Financing glitch! Argggh. Things were going way too smoothly. . . Our local bank, with whom we have a personal relationship and who know us well sent us a letter of approval. THEN the appraiser noted that we were not living in the Dump. (How could anyone live there? Really?) The bank's internal policy states that the owners have to be living at the property to be eligible for a home equity loan. When we discussed financing options, this was never brought up; the branch manager strongly suggested a home equity loan over other options. We are very unhappy. Our loan was denied.
Because we received a letter of approval (prematurely) we started work on the Dump. Walls came down.
Wait until you see these photos.
What does this mean?
ReplyDeleteIt means we have to get another loan. It will be fine but it's a delay. Not good for a brat who needs instant gratification!
ReplyDeleteI'll spot you some cash.
ReplyDeleteSeriously, I can't believe how far along it is coming. Maybe it will be done on time.