...we're still alive incase you were wondering.
Without going into all the nightmare-ish details, I was told today that we may NEVER be able to get a construction loan. Just to put this in perspective, we have perfect credit, a good income, NO debt (not even a car loan), and we completely own the lot that makes up almost half of the loan amount we are asking for (more equity than most building a home). So what is the problem?
We decided to put the sewer and water in because we needed that done in order to get our building permit. Well, my (incorrect) thinking was that in order to get a loan we needed to have a permit (wrong, wrong, wrong). Soooo....the sewer and water were all done about 3 weeks ago. Apparently if you even have someone dig a 1inch hole on your lot, they have the ability to put a lien (hold) on your lot. Since we had the sewer done, he now has the ability to put a lien on the property BUT he has agreed to sign a lien waiver. Honkey dorey right? NOPE!
Well, I told the bank, what if my oh so kind Grandparents pay the guy completely so that we owe him nothing. He would then have no rights to put a lien on it right? WRONG again...why, I do not know. Apparently once someone dug, or did anything, it allows every subcontractor to put a lien on our property and the bank will not loan with that risk...BUT if the loan had been in place before the first person, then it would have been OK.
SO...lesson is...you can't have work done on the lot you own, even when you pay with your own money. So all those people with property, don't ever ever touch it without borrowing money and spending lots on interest...because it so matters where you get the money from. What the heck...I am SO lost.
Anyone know a lawyer? Seriously....it may come to that :(
PS-Everything else is going good. We are enjoying the weather in between meltdowns (from me...not Ryker). New mantra- "It's worth it...it is worth it...it is SO worth it"
3 days ago