I thought it was time for an update on our loan and land purchase situation! This is the latest and greatest news: we’re still here!
This morning I’m writing from the living room, instead of my usual spot in the corner of the dining area. If you were here, you’d see me nestled in the old blue armchair with my dirty feet up on the foot rest. There are several band-aids on my pinky toe.
I managed to “stub” this member of my foot in the frenzy of yesterday. Peeled the skin from it, actually! I’ve been putting off the inevitable task of washing myself, hence the still-dirty feet.
Life has been moving in the fast lane, but not quite in the way we’d hoped! We’re still here and the land-purchase process is just that. Still a process.
Land and Loan Update
You know how badly we want to buy land, build a home and get on with life. You likely know that we’ve been working with a private seller for over a year now.
Plans are still moving forward, at a snail’s pace!
Does it happen everywhere, or only in our valley that folks have difficulty giving reliable answers or in some cases, an answer at all?
Yes, No…Silence…More Money, Wrong Information, Etc!
We’re learning that’s how it goes when you’re a first time land buyer and the home builder! Particularly when you need a loan to make it go over.
Twice, the building inspector has changed his mind regarding the foundation of our home. Even though the water company knew the location of the property, the cost of hookup suddenly doubled in price.
The plumbing and heating company never got back to us with the quote we asked, begged and pleaded for. After working with the electrical company, we requested that they send us paperwork so that we can ask neighbors about doing an aerial trespass. It could potentially save us several thousand dollars!
Months later, there’s still been no answer. Not even a follow-up call!
One “reliable” source told us the necessary home builder’s test couldn’t be taken until we owned the land. More than a few weeks later, we discovered our loan couldn’t be approved without it! And of course, we just missed the testing date for our area.
Six hours of driving to take a 1 hour test, then the return trip home took care of that! Three weeks later, we still hadn’t received any results. Wanna know what? They don’t usually release results until the testees name is on the property title!
The cost of lumber and metal just keeps climbing. Everyone is saying it’s supposed to be an early winter (hello snow camping!) and sometimes, it feels like the odds are stacked against us.
I don’t mean to complain. Perhaps this is normal everywhere. But it sure hasn’t made our job easy!
The Snail Is Making Headway
On a bright note, we’ve signed a Contract of Purchase and Sale with the owner and are now locked into a legal (subject to financing) agreement. As long as subjects are removed by the given dates, we remain locked in.
In the next week or so, we’ll be meeting with the appraiser at the property. There, we’ll go over details that will affect the value of land and home. And then? The bank gives their final answer!
That is, so long as the forest fires go out. Until then, we can’t get insurance…or our loan!
Lessons We’ve Learned
We’ve learned so much in this process. And I’m certain there will still be more curve balls! Here’s a list of lessons we’re going to take with us.
The first is this: don’t fully trust information you’ve been given, even if it comes from a ‘reliable’ resource.
Our situation was unique. Folks had to understand this in order to give accurate information. And in some cases? They’ll still got it wrong! Whenever possible, cross-check details with another resource.
Flitting in second place is the same tune you hear every time someone builds: it always costs more than expected. Always. As of right now, we’re at least $15,000 over our original estimate. Expect it.
The third lesson is that legal fees add up. Often, you don’t know what they are until you’re about to close on the deal. Most of them are good chunks of cash!
Fourth, be ok if it doesn’t happen when you want it to, because it probably wont! Everything takes longer than expected. Do yourself a favor and get used to the idea!
Oh, and if you have problem with forest fires in your area, be sure to beat them to the insurance company so your loan can be processed!
I’m sure I could wrack up a few more, but this post is getting far too long!
We’re Still Here
That’s the word on the street. We’re still here, my man and I. As time goes by, we find ourselves so ready to see things wrapped up. We’re ready to get on with life!
By all appearances, it’s going to be an early winter. If things go through, we’ll be faced with the dilemma of where to live. Originally, we were going to camp out on the property. Now? We’re not so sure!
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