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Frustrated, Stressed, and Extremely Overwhelmed (just need to vent)

MinAlamo
Contributor

Re: Frustrated, Stressed, and Extremely Overwhelmed (just need to vent)

Owning the land outright is certainly an advantage! That's part of our issue - we need to finance the land in addition to the home, so it's a little more complicated than we realized. At least your builder knows the lender. This is the first time ours have worked together so it's a bit tougher to get the lines of communication open the way we'd like them to be. (the builder is in a bigger city about an hour away and we are in a small town). Hopefully today they were finally able to hash some things out together and get the info. gathered for the appraiser. I am tired of the pins and needles feeling! 

Message 11 of 15
eileensnow
Frequent Contributor

Re: Frustrated, Stressed, and Extremely Overwhelmed (just need to vent)

@MinAlmo- we were fortunate to be able to purchase the lot, and now take the time to raise scores, Design the home, then pull the trigger on the construction loan when it makes sense. But I think your situation is more common- the land purchase and construction loans happen together. As to the lack of communication between the professionals concerned, your banker needs to earn your business over and over, imho, because- referrals! Hang in there....
Message 12 of 15
MinAlamo
Contributor

Re: Frustrated, Stressed, and Extremely Overwhelmed (just need to vent)

Thank you Eileen! We are still hanging in there and nothing has really changed. This will be the second full business week without the appraisal report. Apparently, our builder called our LO and they spoke, she told him the appraiser went out of town for this week from M-W. My builder called me, said he'd give the appraiser everything he needed yesterday and let me know. Didn't hear a word which leads me to believe the appraiser is still not responding. We were hoping to at least have this information in their hands no later than this week, but it's Friday and I am not holding out much hope. I am just shocked at how long it's taking to get them the info, let alone get the process completed. Meanwhile, we spend every waking moment stressed to the gills with no end in sight. It's outrageous.

Message 13 of 15
simplechamp
Regular Contributor

Re: Frustrated, Stressed, and Extremely Overwhelmed (just need to vent)

Here's hoping everything gets moving and turns out in your favor. And that after this it's smooth sailing. I know when I went through the process waiting on the appraisal to come back was one of the most stressful parts. And that was for an existing house and only lasted about a week. So can only imagine what you are going through.

Now married, about to start looking to move into new home. Wife says "I don't understand why you say it's a stressful process, how bad can it be?". I say "Well honey, wait and see, you've never tried to buy a house before!"
Message 14 of 15
MinAlamo
Contributor

Re: Frustrated, Stressed, and Extremely Overwhelmed (just need to vent)

Hi @simplechamp thank you for your empathy! I bought and sold a home before, but because this one needs to have quite a high amount of equity for the loan to go through, it makes the whole thing that much more stressful. We are STILL waiting for the appraisal report after two full weeks of sitting by and holding our breath. Our builder called this past Saturday and said the appraiser finally contacted him for the plans and other information. That was at the end of a full two weeks with no contact from them, and it's now Thursday and still, we wait so it will be 3 weeks if we get no answers by tomorrow. If we don't hear anything by COB tomorrow I fear we might have a meltdown!

 

Keep sending that positivity our way! Smiley Happy 

Message 15 of 15
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