Saturday, May 12, 2012

Do You Have ANY Idea How Hard It's Been to Maintain My Sunny Disposition?

Ok, moving along.  So if you think we've been building and just not posting about it, you would be wrong.  Remember about 6 weeks ago when we put the septic in and I posted this picture?

Well, this is what the property looks like now.

Yep exactly the same!  About 9 weeks ago we started working with US Bank on our loan and here's how things have gone.

Apply for loan
Bank says all looks good
Order appraisal
Appraiser has a hard time finding comps
Appraiser finds comps
Appraiser gives comps to bank
Bank's underwriter doesn't like appraiser's comps
Bank lowers amount we can borrow
We say "fine."
Appraiser says if they lower amount they loan, he's afraid we will build an "inferior" product
We say "No we won't"
Appraiser says, "I'm pulling my appraisal."
We say, "No wait.  Please don't do that.  This has already taken 9 weeks."
Appraiser says, "Tough shit."
     Ok, he didn't really say that.
Builder is trying to reason with appraiser.


If we don't have something by Tuesday, I'm going to the bank, getting all of our loan paperwork back and heading out to find someone more reasonable. 

Shoot, this has been so much fun, let's start all over again!


dee said...

When its that much fun, of course do it again.

US Bank mortgage people must lie awake at night thinking up new things to frustrate borrowers---you didn't list most of their demands. The sad thing is---its against the law to go in and strangle anyone.

Sheri said...

How frustrating and unfair is that?! The banks went from giving money away to anyone to making you prove you don't need a cent of it to qualify. I think I would be saying bye bye US Bank!!

kate said...

I'm sorry sis. It must be so frustrating to have sold your house and be so READY to start building. Yes, go another bank, hell, go to several and see who approves your first.