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Thread: VA Loans - and My Dilemma

  1. #161
    Troll Magnet Sparko's Avatar
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    Quote Originally Posted by Cow Poke View Post
    LostSheep was just asking me about the place I sold, so I thought I'd post an update....

    After all the rigamarole dealing with the VA, and bringing things up to their expectations, and playing games, and putting a lot of work and money into "fixing the place up".....

    Hurricane Harvey came down hard.

    The well house was completely destroyed, including all the above-ground components, the shop was badly damaged, many of the huge oak trees were felled, and a lot of the fencing along the pasture was literally ripped out of the ground.

    On top of all this, the guy who bought the place lost his job shortly after closing.

    As I mentioned to LS - I bet that guy kinda identifies with Job. He's a good guy, and needs our prayers.
    oh no. Did he have insurance? did he lose the house?

  2. #162
    See, the Thing is... Cow Poke's Avatar
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    Quote Originally Posted by Sparko View Post
    oh no. Did he have insurance? did he lose the house?
    I really don't know - He wouldn't have been able to get VA financing without having insurance, and I'm pretty sure the VA makes their clients escrow, which, of course, means the lender was paying the insurance out of the house payment.

    We still stay in touch with a neighbor (our dog Jake and their dog Sandy were best buds) who seemed to indicate that the house itself wasn't badly damaged, but there was a garage apartment, the 50x70 shop, the well house.... all of those suffered bad damage or were destroyed.

    We stopped communicating with Joe when it became apparent that we might get thrown under the bus for "not advising them" that there might be a change in the neighborhood, even though the buyer's agent was very clearly aware of that.
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  3. #163
    Troll Magnet Sparko's Avatar
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    Quote Originally Posted by Cow Poke View Post
    I really don't know - He wouldn't have been able to get VA financing without having insurance, and I'm pretty sure the VA makes their clients escrow, which, of course, means the lender was paying the insurance out of the house payment.

    We still stay in touch with a neighbor (our dog Jake and their dog Sandy were best buds) who seemed to indicate that the house itself wasn't badly damaged, but there was a garage apartment, the 50x70 shop, the well house.... all of those suffered bad damage or were destroyed.

    We stopped communicating with Joe when it became apparent that we might get thrown under the bus for "not advising them" that there might be a change in the neighborhood, even though the buyer's agent was very clearly aware of that.
    I meant did he lose the house because he lost his job.

    Is the highway going through the neighborhood itself?

  4. #164
    See, the Thing is... Cow Poke's Avatar
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    Quote Originally Posted by Sparko View Post
    I meant did he lose the house because he lost his job.
    I think they're still in the house - from what I've heard, the VA is particularly tolerant of such situations, but I don't really know.

    Is the highway going through the neighborhood itself?
    No, it very clearly goes AROUND the neighborhood, which is actually "out in the country", but it does (if it actually happens) actually change the entry and exit into the area. In my own personal opinion, it would be a help, not a hindrance. I think the overshadowing factor here is one that could not be foreseen --- property values were soaring because there was a rumor that Exxon was going to build a facility in the region which would employ up to 10,000 people. They appear to have since changed their minds, or at least delayed that plan. That was, supposedly, in anticipation of the "Aggie Expressway" which would have given them quick access to downtown Houston, airports, etc.....
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  5. #165
    41st Mojave Summer DesertBerean's Avatar
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    Quote Originally Posted by Cow Poke View Post
    I kinda feel guilty, in a way, because we sold the place for considerably more than I paid for it, and very shortly after we closed, the market in that particular area collapsed because it's along the route of the future "Aggie Expressway". The house across the road from us was selling for about the same price as ours, and it still hasn't sold, even though the sellers have come down nearly $100,000 on the price.

    While it could easily appear we "knew something" and were escaping the collapse - the honest fact is that we just needed to be closer to my work, and "it was time".
    My reaction to this: Oh....UGH. Poor guy.

    Prayers for everyone.

  6. #166
    See, the Thing is... Cow Poke's Avatar
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    THREE YEARS ago already!
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  7. Amen mossrose, DesertBerean amen'd this post.
  8. #167
    See, the Thing is... Cow Poke's Avatar
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    WOW --- just saw TxDOT's PROJECT MAP for my old neighborhood!!!! The new Aggie Expressway is going RIGHT NEXT TO my old property! SO GLAD we are outta there. Property values had really collapsed, so those properties near me that were purchased by the State for expansion were purchased for "market value" that was really low.

    We literally sold "high", as it was expected that Exxon was going to be building a huge plant nearby, and my neighborhood would have been an excellent "bedroom community" for the Exxon campus.

    AFTER we sold, news spread that Exxon had cancelled their plans, and property values plummeted.
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  9. #168
    Child of the One True King Raphael's Avatar
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    Quote Originally Posted by Cow Poke View Post
    WOW --- just saw TxDOT's PROJECT MAP for my old neighborhood!!!! The new Aggie Expressway is going RIGHT NEXT TO my old property! SO GLAD we are outta there. Property values had really collapsed, so those properties near me that were purchased by the State for expansion were purchased for "market value" that was really low.

    We literally sold "high", as it was expected that Exxon was going to be building a huge plant nearby, and my neighborhood would have been an excellent "bedroom community" for the Exxon campus.

    AFTER we sold, news spread that Exxon had cancelled their plans, and property values plummeted.
    Kinda sucks for the bloke who bought your old house. But I am glad it's not affecting you.
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  10. #169
    See, the Thing is... Cow Poke's Avatar
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    Quote Originally Posted by Raphael View Post
    Kinda sucks for the bloke who bought your old house. But I am glad it's not affecting you.
    Yeah, he was a good guy - and I hate that for him, but, yeah.... he knew at the time there was a project coming through, but I don't think any of us thought it would come so close!
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