just North of were we currently live but on the inside of Mopac, this is the small neighborhoods that time forgot. The city of Austin is planning big things for the area and there is soon to be an Metro line that runs near it.

Sheila & Justin Roan
1501 Morrow St.
Austin, Texas 78757

It offers 3 bedrooms (1 is a bit small) and 1 bathroom. It has a 2 car garage and a generous backyard. New kitchen appliances and the bathroom has been retiled with Travertine tile.

You can click on this link to take you to a virtual tour:
Also, expect that Justin and I are going to be making some changes to the whole thing to include an additional Master Bathroom and a larger kitchen (knocking out some walls, moving a door and windows) and adding a carport/arbor for keeping our boat.

We will be super busy in the next few weeks getting an inspector out, getting our financing finalized and meeting with parents and an architect to scope out our projects that need to be done. Also finding a contractor..I am so excited! If all goes well, we expect the keys to be in our hands on May16th!!!!

This is the inside (where the new/largert kitchen will be and the side view of the house (where the new bathroom will be).

I forgot to mention that there are 3 churches that surround the house so if you need to attend either a Lutheran, Methodist or Bible...we have you covered and you can get drunk with us on Saturday and crawl there in the morning. :)