I'm thinking about walking. Opinions please. Could use the Fortune Cookie too.

[BacktoBasics]

I provided the bank with plans for my house in July. She sat on them for a month before getting an appraisal set up or so she said. The appraisal took 5 weeks. She then sat on the appraisal for 2 more weeks and its been in the hands of the underwriter for nearly 5 additional weeks.

So it looks like this

Inquired in June.

Took one month to meet their stipulations and have plans drawn.

Mid July she gets plans.

sat on them till mid August.

lost half my paperwork which I had to resupply.

Late Sept until I saw a finished appraisal.

Sat on it for two more weeks.

Second week in Oct the underwriter gets everything.

We are now in the third week of Nov and they need more comps from the appraiser. No word on how long it will take them to find more comparable property. Its kind of out in a rural area.

Four - Five (really four) months of waiting. You guys know who I am I don't have patience for anything or anyone. I feel like I'm close to getting this done so I've held off on walking but then again I've felt like I've been close to getting this done for some time now. I'm in the hole for 21.5k on this whole deal so that's another reason I haven't walked.

1,500 plans

2,500 earnest money for the contract (which expired because the bank is taking so long) At least the builder has been cool about it.

4,500 sold my Corvette for a fraction of what it was worth to clear the debt and get my debt to income in a happy place.

12,500 to pay off my other car. Again to clear off debt and bring my DTI below 35%.

500 appraisal.

Other than being pissed off about selling the Vette the cars being payed off isn't going to hurt me if I walk other than I would never have parted with such a large sum of money otherwise.

You could say that I'm really only out 4,500 and a car since the other is payed off equity. Still a lot of money to walk away from.

I got great credit. Got great income. Got good time on the job. Everything is aligned properly and I made the payoffs that they requested.

Does this shit normally take 4-5 or so months? Do people really spend a quarter to half a year arranging a construction loan? At what point do I say enough. I'm moving on?

I probably wouldn't go to another bank. I'd just continue renting and go get the business loan I need to finally get out of this hell hole of job. Then revisit this build in a few years.

The real question is like I said above.

At what point do I say enough. I'm moving on?

[clambake]

get the business loan.

[marini martini]

I'm glad to hear you're taking up walking. It will be so good for your health & well being!:toast

[Whisky Dog]

Unfortunately that's mire common than it should be. Everyone is so fuck crazy about every little detail now after all the variable rate bullshit hit the fan.

[mrsmaalox]

Wow I wish I had something helpful to tell you. The only thing I know is that I refuse to walk away from money under any circumstance. Pretty sucky situation.

[FortuneCookie]

Patience is also a form of action.


Lucky Numbers: 24, 33, 36, 42, 49, 54

[CosmicCowboy]

I hate banks and bankers. They are the laziest cocksuckers on the planet. I recently had to re-do a loan and what should have taken two days ended up taking 6 weeks. It was absolutely ridiculous.

As for your deal, the next thing that is going to happen is that you will get a call that your financials are out of date and they need a new financial statement, proof of job, and will have to re-run your credit reports. They won't be able to sell your note with six month old financials. Banks suck.

[BacktoBasics]

I hate banks and bankers. They are the laziest cocksuckers on the planet. I recently had to re-do a loan and what should have taken two days ended up taking 6 weeks. It was absolutely ridiculous.

As for your deal, the next thing that is going to happen is that you will get a call that your financials are out of date and they need a new financial statement, proof of job, and will have to re-run your credit reports. They won't be able to sell your note with six month old financials. Banks suck.Thankfully I've been through that. They reran me last month with updated numbers. I wouldn't be surprised if they wanted to do it again since its been a month to 5 weeks since the last time.

Strongly considering walking but if I do I'll have to wait at least two years if not longer before I can revisit this because I'll have lost all that time on the job once I quit. I'm more angry than anything.

I can always have the inquiries removed.

[jack sommerset]

Put others needs in front of your own and that will help with your patience.

[tlongII]

Have you considered prayer?

[angel_luv]

Have you considered prayer?

Excellent idea!

I will pray for you B2B. :) That you have wisdom and much favor in whichever route you go. :)

[BacktoBasics]

Put others needs in front of your own and that will help with your patience.Thanks for the perspective. Excellent point.


Have you considered prayer?:rolleyes


Excellent idea!

I will pray for you B2B. :) That you have wisdom and much favor in whichever route you go. :)I always appreciate your support.

[I. Hustle]

Well since you are asking my opinion here is what I would do.
First off go ahead and drop some change on a very decent pair of running shoes. I prefer New Balance and they will work with you to see what shoe fits you best if you go to one of their stores. Next I would probably try to figure out the best time to go, for me I go during lunch since we have a walking trail here at work that is very nice and peaceful. After that it's just a matter of motivating yourself. What I do is I eat my lunch at my desk then tell myself I need to go walk it off even if it was a small lunch. If that doesn't work then just wait for something to piss you off and take your lunch after that. That way you walk off some of that aggression. Maybe even invest in a pedometer and make a game of it adding a few more steps every time you go for your walk. Then again that is just my opinion and I didn't bother reading your post because it looked long and boring and I blew off the other opinions because I saw who posted them.

[boutons_deux]

"Does this shit normally take 4-5 or so months"

A buddy who is a mortgage broker in southern CA tells me it has become multi-month ordeal there.

He didn't handle any, but Liar's Loans were quick and easy. :)

[BacktoBasics]

pedometer sounds kinda hot.

[angel_luv]

I always appreciate your support.

My pleasure. You are good people and I wish you the very best. :)

[CosmicCowboy]

You could also sit in your loan officers waiting area and lick a sausage. That will get his attention.

[I. Hustle]

You could also sit in your loan officers waiting area and lick a sausage. That will get his attention.

Get his attention or turn you on?

[CosmicCowboy]

Get his attention or turn you on?

fail. 3rd grade retort.

Just sayin he likes to do it in HEB, might as well do it at the bank.

[I. Hustle]

fail. 3rd grade retort.

Just sayin he likes to do it in HEB, might as well do it at the bank.

So you telling him to go lick a sausage in his loan officers office is high brow but me bringing up that it probably turned you on just thinking about it is 3rd grade humor?

:tu

[CosmicCowboy]

So you telling him to go lick a sausage in his loan officers office is high brow but me bringing up that it probably turned you on just thinking about it is 3rd grade humor?

:tu

It was a direct reference to another thread where he was licking a sausage in HEB dumb ass. You were probably the only one in here too stupid to get it.

[I. Hustle]

It was a direct reference to another thread where he was licking a sausage in HEB dumb ass. You were probably the only one in here too stupid to get it.

Oh I got it. I just don't see how your reference to a previous thread is any different to my reference to your blatant homosexuality.

[BacktoBasics]

Can we get back to talking about my problems. Other than my sausage licking problems.

[CosmicCowboy]

Seriously? Your loan officer probably has an underpaid female assistant that does all his work. Talk directly to her and be VERY nice. That will normally speed things up.

Oh yeah, and tell your homophobe pussy posse to shut the fuck up.

[BacktoBasics]

Seriously? Your loan officer probably has an underpaid female assistant that does all his work. Talk directly to her and be VERY nice. That will normally speed things up.
Right now its in the hands of the underwriter. Has been for a month. I don't think I'm allowed to know who they are.

[CosmicCowboy]

Sheeut! What podunk bank are you dealing with anyway? They aren't gonna own it before flipping it? Most self respecting banks will pop the loan, let it age for 6 months and then package and flip it.

[BacktoBasics]

1st Community Bank.

They do flip the loan. I think its to Chase if I remember correctly.

[CosmicCowboy]

My point was they normally shave a few more points on the flip by popping it themselves and aging the receivable for a few months instead of flipping it green.

[BacktoBasics]

My point was they normally shave a few more points on the flip by popping it themselves and aging the receivable for a few months instead of flipping it green.
You might have me confused. There's an interim carry. They flip after I close around 30 days prior to completion of the build.

I will say this. If for whatever reason they have taken me this far only to decline me I'm going to assault if not kill someone. This is why I don't understand the constant delays. If I've been "run through" and all is golden then why sit on shit. They've always taken the approach that this is a done deal and we just need to get the formalities of the paperwork out of the way. The only real hurdle was making sure the appraisal went okay because there aren't many comparable properties out in that area. The dollars were more than good. To now ask for more comparisons really pisses me off.

[CosmicCowboy]

The comp issue always sucks with unique properties. My house always under-appraises because of the acreage and the fact that it has a barn and equine arena but it's "in town". I ALWAYS have to argue with them on comps...they want to say "well, here's a house on 1 acre with a swimming pool...we'll just swap the pool for the barn/arena"...I'm like uhhh bullshit! the barn/arena costs at least twice what a pool costs and 1 acre doesn't comp to 2.5 acres...then they want to go "out" to find a house with an equine facility and I gotta bitch and say you can't compare it to a house out past Camp Bullis...

you just have to take unequal comps and fight for your variance dollars.

[chode_regulator]

Dude I would say screw teh house get the business loan, but don't most small business have a hard time as it is without being in a depression?

I would only recomend the business loan since it is pretty apparent that youhate your job and it's only a matter of time until you snap one way or another.

[BacktoBasics]

Dude I would say screw teh house get the business loan, but don't most small business have a hard time as it is without being in a depression?

I would only recomend the business loan since it is pretty apparent that youhate your job and it's only a matter of time until you snap one way or another.Depends on the business. Ours is doing fine. The only thing holding us back is lack of equipment.

I think I'm going to wait until Thanksgiving before pushing the eject button.

[CosmicCowboy]

Depends on the business. Ours is doing fine. The only thing holding us back is lack of equipment.

I think I'm going to wait until Thanksgiving before pushing the eject button.

Thanksgiving as in next week?

Does that mean your days of posting on ST (out of boredom at your existing job) are almost over?

[BacktoBasics]

Thanksgiving as in next week?

Does that mean your days of posting on ST (out of boredom at your existing job) are almost over?Oh no. Even if I bail on the build I won't secure the loan until Jan. My tax return would allow me to put a little over 10% down. Then I'll likely continue working for the next 6 months to a year before I quit. Unless we just get swamped and then I'll quit before then.

I can work nights or allow the employees to handle the work load until we capitalize on the equipment. I don't have to rush.

[CubanMustGo]

We purchased through our credit union (Randolph-Brooks) - it took a couple of weeks, not months, and the amount of paperwork at signing was absolutely tiny compared to the last time we bought a place thru Wells Fargo. If you have to walk, check out a CU.

[I. Hustle]

Are you dogging Wells?!

[I. Hustle]

:lol

[Shelly]

I hate banks and bankers. They are the laziest cocksuckers on the planet. I recently had to re-do a loan and what should have taken two days ended up taking 6 weeks. It was absolutely ridiculous.

As for your deal, the next thing that is going to happen is that you will get a call that your financials are out of date and they need a new financial statement, proof of job, and will have to re-run your credit reports. They won't be able to sell your note with six month old financials. Banks suck.

My husband needs a loan for an some equipment he wants to buy for his practice. I guess banks do special loans for medical practices. Calls up our bank that holds our business and personal accounts and they tell him no problem, only to turn around that they only lend to certain medical specialties. WTF?

Called another bank that we currently have a loan with and secured the loan without a hitch.

[BacktoBasics]

They can not find enough comparable properties appraised within the last 6 months. I may be dead in the water here.

[katyon6th]

I'm sorry. :(

[BacktoBasics]

I'm sorry. :(Make it better?

[CosmicCowboy]

They can not find enough comparable properties appraised within the last 6 months. I may be dead in the water here.

That's crazy. They could adjust the comps if they wanted to. There are industry accepted standards for adding/subtracting comp value based on lot size, house size, type of construction, etc.

[katyon6th]

Make it better?

What can I do?

[CosmicCowboy]

What can I do?

:lol

You should know better than to ask B2B something like that...:lmao

[BacktoBasics]

What can I do?:wow PM me for details.

[mrsmaalox]

They can not find enough comparable properties appraised within the last 6 months. I may be dead in the water here.

Fucking lazy pieces of shit they are.

[BacktoBasics]

Fucking lazy pieces of shit they are.The thing that makes me so angry is that this was a "done deal" right out of the gate. I was very specific about needing to know how this was going to go down and what the risks were before I started cutting absurdly giant checks. I was assured with no shred of doubt that all was well.

On top of all that before I cut the additional check of 500 for the appraisal I had her make sure that they could get the necessary comps for the underwriters. She told me that she "made phone calls to confirm the parameters that needed to be met" before ordering the appraisal. Well apparently she didn't do that because it wasn't enough. Obviously I'm going to ask for my money back but I'm not holding my breath. 500 is a drop in the bucket compared to the hole I'm in over this.

[Das Texan]

They can not find enough comparable properties appraised within the last 6 months. I may be dead in the water here.


They are fucking full of fucking shit.

[BacktoBasics]

They are fucking full of fucking shit.That's what I said. How does that even become a real enough or valuable enough reason to not do a loan? Risk assessment. Used to be the primary objective behind lending. The question was always should be "how much of a risk is this person to default or pay late". They have 3 comp properties all within a 6 month period. That should more than suffice.