Thanks to Key Exterior, our roof is all better. The guys actually came out Saturday to fix it, so we didn't even have the bandaid on for too long. Here are a few shots taken while they were working on it.
Saturday, March 31, 2012
Thursday, March 29, 2012
Roof Gets a Bandaid
So we found out what the problem was...
So clearly we were getting water because of this gapping hole in our roof. Looks like some type of chimney or vent used to be up there.
Rob from Key Exterior came out and had his guys put a "bandaid" on the hole since the forecast is showing lots of rain for tomorrow. The photo below is the temporary fix until the guys can come back out.
Saturday, March 24, 2012
Water Problems :(
We received a call today from our contractor telling us that our roof was leaking and that lots of water was coming down our walls. Since it was a foreclosure and it was obvious that it needed a lot of work, we waived our right to an inspection back while we were under contract. The house had a good structure and we figured we'd be replacing almost everything inside the house so we thought an inspection would just be a waste of money. The only problem with this is that we never checked out the roof. We're looking for roof people now and plan to get it checked out in the next day or two. We hope it isn't anything too major :/
Tuesday, March 20, 2012
203-k Updates
The 203-k loan work has started and here are a few photos of the progress.....
AFTER - All new copper plumbing was installed. The previous owners decided to strip the house of all the copper prior to moving out.
AFTER - New/old water heater....see the difference in size? With 3 1/2 bathrooms and one more coming in the future we needed to Super Size our water heater.
BEFORE - Hardwood floor on the 3rd floor had been cut and screwed back in leaving
this nice little rectangular patch job
AFTER- Floor on 3rd floor gets patched
BEFORE- 3rd floor was a little unsafe
AFTER - Added a railing
BEFORE - Drywall and mirrored closet door were bashed in (3rd floor/6th bedroom)
AFTER - Wall got patched and we got new bi-fold doors
Friday, March 16, 2012
Fences Are HOW Much?!?
One of the items that's been at the top of our list is a fence for the backyard. We figured this was a necessity considering our yard currently runs into our neighbors' yards and since our dog Tonka would go nuts without a fence.
We've had a few fence people come out over the last couple of weeks and give us quotes, however, we're having a difficult time justifying this cost right now considering we don't have things like a kitchen or laundry room :/ On one side we need 143 ft of fence on the other 95 ft because there is a brick wall in between ours and our neighbors homes. So in total, we need about 275 ft of fence to surround our house which is quite pricey. This is definitely something we'll have to think about.
We've had a few fence people come out over the last couple of weeks and give us quotes, however, we're having a difficult time justifying this cost right now considering we don't have things like a kitchen or laundry room :/ On one side we need 143 ft of fence on the other 95 ft because there is a brick wall in between ours and our neighbors homes. So in total, we need about 275 ft of fence to surround our house which is quite pricey. This is definitely something we'll have to think about.
Monday, March 12, 2012
Making Us Safe!
Today we had a security system installed! Alert Protective Services installed it for us and is the service provider. The main security box was put in our closet and it runs off a cellular signal. It has a backup battery so even if the power goes out we are still protected. :)
Saturday, March 10, 2012
A Little Piece of History!
We knew from the beginning that our neighborhood was historical and that is was listed on the National Register of Historic Places, however, we didn't know much more other than that. So I decided to stop by the Commission of Chicago Landmarks Office on a whim to see if I could get any additional information. And even though I had to wait 20 minutes before anyone acknowledged me (typical City Hall fashion), I'm super glad I did.
During my inpromptu research, I found out that our house was actually built in 1895, NOT 1901 like the MLS record stated. I also found out that our house was built by a man named Louis F. Childs and it had cost him $3,000. Another interesting fact I learned was that our backyard (which was much larger then) was an orchard for the Childs' Family. Given that we're in the midwest, and apples are the most exotic fruit we get over here, I'm going to assume it was either an apple or cherry orchard.
As soon as I shared everything I had found out with Adrian, we both became obsessed with finding more information. We began searching online for anything we could find on the Childs family. It turns out that the family had a woodcarving business which leads us to believe that he and his family carved the woodwork on our mantels and spindles themselves.
And lastly, we found that Mrs. Childs was the President of the neighborhood Women's Club :)
During my inpromptu research, I found out that our house was actually built in 1895, NOT 1901 like the MLS record stated. I also found out that our house was built by a man named Louis F. Childs and it had cost him $3,000. Another interesting fact I learned was that our backyard (which was much larger then) was an orchard for the Childs' Family. Given that we're in the midwest, and apples are the most exotic fruit we get over here, I'm going to assume it was either an apple or cherry orchard.
As soon as I shared everything I had found out with Adrian, we both became obsessed with finding more information. We began searching online for anything we could find on the Childs family. It turns out that the family had a woodcarving business which leads us to believe that he and his family carved the woodwork on our mantels and spindles themselves.
Fireplace mantel
Staircase spindles
And lastly, we found that Mrs. Childs was the President of the neighborhood Women's Club :)
Friday, February 17, 2012
CLOSING TIME! every new beginning comes from some other beginning's end...
We are officially homeowners!!!
Our top priority will be to get the 3rd floor finished so that we can move in while we finish the rest of the house. We'll also work on the exterior of the home and get it painted, fix the porch and clean up the landscaping a bit.
We can't wait to start working on the place. We'll be sure to post photos along the way!
Thursday, February 16, 2012
Backstory Part 5: Federal Loans are the Devil
So I mentioned this previously, but just to reiterate, this house is a foreclosure and was stripped of everything (seriously EVERYTHING) and has also been vandalized. It sat vacant for a while and probably became a nice little hang out for some young teenagers from the neighborhood. Since it's been stripped and is considered “unlivable” by the bank, we are required to get a FHA 203-k loan which is a pain in the a$$.
Definition: The Federal Housing Administration's rehab loan product, the FHA 203(k) loan, was designed for individuals who want to rehabilitate or repair a damaged home so they can live in it as their primary residence. These loans are endorsed by the government to encourage lenders to offer what would otherwise be considered a risky loan product.
On paper, the idea of a 203-k loan seems great, however, dealing with one is not. To get this type of loan, we needed to work with a pre-approved contractor to get a quote for the necessary work that would deem the house livable. This quote amount is then added to the sale price of the home, therefore, making your mortgage higher than what you buy the house for. Blah!
Another thing to note about this loan is that all work needs to be completed within 6 months of closing. Mind you, major construction, such as tearing down walls, is not allowed during that time. The way it works is that while the house gets worked on, the bank sends an inspector out periodically to check on the work and, hopefully, gives a final sign-off when everything has been completed. Once the final approval has been granted, you are free and clear to do what you want. The frustrating part about this is that we are essentially paying to fix things that we'll be taking right out, so it's a big waste of money.
After our offer was accepted, we quickly began to work with a contractor, and he determined that the work we needed included fixing all of the plumbing (remember, all of the copper was missing), making the bathrooms in working order and constructing a "kitchen". (This means one cabinet with a sink, electrical outlets and a gas line.)
We submitted the quote to the bank for approval, and then they sent an inspector out to check that our quote covered all the work needed to make this house livable. The inspector came back and told us we needed to add painting the exterior to the scope of work. Since when is an unpainted house considered unlivable?! This was a crazy expense that Adrian and I were not expecting. Sure, we talked about painting the house, but not this soon :/
So we submit the updated quote with the exterior paint job on it, the bank talks to the inspector and the inspector comes back AGAIN with something. This time he says we need to get a new window for the garage, a gutter for the garage and also paint the garage. ARE YOU SERIOUS?!?! Was he looking at the same garage we are? Our garage is a dilapidated shack that we plan on tearing down. The most expensive paint out there couldn't even fix this thing! This is super disappointing because the garage fixes alone come in around $4,000 and we know that money is a toal waste.
So the contractor added the garage work to the quote, we submitted it to the bank again, and everything was finally approved. All this back and forth took up so much time that we wound up having to ask the selling bank for a month extension during the process. They only granted us an additional 2 weeks though. Awesome. Did I mention how much I hate the selling bank?
Definition: The Federal Housing Administration's rehab loan product, the FHA 203(k) loan, was designed for individuals who want to rehabilitate or repair a damaged home so they can live in it as their primary residence. These loans are endorsed by the government to encourage lenders to offer what would otherwise be considered a risky loan product.
On paper, the idea of a 203-k loan seems great, however, dealing with one is not. To get this type of loan, we needed to work with a pre-approved contractor to get a quote for the necessary work that would deem the house livable. This quote amount is then added to the sale price of the home, therefore, making your mortgage higher than what you buy the house for. Blah!
Another thing to note about this loan is that all work needs to be completed within 6 months of closing. Mind you, major construction, such as tearing down walls, is not allowed during that time. The way it works is that while the house gets worked on, the bank sends an inspector out periodically to check on the work and, hopefully, gives a final sign-off when everything has been completed. Once the final approval has been granted, you are free and clear to do what you want. The frustrating part about this is that we are essentially paying to fix things that we'll be taking right out, so it's a big waste of money.
After our offer was accepted, we quickly began to work with a contractor, and he determined that the work we needed included fixing all of the plumbing (remember, all of the copper was missing), making the bathrooms in working order and constructing a "kitchen". (This means one cabinet with a sink, electrical outlets and a gas line.)
We submitted the quote to the bank for approval, and then they sent an inspector out to check that our quote covered all the work needed to make this house livable. The inspector came back and told us we needed to add painting the exterior to the scope of work. Since when is an unpainted house considered unlivable?! This was a crazy expense that Adrian and I were not expecting. Sure, we talked about painting the house, but not this soon :/
So we submit the updated quote with the exterior paint job on it, the bank talks to the inspector and the inspector comes back AGAIN with something. This time he says we need to get a new window for the garage, a gutter for the garage and also paint the garage. ARE YOU SERIOUS?!?! Was he looking at the same garage we are? Our garage is a dilapidated shack that we plan on tearing down. The most expensive paint out there couldn't even fix this thing! This is super disappointing because the garage fixes alone come in around $4,000 and we know that money is a toal waste.
We aren't taking this photo at an angle...it just leans that way.
Side of garage...with holes in it.
Inside-Here you can see that the foundation is pretty messed up and the wood slats are pretty worn.
So the contractor added the garage work to the quote, we submitted it to the bank again, and everything was finally approved. All this back and forth took up so much time that we wound up having to ask the selling bank for a month extension during the process. They only granted us an additional 2 weeks though. Awesome. Did I mention how much I hate the selling bank?
Anyways, for the past 2 months, we've encountered so much stress with having to go back and forth so many times between the contractor, our bank, the inspector and the selling bank. So we are relieved everything finally worked out and came through on the last possible day. Had we not received the clear to close last Friday, we might have lost the house. I think it will be a while before we buy another house ;)
Wednesday, February 15, 2012
Backstory Part 4: Foreclosures- The Good, The Bad and the Ugly
Monday rolls around and our real estate agent notifies us that our offer was accepted and sends over the paperwork that needs to be signed and faxed back by Thursday. YAY!!! We’re ecstatic and start sharing the news with family that evening.
So now it's Tuesday, and we're still both so excited. I even share the news with coworkers, which is big considering I'm a very superstitious person. I was so happy….that is...until…Adrian calls me that afternoon to tell me that the bank reneged and the house was no longer ours. (Are you #@$%^* kidding me?!!?)
This was the worst feeling ever. Now I realize it’s probably frustrating to read this, so I’m sure you can probably understand how much I loathed the bank at this point. If you know me, you know I have a ridiculous fly-off-the-handle temper. My immediate reaction was to send some sort of hate mail to bank people who did this.
Apparently, the fine print on the bottom of the contract that said the bank could accept other offers until we had EVERYTHING turned in, even though our "Congrats, we've accepted you're offer" letter said we had until Thursday. So, we were told, AGAIN, that we needed to come in with our "best" offer. Seriously? So Adrian and I discussed it some more and decided to put in another final offer.
This time, we waited a day before submitting it so that we could send our offer with all the necessary items at once so that if our offer was accepted, we wouldn't lose it again. So on Thursday morning we put the offer in and by Thursday afternoon we were notified that they had (again) accepted our (higher) offer and we were officially under contract (yay again!!!!). It was hard to be excited this time around though because the bank had ran us through the ringer, and made us pay more, but nonetheless, we were happy to be under contract. This of course was just the beginning of more headaches to come.
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