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frontporchfarm

Appraisal and refinance fears for a Gold Country victorian

frontporchfarm
7 years ago

Hi, this is my first time posting on this forum! My husband and I bought an old "folk victorian" in the California Gold Country 7 years ago and have slowly remodeled almost everything. When we bought the 8 acre property, the same family had owned it for 6 generations. It is right on Hwy 49 and was an original stagecoach stop in the 1860s. My kitchen is the oldest part of the house, and consists of dry-stacked rock walls that the previous owners had smeared masonry mud over and had tried to paint. This original part of the building is set into the earth on two sides, almost like a basement. It stays marvelously cool in the summer. We tore everything down to the bare rock walls, and my husband poured a new concrete subfloor over the bare earth that the room was sitting in, and covered the masonry properly. It is a wonderful room now, with tumbled marble floor and smooth walls that we whitewashed with milk paint so that the moisture can breathe.

The rest of the house was built in 1920 and features high ceilings and simple "poor folk" victorian features. All plumbing was originally in a breezeway outdoors between the two structures, and that was incorporated into the house in the 40s or 50s.

When we bought the house, it had to be privately financed, since the house was on a post-and-pier foundation (the part of the house not set into the earth, that is) and the property also had an old mobile home. I am told the old mobile home is the main reason traditional financing was impossible. Since then, we've put a perimeter foundation in, redone all the plumbing with pex, and most of the electrical, all the windows, and we did a lot line adjustment so that the mobile home is on its own lot and no longer a problem for the main house lot.

So now, all I have to worry about is an old tin roof, the nob and tube electrical still visible in the attic, and the part of the house that has a stone/ set-in-earth foundation. We will have an appraisal on the 22nd of this month for a potential refi to get out of the private 7% loan. Do any of you have experience refinancing old houses? Do you think I have a chance? We are doing a fannie mae refi, I believe.


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