Saturday, June 15, 2013

Engaging in Risky Business

Not that I have ever watched the movie, Risky Business, but as I was thinking of a blog title, I felt like it was familiar.  A quick google search confirmed my thoughts...

Anyway, you have to wonder what kind of risky business we would engage in seeing how AJ works in Law Enforcement.  If you have been following the blog, you might guess the risky business is house related.  If so, you are 100% correct.

The construction loan was supposed to close by the end of May, then it was pushed out because they misspelled my name and needed me to resign documents I signed back in April, which I had volunteered to wait around in April to sign.  Then they wanted the HUD statement for our land and a letter about our farm expenses.  So we waited and were told we would close by June 7th.  Well....the underwriter is a little backed up so she couldn't process the paperwork in time. Then on June 7th we heard that they were cutting the loan amount because of the farm losses (um, this is mortgage interest and tractor depreciation, both payments are accounted for) - the loan would be for a few dollars over the contract with the builder, thus limiting any additions we might want.

But work began on the house June 3rd.  The house site was scraped to remove the top soil, then the footings were dug and placed, and finally block for the foundation was laid.  All in the first week....and work continued the second week because we are suppose to close by June 14th.
So the next week came, and the builder finished the foundation, we had the surveyor complete the foundation survey, and the builder started and completed the foundation framing.  AJ also picked up lumber from a mill near Savannah, GA, which was used for the foundation framing. progressed, but what about the loan? The builder needs his first draw by June 21st.  We did receive the "good to go" notice on June 14th that we could close, so we are combining the close with the first draw next Friday, June 21st.  The bank couldn't help us cut any closer of a deadline...could they?

In other news, we met with an awesome cabinet builder that beats Lowe's/Home Depot and other builders hands down - quality and price! We are extremely excited about the cabinets.  He gave us a tour inside of his house, and look at the work he does!  These are all hickory cabinets - the main cabinets are left natural while the island is stained an espresso and distressed.  I had originally wanted a deep red cherry wood cabinets, but I was worried with the kitchen being too dark and coordinating too many textures and colors in a small area.  Plus, AJ was in love with the natural hickory cabinets. 

I have also mentioned previously that AJ had picked up our interior columns and beams, but never shared a picture.  I went by the warehouse after meeting with the cabinet guy to scope them out.  They are currently plain, but we will most likely stain them to contrast against the ceiling in the living room, which will be a natural wood.

AJ came across some pecky cypress wood, and this piece below will become the mantle piece.  The cabinet guy we met can plane it and possibly cut some decorative support pieces.  It will also be left natural, but as you can see, it is a darker wood.

So what are the hiccups?

Well last time, we were waiting on the appraisal, negotiating the land from the other bank, and finalizing our bank loan.

So 2/3 of the above is complete.  The appraisal came back, and we have a current loan to value of 80%, thus no PMI!  This is GREAT news. Moreover, due to the appraisal that included the value of the land, the bank who we have a loan with for the land is releasing the 7.22 acres home site FREE AND CLEAR.  No loan attached to it...did I mention the land doubled in value since we bought it.  Talk about a return on an investment!

In order to keep the good news rolling, we need to close on the construction loan, which is scheduled. Thus, we are hoping to see the subflooring go down early this coming week and the beginning of the wall framing.  Meanwhile, AJ and I are scouring the internet for a front door we like to see if the cabinet maker can duplicate what we like within the budget.

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