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Tarmetto
Member
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# Posted: 5 Jan 2015 19:34
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We signed a contract to buy our lake lot in SC on August 22nd....and it looks like we're finally going to close on Friday, January 9th!
Not only has the purchase process been very very slow....we haven't received a quote from ANY of the 3 contractors that we sent our cabin plans to!
Very frustrating!
We did get one quote from a local framer, just for framing it up. He's local to our full time residence (2 hours from the cabin build site).
This was supposed to be "fun", an adventure/endeavor that was going to be all smiles!
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bobrok
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# Posted: 5 Jan 2015 19:50 - Edited by: bobrok
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Congratulations Tarmetto, and good luck with your build!
I'm curious where in SC you looked for/purchased your lake lot. Of course I don't need your exact location; close or county will do. I ask because I believe we spoke about Asheville a while back. Two hours would put you in the upstate of SC if I'm reconing correctly.
Are you anywhere around the Lake Wylie area? Our daughter and her family live in CLT near the airport (Steele Creek) and I'm kind of weighing options of moving there to be closer to our granddaughter. Everybody wants us to move down there but the only way I would do so is to live on a lake, since I'd pretty much have to give up my cabin in NY.
Wylie is way out of sight and most lots are in communities with HOAs. Were you able to buy a lot on a smaller lake without all the fuss? Are you able to build to your specs rather than those of the HOA?
I know there are other lakes around and am wondering if you could shed some light for me.
Many thanks,
bob
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cabingal3
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# Posted: 5 Jan 2015 19:53
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yay.so wonderful.enjoy enjoy!!
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Smawgunner
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# Posted: 5 Jan 2015 20:08
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Man that sounds like paradise,..keep us posted with pics!
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Tarmetto
Member
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# Posted: 5 Jan 2015 20:40 - Edited by: Tarmetto
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bobrok, our lot is in western Laurens County, on Boyd Millpond. A 184 acre lake fed by the Reedy River.
Pretty far away from south Charlotte.
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neb
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# Posted: 5 Jan 2015 22:24
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Good for you! You would think with so many people looking for work it wouldn't be a problem getting some bids. Sometime I feel people just don't want o work. I have had the same thing from time to time when I wanted a contractor. Good luck keep us posted.
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bobrok
Member
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# Posted: 5 Jan 2015 23:38
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Quoting: Tarmetto bobrok, our lot is in western Laurens County, on Boyd Millpond. A 184 acre lake fed by the Reedy River. Pretty far away from south Charlotte.
Well, that would be a bit long of a commute to babysit.
I'm enjoying just looking around when down there. Lots of lakefront in the area. Thanks for the info. Best of luck.
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Pookie129
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# Posted: 6 Jan 2015 00:02
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Congratulations - although slow and sometimes frustrating, and of course a lot of hard work, and ups and downs...but cabin life is all worth while, and there will be smiles....some frowns too, but more smiles hands down.
Enjoy, Enjoy, Enjoy as CG3 said
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Tarmetto
Member
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# Posted: 6 Jan 2015 21:24
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Thanks all!
We got one quote back today, this is just for getting a 20 x 30 with loft in the dry (exterior finished), no deck/porch or roof over deck/porch.
$48k!!!!!!
Looks like we'll be building this ourselves!
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Tarmetto
Member
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# Posted: 7 Jan 2015 15:51
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Quoting: OwenChristensen That is quite high. Is there some expensive siding and windows involved? How about foundation? That can get expensive too. I just built one with a finished knotty pine ceiling for 30. If you want me to show a picture, I will.
I'd love to see some pics!
This was a full perimeter foundation, hardi-plank siding, not sure what windows he used for the quote. I stopped him before he put it in writing.
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Shadyacres
Member
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# Posted: 8 Jan 2015 19:57
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You can check my thread , I bought the materials and had a crew do the shell for 5800. Now I put a few sheets of OSB on and the windows myself along with the fascia and soffit.
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SFCLYNCH
Member
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# Posted: 8 Jan 2015 20:35
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Congrats on the closing!
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Tarmetto
Member
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# Posted: 10 Jan 2015 21:14
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Well...no close! Ran into a glitch from the title search.
Yet another waiting game begins. What a nightmare.
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Tarmetto
Member
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# Posted: 13 Jan 2015 18:00
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The roller coaster ride continues! Title search found (1) A property tax lean (now taken care of)...(2) The property is tied to the seller's home mortgage!...(3) One of the two lots that make up this parcel was purchased by the seller 20+ years ago. The transfer from the previous owner shows the deed in one name, and the signature did not match exactly (this one is protected by title insurance, and is likely an AKA issue that wasn't noted...only the middle name/initial didn't match).
Supposedly(?) the seller has been told by the bank that the mortgage/collateral lean can and will be removed, after an appraisal of the mortgaged property, and other paperwork is filed. (Sounds fishy to me...why would they make that statement...and then require an appraisal?)
We're not holding our breath.
Lesson to all!........
ALWAYS HAVE A TITLE SEARCH OF THE DEED DONE PRIOR TO PURCHASE!
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MtnDon
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# Posted: 13 Jan 2015 20:03 - Edited by: MtnDon
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Quoting: Tarmetto why would they make that statement...and then require an appraisal
The bank wants to make certain the property that is left with their mortgage attached is worth enough to cover the unpaid amount of the mortgage.
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bobrok
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# Posted: 13 Jan 2015 20:31
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That's what I was thinking as well. I have to wonder how two disassociated parcels were mortgaged together to begin with, and if that is the case the lender might want the owner to satisfy the original loan in its entirety and then re-mortgage their home.
Don't get down on this just yet!
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Tarmetto
Member
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# Posted: 13 Jan 2015 20:56
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Quoting: bobrok That's what I was thinking as well. I have to wonder how two disassociated parcels were mortgaged together to begin with, and if that is the case the lender might want the owner to satisfy the original loan in its entirety and then re-mortgage their home. Don't get down on this just yet!
The one lot had been in the family since the 50's...and handed down to the seller's husband. Husband bought the adjoining lot some years later (20 plus years ago, and was subsequently listed as one divided parcel on the tax map)...and they bought their home (separate location mortgaged) in 2004. This is wacky too...unless they were borrowing more than the home was worth, why would they need to add collateral.
Then, he got sick (cancer I presume) and passed away in June 2011.
Hence, there may have been a refinance or second mortgage to cover medical bills....I have no idea.
I have found court records related to foreclosure in 2006, 2008, and 2010. All were dropped except the one in 2008, where the judgement was 76k.
A life insurance policy may have taken care of that, again, no idea.
Seller (widow) tells me that there's plenty of equity in her home to justify the lean release.
The previous 5 month wait to close was due to the fact that the deed was in her name and the names of 2 minor children. Court had to represent the minor children, and they required all sorts of documentation, appraisal, ect....before they FINALLY approved the sale.
At that point we were ready to close except for the title search...that's when the rest of this popped up.
The seller told us on the day we signed the contract (August) to use the property like it was ours.
Since it had sat unused for nearly 20 years, there was lots of trash to pick up, and light clearing to do. We've done that, and have our camper on the property. No money spent, but lots of time...plenty of time to fall in love with the place.
The seller has been golden! She's at least as anxious to close as we are. The main stumbling blocks have been the court system and her lazy attorney.
There's no doubt in my mind that she would give us a very inexpensive long term lease if we wanted it, and this lean doesn't get removed. We would do that, but certainly not build anything permanent on it.
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Tarmetto
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# Posted: 13 Jan 2015 20:59 - Edited by: Tarmetto
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Quoting: MtnDon The bank wants to make certain the property that is left with their mortgage attached is worth enough to cover the unpaid amount of the mortgage.
I understand that, but I would think that the bank would have enough info at a glance to say y/n....and maybe they do and this is just protocol.
.
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toyota_mdt_tech
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# Posted: 14 Jan 2015 09:02
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Tarmetto, you would think the bank would. I remember trying to refi my home way back with the same lender I had. No, they wanted the appraiser, home inspection etc (keep in mind, they were already carrying the loan) and I went with Wells Fargo, done, 3% interest short term. Then after its all refi'd, I get mailers original lender wanting me to refi with them after moving to the other lender???? Paid in full 4 yrs ago.
But that was the strangest bank deal I experienced.
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Littlecooner
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# Posted: 14 Jan 2015 10:09
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Tarmetto
Sounds like things are moving in the correct direction. Just give it time. the crash of 08 put all these lenders on notice that they were not covered out there in the real world. You are correct on the Title opinion and Title insurance. I have saw a lot of problems that existed that were uncovered in a title inspection. It is cheap to do a title opinion and insurance on any real estate deal. I would never recommend anyone purchase a piece of real estate without a current title opinion and a current survey of the property. Without them, you have no idea what you are buying. NO disrespect, but that real estate agent that told you something about that property, really did not know the facts, he was just trying to sell the place and get paid.
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Tarmetto
Member
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# Posted: 12 Mar 2015 09:23
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Update...took the bank 9 weeks to decide to release the lien.
Scheduled to close next Friday
If this actually happens with no further delays....then it will have taken 211 days from contract to closing!
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turkeyhunter
Member
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# Posted: 12 Mar 2015 09:50
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glad it's working out for ya!!!! just in time for building season!!!
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Steve_S
Member
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# Posted: 12 Mar 2015 10:25
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Good news Tarmetto, let's hope all the "bumps to ownership" are over and you can get onto the fun stuff now. Given the issues, I hope you got Title Insurance just in case something else falls out of the woodwork.
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Tarmetto
Member
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# Posted: 12 Mar 2015 11:44
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Quoting: Steve_S Good news Tarmetto, let's hope all the "bumps to ownership" are over and you can get onto the fun stuff now. Given the issues, I hope you got Title Insurance just in case something else falls out of the woodwork.
Yep! $100 is cheap insurance.
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Steve_S
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# Posted: 12 Mar 2015 11:59
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IMO that is $100 very well spent and the peace of mind it affords is even more valuable. I'd say priceless if you consider the stress reduction value ;)
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Tarmetto
Member
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# Posted: 15 Mar 2015 19:54 - Edited by: Tarmetto
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Drove down to check progress on the mobile home removal (supposed to be done before closing 03-20-15).
It ain't look'n good!.....but it was a beautiful day!
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Beetlespin
Member
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# Posted: 16 Mar 2015 11:50
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What did they use.....Dynamite?
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Tarmetto
Member
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# Posted: 16 Mar 2015 18:28
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Quoting: Beetlespin What did they use.....Dynamite?
LOL!...nope...it was done by hand, and sledge hammer.
The original "dude" was doing it for the scrap. He got the good stuff and the quit.
Now the seller is paying someone to finish. She only has a week to get it done, but the county is giving her a free sled dumpster.
Our final purchase price (at closing this Friday) depends on it's complete removal.
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Tarmetto
Member
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# Posted: 23 Mar 2015 19:25
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IT IS OURS!!!!!!!!
Finally closed on Friday!
Mobile home has NOT been completely removed, but I have confidence that it will be.
I spent most of the day Saturday framing up the new dock.
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turkeyhunter
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# Posted: 23 Mar 2015 20:33
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glad you got in your NAME....lake lot owner ...and looks like you got busy quick!!!!
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