I might have to sell my car...
- Thread starter 66SportFury
- Start date
68Bigred
Active Member
Im not a finiance guy but I've had friends that bought a house that needed work and had a construction loan with it. As long as the money went to the rebuilding/restoring of the house they got approved. But the house was well in 7 figures, dont know if that made a difference. Not a vet by any chance? Also I thought any code violations had to be repaired by PO. Anyway good luck!!
68plymouth383
Senior Member
That's just nasty!!!!!! I don't care who you are.............. I would never do something that stupid!!!!!!!!!.............
rexus31
Senior Member
House trumps car any day of the week. Restoring an old home is lots of fun too! I did quite a bit of restoration work (mostly cosmetic) to our 1930 Spanish Colonial Revival. I was then able to get the hose on the Mills Act program which is a Historic Preservation Act with the city (first such property in my city) and county. Participation in the program constitutes a 70% break on Property Taxes. The idea is to then use that money to preserve the property. It's a pretty sweet deal for me as I already had every intention of preserving it. There may be similar preservation acts where you live that could wind up saving you $$$ in the long run. Good luck with the house, I hope you get it. Victorians are sweet!
jtalberts
Member
The people at Max and Erma's are now scared I am a lunatic. I couldn't stop laughing after reading this.
66SportFury
Senior Member
Thank you. there is an FHA loan that is called a 203k rehab loan that I was going to get, but since my credit score is low I couldn't go that way. If it wasn't for me co-signing my daughters school loans, I would be in good shape. It is what it is and I'm trying everything to get this done without selling my car. Only time will tell after the home owner signs the contract with the modifications I've added. After that, the FHA appraiser comes out to inspect. At that point if he finds anything either I or the home owner will have to fix it so I can get the loan. If the home owner declines to fix it, it will be up to me and if I can't the contract will become null and void. I'm being positive as the home owner needs to move to Florida to take care of her parents as soon as possible. I'm hoping she will fix anything the appraiser finds or credits me for the repairs or lowers the price of the house. We will see!!!
70NPORT
Old Man with a Hat
Perhaps you can find a way to make her parents situation a bit more....dire? Just sayin
tbm3fan
Old Man with a Hat
I would hope so as any repairs, costing a decent amount of money, should be compensated for one way or the other. Owner fix it or lower the price of the home by the price of the repair. They can't have their cake and eat it to. Since she has to move it would seem you are in the better position here when compared to her and could call her bluff.
rexus31
Senior Member
Unless she has back up offers.
72Fury
Senior Member
You can't just lower the price, fha will require the repairs done. You can not escrow the money for the repairs also. Your best single bet, is to be present when the fha appraiser is there. Many will back off somewhat if you can impress upon them how important the house is to you.
66SportFury
Senior Member
You are absolutely correct. I will be there when the appraiser is there. I will talk to him to see if he can overlook some issues if they arise.
rexus31, there are no backup offers,.but I did think of that and asked the realtor. She is the listing agent.
The first car I restored was a Six Pack Challenger, sold it to purchase my first house. Sold my 70 Charger to fix up my current house and used the left over money to buy the Polara. You do what you have to do. I hope you get one and keep the other, good luck.
polara66hardtop
Senior Member
In the end, the Underwriter for your mortgage loan can override any repair they want. Will they? Some will, some won't. Normally all repairs have to be done before closing. However, After Oct 15th,FHA repairs can be escrowed thru the winter, depending on what they are. ask if the seller can pull that off. Once, I had my seller pull a small loan to cover the 1 1/2 times escrow requirement for the required repairs, which is completely legal. Then, The Buyer performed the repairs through the winter, and the seller gave the Buyer the money.Also, Appraisers don't like to speak with the Buyer, and it is against the law for them to speak to any lender as well. Just a heads up.
I own my house on five acres of land, paid off 25 years ago.
I'd sell my wife and three children before before I would sell my beloved '68 Chrysler wagon that I have owned for 34 years.
She and I have been through a lot together; she saved my life.
I rebuilt her, after I was nearly killed when a Mitsubishi Fuso Stake body truck hit her in the *** on July 27, 1993, at 7:25 EST. I was pinned in her for two hours - the fire department wanted to cut her NOS positive battery cable after they pried off her hood - I told them to simply pull it off behind a smashed windshield, while I stared at her bent Tilt-Telescope steering wheel.
A separated left shoulder, ulnar nerve sheath damage, an upper forearm hematoma, bruises and a mild concussion from the collapsed A pillar, and a herniated disk at L5 were my injuries, much milder than my hapless wagon suffered.
Yeah - I still hurt from it - sleeping is a ***** - I cannot lay on either side for more than an hour, and sleeping on my back is impossible.
I got State Farm for $125,000.
Two years later, a tailgate, a clipped roof, quarter panel, gas tank, all rear glass, a windshield, two driver's side doors, a driver's side fender, an NOS "Town and Country" fender emblem, hood, rear floor and trunk, and a pair of clipped rear frame rails, courtesy of me and a MAC MIG welder, she lived again.
She's my baby - if I had nothing else - I'd sell her to live.
She would understand.
CE45H8C184471
MoPar - or no car.
Last edited:
Good luck to you...I hope you can keep your car.
66SportFury
Senior Member
What sucks even more is the fact that I have a nice 401K, but they don't allow any withdraws from it unless it's due to the following.
Medical care expenses | ||
| | ||
| Home | Purchase of a primary residence | |
| | ||
| Foreclosure/Eviction of your primary residence | ||
| | ||
| Casualty Repair of your primary residence | ||
| | ||
| Education | Tuition related educational fees, and Room/Board for the next consecutive 12 months of post secondary education for you, spouse, dependent, or primary beneficiary. | |
| | ||
| Funeral / Burial | Funeral or burial expenses for employee's deceased parent, spouse, children, dependent, beneficiary. Only Unpaid Expenses will qualify. |
Pardon me - that ******* blows.
There must be a way out, even with an obsolete 401 Keogh plan - but what are the penalties?
Are penalties more that the value of your MoPar?
No wonder I invest independently, my kids will inherit millions.
Ironwolf
Senior Member
Have you looked into this at all ?
http://www.hagerty.com/finance/collector-car-financing
http://www.silverstonemotorcars.com/classic_car_financing
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