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Old 04-03-2010, 07:04 AM   #1
Join Date: Mar 2010
Location: Lansing, Michigan
Posts: 130
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Waiting to close on a HUD home

Hi all,
Greetings from South Central Michigan.
I am waiting to close on a 3br 2 ba ranch on 4 acres. House has full unfinished basement and 2 car garage. The house is a mess and needs to be totally updated. The as is appraisal value was $103K in Sep 09'. I picked it up for 57K. That should give you an idea of the condition.
Fortunatley for me I can see the potential. I have pulled a 203K rehab mortgage on the house and will be investing an additional 32K.
We will be gutting and remodeling both bathrooms to start. All new, from tile to toilet. Bedrooms are ok, minor drywall repair, painting and a few new pcs. of trim. Heavy smokers and carpets are soiled from dogs. I will be removing all carpet, washing walls, ceilings and floors. Then I am going to paint the entire house top to bottom in oil based Kilz. Even the floors.
Install new carpets, electrical outlets, and lights in bedrooms.
The living room and hallway will have real hardwood floors installed. A species called Tiger wood. It is very pretty. There will be tiled area in front of the front door. Kitchen and dining room will have ex. cupboards painted, new vinyl floor, new sink and disposal, lights and outlets will be converted to GFCI. I am planning a major kitchen remodel down the road so am just making it ok for now. Unfortunatley I have to have contractors do most of the work because of the stipulations on the loan but I will be doing a lot myself once we move in. I am also having a 95%efficient furnace installed, a new 50 gal LP water heater.(chimney will be lined) The majority of the plumbing in the basement will be new because someone decided to take most of it with them when they moved. All new LP lines will be installed as well(furnace, stove H2o heater) Then I am having a triple safe sump system installed. It has a battery back up with it and a recharging system for it. The pump runs a lot and the basement would flood should the power go out. Once they are done with that we will move in. I will be painting, cleaning, doing carpets, outlets,closet organizers, vinyl in kitchen. When I recieve my tax credit I will be re-shingling the roof, installing new replacement windows and vinyl siding the house. I also plan on digging a pond out back and using some of the soil to raise the grade around the house about 8 inches or so.(bad grade issues) I will build a dog kennel area on the west side, concrete pad with privacy fencing. No neighbors it's more for wind and sun protection. a whole new landscape will surround the house complete with a paver patio surrounded by garden walls with a built in fire pit. I used to be a landscaper so this is the easy part for me. Although I used to do a little carpentry work as well. Pole barns garages small additions, siding, roofing and windows. I once worked a winter wiring residential houses for my Uncle as well so that certainly helps. Mostly I learned from my Dad though. I hope to be started around may 1st. I will be checking in frequently. Wish me luck!!!! Oh yeah most of this will be done by the end of summer. Gonna be a busy summer.

Bushman is offline   Reply With Quote
Old 04-03-2010, 08:18 AM   #2
Join Date: Sep 2009
Location: Louisville
Posts: 455

Waiting to close on a HUD home

Good Luck!

I'm just finishing up my 203K. Its been an experience to say the least. One word of advice - make sure your contractors are OK with that last payment taking 6 weeks to process once all the work is finished. The bank end of things can take FOREVER.

cellophane is offline   Reply With Quote
Old 04-03-2010, 08:46 AM   #3
Join Date: Mar 2010
Location: Lansing, Michigan
Posts: 130

Waiting to close on a HUD home

The cool thing is that the contractor just happens to be married to the mortgage broker.
It was a deciding factor because it's hard to find people to do work and wait for payment.
Now he can fight with her on payment instead of me
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