If you missed Part 1, you can see it here.http://abandoned547.com/2015/09/30/the-cinderella-project-part-1/
Up until this time, we lived in a beautiful “house of our dreams” we had purchased in November of 2010 when we moved to Ocala. We had recently put in a beautiful pool and were enjoying life.
After looking at the historic house and deciding to look at our options, we spoke to our financial advisor and she offered some suggestions. Look into residential mortgage first. If necessary a commercial loan and even a cash offer. We were given a few names to contact regarding mortgages. The calls began. The news was not good.
Wenona is zoned R3 which means it has 4+ apartments and a person cannot get a residential mortgage on a building that is zoned R3. Also, when a person already has a primary residence, mortgage companies are hesitant to issue another primary mortgage without some sort of proof you will be using the new home as their residence.
Proof? What kind of proof are you talking about? The idea was to live in our current house, buy the historic home, fix it up as much as possible and then move.
Nope. The mortgage company wants us to put our current house up for sale so that we can show them we are serious about making the historic home our primary residence. Ok whatever…….ya’ll are stretching me.
On January 12 our realtor came to the house to talk about what’s next. Buy, sell, have a panic attack, whatever.
January 26, 2015 we put our house up for sale. We had a contract in 4 days. We however did not have any options with a residential mortgage to buy our house due to the zoning issue.
Steve and I were celebrating our 30th anniversary on February 9th and had already planned on an overseas vacation to New Zealand and Fiji months and months before never with any thoughts of buying or selling a house.
February 23rd we left the country, had a contract on our current house and were trying to secure money to purchase the historic home. New Zealand is 18, yes you heard me right 18 hours AHEAD of the USA. That makes it very difficult to have any sort of communication with realtors, mortgage brokers, financial advisors, friends or family. But we did it and our trip was such a wonderful experience and here’s to 30 more years.
Upon our return to the USA on March 11th, we tried to settle back into normalcy as quickly as possible however on March 12th when Steve went into the office, he was in a horrible truck accident. Steve had a neck and shoulder injury and an airbag burn to his arm. His truck was in really bad shape but thank God Steve was ok. $16,000 to repair his truck and currently he is still receiving treatment for his neck and shoulder.
Fast forward to April 11, 2015, we close on our current home and move in with my Mom and Dad. They were gracious enough to allow us to barge our way in with all of our crap and live with them. We are expecting a 6 week visit. Boy, are we ever wrong with the estimate. We are unable to secure any sort of loan to purchase the home, so a cash sale it is. We have scraped together enough money to purchase and offer the deal to the seller. Currently the house is full of tenants. We think there are approximately 10 total people living in the house. The contract states that we will not take possession of the house until all tenants have been evicted. Best decision ever.
To be continued ………….