Introduction

This blog is to track our progress during the rehab of the White City/Decous Overlook Mansion.

Turner & I are always looking for our "dream house" and stumbled upon this home for sale.  All we knew at that point is that it was an old house with 8 bedrooms, two acres backing up to a park and in our price range...AND we didn't have to move to another state to do it.

When we looked at the property in August it was under contract at that time.  We brought in contractors to get an idea of how much work it would actually need to bring the house back to a livable state.  I did the research, contacted a mortgage company and came up with a plan for a 203K rehab loan on the property which includes the purchase price, the rehab costs and a 10-15% contingency for "uh ohs" that come up during reconstruction.  We asked the realtor to put in an offer for us but the sellers wanted to wait to see if the other buyers closed on the deal.

November...we're on vacation, sitting on the beach in St. Thomas and our realtor sends me a text asking if we're still interested in the house as it looks like the other deal is going to fall through.  Absolutely we said.

December 18, we put in the offer on the home, providing them with our preapproval letter for the mortgage and just before christmas heard that the sellers accepted our offer.  Merry Christmas to us!

December 20-28-Attorney Review.  Attorney review is done and we're ready to roll!

Week between Xmas & New Year - basically no progress, everyone's on vacation and its really frustrating.  We plan to close the end of January and there is a process for 203K loans that makes it important that things stay on schedule...

1.  Seller accepts offer
2.  Buyer hires 203K consultant to manage draws, inspections and overall project
3. Buyer hires general contractor (recommended by 203K consultant) that will manage all the various subcontractors we will need....electrical, plumbing, roof, demo, removal, plaster repair, etc.
4.  203K consultant writes up detailed report based on improvements we want to make.
5. report submitted to mortgage company and appraiser comes out and reviews the before/after of the house.
6.  Appraisal must come back at least as much as what we pay + the repairs.
7.  After that's complete we get the mortgage committment and title search happens.
8.  About a week or two later we close...then the fun begins!!

After closing we have 6 months to complete the project and obtain the certificate of occupancy.  We will be selling our current residence after the mansion rehab is complete and we move in.