– Orignally Posted Tuesday Dec. 29th – 

We were suppose to fund yesterday (12/28/09) and close today (12/29/09) but just like everything else in this deal, something got screwed up.

As it turns out, funding is usually done in the morning and has to be done by noon. We get a call from [...]]]>

– Orignally Posted Tuesday Dec. 29th – 

We were suppose to fund yesterday (12/28/09) and close today (12/29/09) but just like everything else in this deal, something got screwed up.

As it turns out, funding is usually done in the morning and has to be done by noon. We get a call from our lender at 2pm yesterday that they were not able to fund due to the fact that the lender could not verify where some of the money that we put in escrow came from. The funny thing is that the money has been sitting in escrow for a couple of weeks… and they are now just finding it?!?!?! Needless to say we are a little pissed off about it…

It gets better….

Turns out that one of the issues is that they can’t fund is because of a 401k issue… Basically, The Other One pulled money from his 401k (EdwardJones) and had them wire the money directly to escrow. Now the lender isn’t sure who EdwardJones is, and was thinking that EdwardJones was a real estate agent at the Other One’s office who gave him the money. So, we had to send in additional statements and paperwork proving that EdwardJones was the investing company for the 401k, and NOT an actual person…

We are still probably not going to fund today… and more info is coming… I’ll try to keep things up to date. All I do know at this point is that we are out of the rental Thursday night… and if this doesn’t close here fast… like it was suppose to on Dec 15th, 18th, 23rd, and 28th…. we are going to be homeless.

– Originally Posted Tuesday Dec. 8, 2009 –

We are trying very hard to get all the ducks in a row so we can close on the 15th of December. One of the things that needed to get done so the home loan could be finalized was the appraisal.

We were antsy about the appraisal [...]]]>

– Originally Posted Tuesday Dec. 8, 2009 –

We are trying very hard to get all the ducks in a row so we can close on the 15th of December. One of the things that needed to get done so the home loan could be finalized was the appraisal.

We were antsy about the appraisal because it could me the difference between getting and not getting the house. It had to come in GREATER then what the offer was written and accepted for. Talk about stress.

After a week of our lender trying to get the appraisal from the guy who went out and did it, we finally had it in our hands… Well in our email’s inbox. After what seemed like a lifetime, the large PDF was finally downloaded. We opened it and started reading. Everything looked ok until we got to the lines…

Purchase Price: $205,500
Appraised Value: $205,000

Ah crap! A difference of $500 dollars means that we would not qualify for the loan. This was not good.

We really have 4 options at this point:

1) Pay $500 more that we don’t have.

2) See if the selling bank will drop the price by $500

3) Have the appraisal done again and hope it makes up the difference

4) Kill the deal.

We’ll see what happens.

– UPDATE –

Just learned some information about our Appraisal…

From what we understand, the Appraiser didn’t want to drive the whole 7 miles to the town to do the appraisal. You know cause it’s such a HUGE distance. Our lender told him to just get it done… and I don’t think he liked it very much.

However, after some sweet talking from our agent, the Appraiser mentioned that it “might” have been a typo and would take another look at the report.

Well, the new appraisal is in and has been corrected… so far we are good to go!