We Closed On The Loan!!!

Well, today we closed on our construction/mortgage loan. We were supposed to close 4 weeks ago, but things have not been going in our favor lately. However, today life is good. We have the money we need to get things rolling. Hopefully we will have workers on our lot in a day or two...

The Waiting May Soon Be Over

Well, the past month or so has been very frustrating and stressful. We have been waiting for the ground to settle, and also for a certain stream permit - which is required since our property is on a stream. The state wants to make sure we are responsible in the way we clean up and maintain the stream beds. However, the most frustrating part has been the financing! We have had a terrible time finding comparable homes to use as an estimate to the value of ours. We have moved to a different bank, hoping that things would be easier, but were met with the same problems. It looks like we are just about there, though. Unfortunately, our home and lot are still under valued, but we think after the home is built we will be able to get an accurate value. It is funny to us that when we built the office for Great Basin, we just took in the bid from the contractor and that is what the bank used as the value of the building and lent the money based on those bids. However, I guess for a new home construction, that is not the way things work. So we are at the mercy of an appraiser who just looks at our plans, completely unaware of the type of finish work we have budgeted for the home. And, since our home will be a rambler, the entire downstairs is considered a basement and valued at less than half per square foot finished than the rest of the home. We are hoping to close this coming week and have the footings poured sometime that same week. Keep your fingers crossed. I am about to forget about the whole mess, and just pay for the work that has been completed...and maybe we will build in a year. The housing and mortgage crisis have really gotten the appraisers and banks very gun shy.