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Looks Like My Wood Heating Days Are Over

Post in 'The Hearth Room - Wood Stoves and Fireplaces' started by Battenkiller, Sep 4, 2011.

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  1. Nater

    Nater Member

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    Like I said before, make sure you check out the restrictions on the loan. The two things that almost got us were "no inground pool" and "no income producing property". An "income producing property" can be a woodlot, as it might be able to be sub-dividable.

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  2. Jags

    Jags Moderate Moderator Staff Member

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    I think this calls for a giant group "YEEE HAAWWWW".
  3. Battenkiller

    Battenkiller Minister of Fire

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    Yes! A lifelong dream about to come true, and at the most unlikely of times!!! Out of the ashes of despair arises the phoenix. Good woodburning imagery, eh?


    VC, my sister will most likely rebuild. Her husband grew up in that house, and they are river people through and through. Their greatest joy is to sit out on their deck and watch the boats come up and down through the locks. My brother-in-law is the chief of Lock 2 in Waterford, NY. - the end of the Erie Canal. You can actually see him at work from her house if he is standing on the catwalk that goes over the lock. Pretty cool.

    They say that during the 1800s there were two types of businesses in Waterford - saloons and whorehouses. We used to play along the old tow path on what became the holding water for the lock system. We would call out, "Tidal wave!" whenever they would send water down, and it would wash out our carefully built little sand peninsulas and stick houses that were sitting there awaiting destruction.

    Well, the water sure came down there last week. Waterford is a tiny community that sits right at the confluence of the Mohawk and Hudson Rivers. Every boat that travels from the west to go down the Hudson has to pass directly past my sister's house. There's some fancy sailboats out there, let me tell you. With all that water comes lots of flooding, and the people are somewhat hardened to it. Not this time. The water rose almost to the middle of town, and that is a pretty fair grade up to there. Some of the homes can never be rebuilt, they simply can't be insured again at a price anyone could afford.

    Flood water came roaring down the Hudson, and just east of me picked up 23,000 CFS from the raging Battenkill River... a flow that is ordinarily 100X less than that this time of year. Then to the west, 130,000 CFS came blasting down the Schoharie Creek, wiping out all of Blenheim, Middleburg, Schoharie, and Esperance before dumping into the swollen Mohawk. There is caused widespread destruction in the Tribes Hill and Rotterdam Junction area, swept past my daughter's house and wiped her prized garden plot off the map, and caused local flooding all along the way to where it poured into the Hudson... right in my sister's backyard. It was the "Perfect Flood".

    I'm happy to say that the reports of my sister's lack of flood insurance were greatly exaggerated. She did have insurance after all, but it has been costing them a fortune. They have decided not to rebuild the bottom floor, but simply to erect concrete walls under the top floor and make it a garage. This represents a loss of an $800/month rental, and the loss of the companionship of the good friends who rented from them. Her husband's brother Dave also grew up in that house, and even though he lives in NC right now, part of his heart is still in little old Waterford. Here's what Dave had to say on Facebook about what folks would end up doing after the flood:


    "River people are tough, they get flooded they rebuild. They don't sit around feeling sorry for themselves, they just do it. Good luck to everyone whose lives have been uprooted by this flood. In a few weeks it will be like nothing happened and you'll be enjoying the fact you live near the river."


    And they are tough. God bless them all.
  4. Battenkiller

    Battenkiller Minister of Fire

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    Yikes, guys... that hurts my ears! :ahhh:

    But it's a good kind of pain. ;-)
  5. webbie

    webbie Seasoned Moderator Staff Member

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    Wow, things are moving fast.

    I think the transition is the toughest part. The reality is that even rentals these days are a great deal, because many folks cannot sell their houses and/or other investment real estate, so they try to rent it in the hopes that the market will eventually improve.

    There is also a vast "grey" market of rent-to-own, private mortgages or owners who will "take back" the mortgage, etc.
    No, you won't get 4.5%, but you will get flexibility.
    My dad and his lawyer friend used to collect mortgages from the vast grey market down in NJ. This was everything from the local contractor who wanted to buy and flip houses (too much of a PITA to go to banks) to the guy and gal who made their living at the flea market.....obviously less than perfect accounting when all that cash is flying! Heck, I even remember them lending money to a (respectable) alleged pot dealer.....although the couple had mainstream jobs, they were not qualified for the larger house they desired.

    Heck, I never could have sold my business if I didn't give the buyers a loan for all the money......buyer who, of course, could never have qualified for that much at the bank. The bank generally will only lend you about 1/3 of what you are worth (in my experience).

    As they say, there is a an ass for every seat or a butt for every hut.

    Whatever happens, I think you will land back on your feet after some turbulence.
  6. HollowHill

    HollowHill Minister of Fire

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    BK, that is just the best news! Hope you can join us on the "dark/that which can not be named" side :) Best of luck househunting, hope you can find just what you're looking for!
  7. raybonz

    raybonz Minister of Fire

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    Excellent news! There is a silver lining in that cloud after all!

    Ray
  8. GAMMA RAY

    GAMMA RAY Minister of Fire

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    Nothin's gonna get our ole Battenkiller down.......I had a feeling something good was gonna happen...
    It will be a "New Chapter" for you and Mrs BK...
    Congrats... :)
    Now have a freakin Dogfish Head now....or 2 or 3...or maybes 4 or 5... :lol:
  9. Battenkiller

    Battenkiller Minister of Fire

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    Ack! Only one measly Harpoon IPA in the fridge. Pop! Gone. Now... off to the beverage store to get some Dogfish Head, as you recommend.

    Maybe a case or two!? Should I get the 60 Minute IPA or the 90 Minute stuff? Maybe the 60, I'm not sure I can handle the 9% ABV brew you quaff down. I'm too old and feeble. %-P
  10. GAMMA RAY

    GAMMA RAY Minister of Fire

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    PA.
    Do the 90....gives you the most BANG for your buck..... ;-P :cheese: :lol:
    you deserve it...just hydrate well tomorrow....(Have a bloody mary for breakfast... :coolsmirk: )
  11. daveswoodhauler

    daveswoodhauler Minister of Fire

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    Glad I am not the only one that looks at the alc % on the bottle before I buy, lol
    Ok, back to BK's good day.....I'll pour myself a fine glass of red from the box in the fridge and have a toast for ya!
  12. BrowningBAR

    BrowningBAR Minister of Fire

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    Congrats!


    Now, enough sappiness. Let's argue moisture content! :lol:
  13. Battenkiller

    Battenkiller Minister of Fire

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    Ah, yes... the "Breakfast of Champions" as we used to call it. Nothing tastes better the morning after going on a bender. ;-) Got a brand new liter of Tito's Vodka, all I need is some Campbell's tomato juice, some celery salt and some Junius horseradish. Three cans of each. I'm an old Boy Scout... "Be Prepared".
  14. Battenkiller

    Battenkiller Minister of Fire

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    Wet basis or dry basis? %-P
  15. BrowningBAR

    BrowningBAR Minister of Fire

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    I'm sure we can argue both sides at the same time.
  16. fishingpol

    fishingpol Minister of Fire

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    Loc:
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    Great news, way to go. I'll tip back a frosty one for ya! Hang tough and make this good turn of events happen!
  17. Ken S

    Ken S New Member

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    Loc:
    Upstate NY
    Best of luck and if you have any technical questions or whatever concerning putting a deal together ask because this is what I do everyday.Remember when you make an offer start low you can always go up but you can't come down.
  18. Mrs. Krabappel

    Mrs. Krabappel Minister of Fire

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    BK you don't have to have the money seasoned in the bank for the USDA backed loan. That is only for FHA. (If I'm reading that correctly)

    Also, I purchased my house for 8k MORE than the agreed upon price. That extra money went to pay the closing. So basically I just folded the closing cost in to my mortgage. In fact, I walked away from the closing with money. Which I needed immediately for plumbing!
  19. johnnytugs1

    johnnytugs1 New Member

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    jackson, n.j.
    BK there is a website called BankRate.com This is where I learned about mortgages and rates and stuff. I knew nothing prior. Best of luck and PLEASE be careful. there are alot of scammers out there. also, too many hits on your credit score is no good either. Remember, you will want a fixed rate for the life of the loan with no prepayment penalties. and everything in writing!!!
    best of luck,
    JT
    917-842- eighteen 09
  20. branchburner

    branchburner Minister of Fire

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    BK, just caught this thread - glad things are looking up! At least you are being forced into the housing market at a low rather than a high.

    It's probably a good time to seriously look at 20 years of accumulated stuff and let go of some of it, but I hope you don't feel forced to unload too much at giveaway prices (especially your ebony and rosewood contraband!) I'd be happy to donate some barn space even though I'm several hours away, and I bet you can find a few barns closer to home that have room in a corner for a few things.
    (I've still got a washer, dryer, and two wood stoves in the barn for a guy who lost his house a few years ago.)

    Probably a fine time to unload some silver at $40/oz, but don't unload it all... never know what's next.
  21. littlalex

    littlalex Member

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    Loc:
    Hewitt, NJ
    BK - Congrats and well wishes...a few tokes in honor of you and your families turn of fortune.

    "What a long, strange trip it's been."

    Peace,
    Littlalex
  22. vinny11950

    vinny11950 Minister of Fire

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    Eastern Long Island, NY
    Glad things are looking up, BK.

    Like others have posted, be careful if the deal sounds too good to be true. If you are not sure about something, get some one else to look at it.

    Scammers aside, banks are very shaky these days so look at other avenues too if things don't work out. I was ready to close when the bank pulled the loan after committing to do it. Anyway, I ended up going with LendingTree and they had no problem making the loan. And fast too. And I could talk to them about the deal and they would tell me what could work and what would not. Some banks keep you waiting forever and then say no with very little explanation.

    I just say be careful because even the best brokers promise the world and then can't deliver. And it is not that they can't but more that they don't have the time to sort things through if the deal gets tough. But the good part is that there are other avenues for loans that don't go through traditional banks.

    Also in your advantage is the housing market is full of houses waiting to sell. One of them has your name on it. Good luck
  23. Cowboy Billy

    Cowboy Billy Minister of Fire

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    Britton MI
    Howdy BK

    I was bummed and a little ticked off to hear about you loosing your place. After 21 years 30 days is no where near a fair amount of time. But I was glad things are looking good for you to get your own place. But it sounds like fate and time to move on and start building up your own place.

    Best wishes to You and your Family.

    Billy
  24. firefighterjake

    firefighterjake Minister of Fire

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    Holy crap . . . reading this I was feeling depressed and then elated and then depressed again and now happy . . . talk about an emotional roller coaster and I'm not even being directly impacted . . . I guess we really are like a family.

    In any case, it sounds as though things are promising . . . and truthfully from what I know about you BK I suspected that you would come through this all OK -- you're a survivor. Good luck . . .
  25. Clarkbug

    Clarkbug Minister of Fire

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    Oooooh, pretty.

    Im just sorry it has to come on the heels of such a lousy circumstance :(

    And on that same note, if the new place you are looking at needs that black birch, thats OK too!
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