A funny lesson for those trying to purchase a unique old home
So just for grins and giggles I thought I'd share our dilema in purchasing our beautiful new old home. It's a 1889 "modern" (for the time) queen anne (that means it's not quite as ornate as earlier queen annes on the outside but the inside...ohhh la la). Anyhoo, the home is unique and it's large, in a town full of wonderful old victorian homes, many unique and many large.
But here's the dilema...none of those other unique and large homes has sold in the last year...in fact none in the last two years and if you go back three years, you have one comp, but it's not really a great comp.
So the bank is stumped at how to get a conforming appraisal on the house and of course we need this for the loan. We are having to spend a fortune getting a special appraisor to look at the place and spend time justifying comps and then still have to hope the bank can take it! ARGHHHHH
We'll buy the house, come hell or high water (the owner will work with us if necessary) but sheesh it's not an easy process. When you buy a historic home...if you want life to be easier, buy one that is similar to something else that's sold in the last year LOL
The banker did offer an out from all of the appraisal madness...if we have an extra million MILLION she said!!! And we could put that on deposit with their premier client program they could waive all needs for the appraisal and print docs tomorrow. LMAO I looked in all of the couch cushions and checked online to see if we had any forgotten swiss banking accounts and all I've come up with is 1.89 in change...and some old M&M's. Anyone want to chip in? :oP
This process is so much different than buying a new home. I've never bought a brand new home, but nothing historic. It's amazing how different the process can be! Getting it insured was also a process! So for anyone who reads this, and for me...are there any other suprises I have to worry about in this process? I can't imagine what else could come up LOL But then I didn't think a loan would be a big deal and certainly thought the insurance would be a quick phone call...boy was I wrong!