Property Update #37- Mortgage #1 Closing! in Tennessee

Today 11/29/23- Bestie and her husband closed on their home/ construction mortgage! They had to make the 2 hour drive to Crossville with her mom to sign all the paperwork. One thing we did not look into much is what the tax implications are for Bestie’s mom. She did a quit claim deed to gift bestie the land so one of the parcels is now in her name.

The only hiccup in the closing was that some of the paperwork was worded as if the land was being sold. It doesn’t matter in theory but it needs to be specified as a gift for tax purposes. The closing took 2.5 hours which is a really long ass time. When we bought the property it was in and out and done. I guess there’s more moving parts here since this is non traditional construction loan.

The build will begin sometime this month as soon as the survey is recorded. We still have not gotten the final platt back from the TDEC office. I didn’t think it would take this long since we already waited the 45 days and paid for the survey restrictions. And we need a few more signatures. We are starting to get restless. The build cannot start until it’s recorded. They will begin with foundation. We were given an estimate of between May-July as the completion. So we will need to sign a 6 month lease at our current rental and possibly go month to month after that.

I am signing my paperwork for the construction budget on my new double wide. The property appraisal will be ordered next week. The main concern is, I will be going to Illinois for at least a month so I am not sure when I will be able to schedule this closing. My construction will possibly begin sometime in Jan or Feb and I will be a few months behind Bestie in terms of the build.

We are finally starting to get into the excitement of this process! Ironic because the name of my home model is the excitement! lol.

The foundation guy at clayton had a farmer go and bush hog the land, which means they drive a tractor with an attachment to clear out the tall grass. They only did from the road to the tree line at the midway point but it was a whopping $500. But it needed to be done. It was getting difficult to navigate. The issue is we don’t have a shed on the property so we can’t store a lawn mower needed for the heavier duty grass. And we only have a van and not a trailer to transport it. It was starting to look like a prairie. Here is a picture of what it looks like now. I haven’t been there to see it yet but it will be much easier to visualize the homes being put there. My dad went to visit the land and look around the property.

Last updated December 02, 2023