Visit our farm's Web Site at: www.WishfulAcresFarm.com !

Thursday, December 9, 2010

Farmhouse update

.
Many of you have been asking for an update on the farm purchase.  It's still moving along!  It's been a roller coaster, there were many times when we thought it was not going to happen.

Here's an example of the many problems we've run into:  The bank needed a well water sample tested - but the farm is winterized and so there is no running water.  The seller (it's a bank-owned foreclosure) refused to allow us to make a few fixes to get running water just for the test.  At this point, the seller's attorney and our bank were exchanging nasty emails.  I thought (again) that the deal was over.  But if you know me at all... you know that I love a challenge.  With the help of friends (no names mentioned here to protect the innocent), there was suddenly water running at the farm, just in one spot, and just for the water test.  I got the water sample, and it came back just fine after testing.  I will say that the seller is aware of what we did, and is okay with it.  Have to protect people here, after all!  :-)

It's looking like it will happen now.  This week we're doing bank-required inspections with a plumber, mold guy, construction, and electrician.  The house doesn't need much work, but the bank wants a guarantee that the little bit of work there is does get done.  The bank is having us escrow the money before closing (it just goes in an account), at 1.5 times the estimated repair costs, then after closing we have the work done & do whatever we can ourselves as well, then the professionals we hire will have to sign off on everything.  After that the place is reappraised and we get any money left back from the escrow account.

Sound complicated?  Yep, it is.  On top of it all there are major issues with 2 mobile homes on the property, as there are no titles.  Plus we discovered there are back taxes owed on them.  We'd like to keep them to rent out - they each have their own septic systems, and are connected with the farmhouse well & propane.  They are both damaged, doors were left open so rain & snow has gotten in for past 3 years.  This issue has gotten so complicated that we've decided to hire an attorney.

I'll keep you posted, thanks everyone for the well-wishes!

5 comments:

  1. Oosh, what a mess. I'll be sending hopeful thoughts your way. Peace.
    Judy

    ReplyDelete
  2. Yikes, it does sound complicated! Good luck!

    Do I remember correctly that you are going to MOSES? Unsure if your husband is going or if you are going alone, but if you are going alone and have any interest in splitting the cost on lodging, let me know (although I haven't made up my mind for sure one way or another about going).

    ReplyDelete
  3. Hi Angie,
    I did get the scholarship for Moses, but haven't decided yet if I'm going to go (I'll be going alone if I do, hubby no scholarship). I got the brochure and there are so many amazing workshops I'd love to attend. But looking at how far away it is & cost of lodging, plus trying to coordinate someone else to watch my sons Friday night... I just don't know yet lol!
    If you decide to go, I'd love to split a room with you - maybe we could ride together as well. Let me know what you decide to do, we'll keep in touch! :-)
    Thanks,
    Penny

    ReplyDelete
  4. Hi Penny,

    Sounds like a plan! I'll look around at hotels and see what the pricing/availability is and let you know.

    ReplyDelete
  5. Hi Angie,
    Did you get the conference magazine / brochure? In the back of that they listed hotels with pricing. Since you went before, maybe you know which hotels are decent??
    Thanks!
    Penny

    ReplyDelete