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Post by Deleted on Jun 6, 2018 1:16:50 GMT
The seller accepted our offer!!!!!!!!!!!!!!!! SQUEEEEEEE!!!!!!!!!!!!!!!!! Totally thrilled for you!!! That's just the BEST news. Congratulations.
And I loved your video of Shady. She's just gorgeous. Who couldn't love that face and spirit?
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Post by comfortablynumb on Jun 6, 2018 12:35:02 GMT
8 acres of grass, small patches of trees and a knee deep creek (in places) running down the center. Pretty much everything a cow would want.
Considering the fact that building land here runs about 40-60K an acre and at least 5 acres of this lot is buildable, 68k is a minor miracle.
3 cheers for bitter divorces with time sensitive liquidation needs.
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Post by willowgirl on Jun 6, 2018 13:05:41 GMT
LOL, we really don't know if there is a bitter divorce involved, although the (female) seller has two names listed on some of the documents (although some of my paperwork is still in my old married name, 6 years after my divorce, because I'm lazy, lol). Hoping the bank doesn't throw us any curve balls like super-high closing costs or an outrageous interest rate. (I hate dealing with banks!)
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Post by comfortablynumb on Jun 6, 2018 16:03:57 GMT
For the mental picture sizing challenged people (like me) 7.7 acres works out to 7.5 football fields or, enough space to fit 41 baseball diamonds. Or... 67,082 sqft per cow.
Which translates to the common terminology as "more than enough".
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Post by Skandi on Jun 6, 2018 16:21:05 GMT
Great news! It's always interesting how much land is or isn't worth in different areas. That piece would be sold as hunting land round here, the don't like hills! and the stream makes it unploughable. However it looks good for retired cows, don't let her fill it up too much
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Post by shellymay on Jun 6, 2018 17:41:27 GMT
I just read all the updates, I am grinning ear to ear for you and the girls, congrads and I hope it all works out, the pictures look great and agree it is perfect for some cows.
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Post by Daniel on Jun 6, 2018 19:11:52 GMT
Willowgirl, I'm so happy for you. I've been trying to figure out how to FEDEX or UPS you a dozen or so acres, but, the shipping was just out of this world
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Post by Mari-in-IN on Jun 6, 2018 23:15:36 GMT
Wow... I'm anxious to see current pics as it looks like those were taken before some of the trees were leafed out... It looks just fabulous for cows - I do hope everything totally and seamlessly works out willowgirl! ~Mari
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Post by ceresone on Jun 6, 2018 23:17:23 GMT
me too--i have 2 old horses on 40 acres-- 19 acres of grass that needs bush hooged
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Post by willowgirl on Jun 7, 2018 2:49:11 GMT
Thanks everybody!!! Well, the bank socked us with an outrageous interest rate -- 7 percent! They know they're the only game in town, lol. But, well, I really want that land ... and the plan is to clean up our current cow sanctuary a bit, probably scrap the old mobile that's on it, and sell it. With a little bit of luck, the proceeds will pay off the loan, one way or the other! Everything went well with the banker (after I got over my sticker shock, lol). I was pleased to learn that my FICO score is 828! The next hurdle we'll have to clear is the appraisal, although I think it will come in OK. I'm pushing to close as fast as we can; the grass is growing! I can't wait to see Rozzy and Snowy bopping around that big pasture sticking their long noses into everything.
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Post by LauraD on Jun 7, 2018 14:07:45 GMT
Oh wow, that looks like a really nice place! And I love your idea of selling the old one once you have the girls settled!
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Post by comfortablynumb on Jun 10, 2018 1:53:41 GMT
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Post by willowgirl on Jun 10, 2018 12:34:25 GMT
Shady has really taken to Numb, despite having known him for only a short time. She really loves that roll of sump pump hose, too ...
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Post by mzgarden on Jun 10, 2018 15:47:20 GMT
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Post by willowgirl on Jun 11, 2018 1:01:27 GMT
We drove out to the property this afternoon to see whether the creek is behaving after the recent hard rains (it was). We didn't want to trespass but stood outside the gate looking around and making plans. I noticed that there is swamp willow growing all along the banks of the creek ... the same stuff I used to build furniture out of 20 years ago when I had a yard full of it! Maybe I'll have to get back to that in all of the spare time I'll have when I'm not constantly cleaning up after cows. LOL The grass is really growing out there! These cows are gonna be fat as ticks (well, all but Shady are already).
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Post by stickinthemud on Jun 11, 2018 10:47:44 GMT
Congrats on the land, Willow. And love the videos.
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Post by comfortablynumb on Jun 18, 2018 18:47:42 GMT
Oh wow, that looks like a really nice place! And I love your idea of selling the old one once you have the girls settled! Yes unless somebody has cows or horses... its not suited to large animals. When we were cleaning up the other day I told Willow, it would make a fine goat farm with all the brush and woods. The 1/4 acre front paddock is now probably 2 feet deep in black composted barnyard dirt that would make a fine garden. There is a huge cistern there fed by a spring for watering it. there is a mobile home pad up the hill and farther up there is a large cut where someone terraced off a section to build a house. There are several springs all over the property, a few can be developed for year round water. There is 2 electric meters, a good deep well that delivers good water. it will make somebody a very nice small homesteading base to work on. There is even a nice half finished tiny house shell at the top of the driveway that only needs insulated and wired up and the water pump&head is only 30 or so feet from it. Where the septic tank and field is I never found it.... but its there somewhere. You'd have to trace the outlet from the old trailer on the pad to the tank I guess. Not to mention the garage that has a covered shed and a small work room on it, and the large red run in shed for the cows not far from that. Nice area, the place almost borders a state park with all the bells and whistles. Close to a few mall towns that have everything you'd want. It would make some young strong healthy family or couple a fine opportunity to build a nice little farmette.
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Post by willowgirl on Jun 20, 2018 11:59:36 GMT
Numb missed his calling; he should have been a realtor!
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Post by countrymom22 on Jun 20, 2018 23:16:28 GMT
Congrats! Isn't it great when a plan comes together! Best of luck with the move. Looks like a nice place. When can you get in?
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Post by willowgirl on Jun 21, 2018 12:08:34 GMT
We have a tentative closing date of July 17! The loan is still working its way through the process. It cleared the underwriter, with a caveat that I have to provide a bunch of additional documentation on my finances, but I stayed up late last night and pulled everything together. (Thank Ghod for the Internet!) Approval is also contingent on the appraisal coming in where we need it to. I live in hope.
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Post by countrymom22 on Jun 21, 2018 22:40:26 GMT
Wow! July 17th is right around the corner! I'll pray the God of paperwork keeps things moving along in a timely fashion. And that the appraisal comes in as needed. That is so exciting!
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Post by willowgirl on Jun 22, 2018 4:43:48 GMT
Thanks! I can't wait.
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Post by LauraD on Jun 22, 2018 13:38:29 GMT
Oh wow, that looks like a really nice place! And I love your idea of selling the old one once you have the girls settled! Yes unless somebody has cows or horses... its not suited to large animals. When we were cleaning up the other day I told Willow, it would make a fine goat farm with all the brush and woods. The 1/4 acre front paddock is now probably 2 feet deep in black composted barnyard dirt that would make a fine garden. There is a huge cistern there fed by a spring for watering it. there is a mobile home pad up the hill and farther up there is a large cut where someone terraced off a section to build a house. There are several springs all over the property, a few can be developed for year round water. There is 2 electric meters, a good deep well that delivers good water. it will make somebody a very nice small homesteading base to work on. There is even a nice half finished tiny house shell at the top of the driveway that only needs insulated and wired up and the water pump&head is only 30 or so feet from it. Where the septic tank and field is I never found it.... but its there somewhere. You'd have to trace the outlet from the old trailer on the pad to the tank I guess. Not to mention the garage that has a covered shed and a small work room on it, and the large red run in shed for the cows not far from that. Nice area, the place almost borders a state park with all the bells and whistles. Close to a few mall towns that have everything you'd want. It would make some young strong healthy family or couple a fine opportunity to build a nice little farmette.
Sounds like a great place! Someone will definitely want it...
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Post by aoconnor on Jun 22, 2018 22:45:58 GMT
SQUEEEEE!!! What wonderful news!! I love Shady, and I know SHE will love her new home so much! You guys are so wonderful with taking in those girls...i just love that you do that:-)
Best wished on the property! It is such a pain in the butt working with lenders, but finding one you can build a relationship with is a good thing. Let us know when the YES is a signed deal!
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Post by willowgirl on Jun 23, 2018 12:58:04 GMT
Will do! Thanks! Well, yesterday I was ready to turn that cow into shish kebab! Since she's been a perfect angel so far, I left a gate open for just a minute, and the next thing I knew, I was chasing a tall skinny black cow down the middle of the road, with what's left of her big udder swinging back and forth, wocka-wocka-wocka. Luckily I had a bag of sweet feed in the back of the truck and she allowed herself to be lured back into captivity, but not before running about four laps around my neighbor's yard, kicking and bucking, tearing up his grass good as it just rained! I have to go back and reseed his lawn today. Suffice to say there's nothing wrong with her feet anymore ...
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Post by willowgirl on Jun 26, 2018 15:02:00 GMT
Good news! The appraisal came in at $70,000! The bank wanted another batch of documentation (showing that my taxes and insurance are paid up on my present property, sheesh) but I dropped off everything yesterday. Guess we're just waiting for title insurance now. (Not anticipating any issues with that.) HAPPY HAPPY HAPPY!
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Post by willowgirl on Jun 29, 2018 11:45:53 GMT
Aaaand yesterday we got dropped on our head. The underwriter decided it wasn't going to issue the loan after all.
The original offer was contingent on my providing another round of supporting documentation. Everything squared with what I had told the bank in the first round, so I wasn't anticipating any problems, and I'm really not sure what their issue is.
One problem is that they apparently are disallowing the income I receive from the seller-financed mortgage on my house in Michigan. I get $707 a month; the bank wanted to know why I don't claim the full $707 on my income taxes. I explained that the entire amount isn't taxable; only the interest part of the payment. The part applied to the principal is "money I'm getting for my house," which isn't taxable as it was my primary residence for more than 5 years, and thus is tax-exempt. Then they wanted to know if I get a 1099 showing this interest income; I explained that the mortgage isn't collected by a bank; the seller makes his payments directly to me by depositing money in an account. (I showed, upon request, a year of bank statements showing that his payments were being made on time and every month. He's actually never missed a payment or been late in 11 years!) At the end of the year, I use an amortization table to figure out the amount of interest paid for the year, and report that to the IRS. It's on my tax returns on Schedule B ... but apparently since there isn't a 1099 from a financial institution involved, they're not accepting it.
I don't know what else to do to please these people. But it looks like we're not going to get the loan, and I'm about out of banks to try. Also, I'm sure when the seller is informed, she will be LIVID (I know I would be).
I really feel like this banker led me on by initially telling me that my debt-to-income ratio (I have no debt) would be OK. I feel terrible about jerking the seller around; she was very generous in accepting our offer and took the property on the market and now I'm going to have to tell her the deal is off. What a big, stinky mess!
Numb is devastated too. We didn't get very much sleep last night.
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Post by feather on Jun 29, 2018 12:19:34 GMT
I'm really sorry to hear that.
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Post by Melissa on Jun 29, 2018 13:11:58 GMT
willowgirl , This may not help in this case, but the buyer can send you a 1099 also. It is fairly easy to get the forms and fill them in...
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Post by willowgirl on Jun 29, 2018 13:27:11 GMT
Thanks Melissa! I know you used to be a tax preparer. I haven't had any communication with the buyer since 2009 and don't have his current phone number or email addy ... I'm afraid a request by mail might take too long to reach him, but when I talk to the banker, I'll broach the subject and see if it would help. You'd think that my tax returns would be sufficient ... I mean, who pays taxes on $6,000 of interest income unless they actually owe them?! I requested copies of my tax transcripts from the IRS, too, so they have the "official" version as well as my 1040s to go by.
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