house buying ARGH

Let me start by saying AAARRRGGGHHHH!!!

So Bobby and I want to buy some land, and then build a house on it. This meant we needed to 1. find a lender 2. find some land. 3. bid/negotiate on said land to get to buy it 4. do paperwork associated with buying the land (including get insurance) 5. Close 6. Own Land

So for step one, find a lender, I thought back to what happened when we bought our house in Portland. We went through this small, mom and pop shop that kept demanding paperwork, was mean, and made me break down into tears at one point. I decided that was no fun, so I said lets go with a big name bank this time. Better yet, lets go with our bank, Bank of America. Now, when I was young, my Grandma took to Western Savings, and made me start a savings account. At some point, Western Savings became Bank of America, and I have been a loyal BofA customer ever since. Until today anyway.

So we get a loan guy, with BofA. And the loan guy says, “No Problem!” He tells us we have great credit, long time customer, he can loan us anything, anywhere, and that he can beat any other lenders offers.
We made an offer on the lot, then the seller came back and had us sign an addendum saying we would close on Aug 11th, and that the seller would be leaving 2 trailers (the single and the double) on the lot, hence came the idea of staying in the doublewide. This addendum was faxed to BofA. Bobby had discussions with the bank guy about the trailers, and about our plans to stay in one of them. The bank guy even mentioned he knew someone who might be interested in buying one of the trailers off of us when all was said and done. Beyond that, The title co said we needed insurance on the trailers in order to buy the lot. BofA told us we didn’t need insurance on it to buy the lot. I called my normal insurance co, and they told me this wasn’t something that they insure, due to the additions and such to the doublewide. In a quandary, bobby asked the bank guy multiple times if he was sure we didn’t need insurance on the trailer to close.
The only thing odd that occurred at this point, was that around the 5th or 8th, I can’t remember, I came home to some papers that needed signing. Bobby had backdated them, to July 27th, because the bank guy had missed something, and he needed those backdated. I didn’t worry about it, and I signed them. In retrospect, maybe I shouldn’t have.

So on Aug 8th or 9th, we should have received some info from the title co about when we were closing. We heard nothing.

So on Aug 9th, the lot was supposed to be cleaned off. It wasn’t. It still isn’t completely cleaned off, although the seller has been doing a good job of making progress. .

The week of Aug 8th, the Realtor was on Vacation, and was not able to assist us, due to this.

So Bobby called the Realtor, BofA, and the Title co on Aug 8th, Aug 9th, Aug 10th, and Aug 11th (the supposed close date) to make sure everything was on track.
On Aug 8th, 9th, and 10th, the bank guy said “NO PROBLEM”
On the 11th, he said, “You meant you wanted to close today?!?!?! I’m working on it right now!”
On the 12th, the day after we were supposed to close, he said “We can’t loan you the money.”

THE DAY AFTER WE WERE SUPPOSED TO CLOSE, OUR LOAN GUY, OUR BANK, BANK OF AMERICA, SAID THEY COULDN’T LOAN US THE MONEY.

Bank of America did not want to loan us the money because “There are trailers on the property.” Our credit is still wonderful. The property is still valued at what we were borrowing. The whole problem, as far as I can tell, is the loan guy set us up with a “lot loan,” but because of the trailer, we needed an actual “home loan.” Why they couldn’t fix that, I don’t know, all I know is that we have been yelling at Bank of America since then.

On Friday, Aug 12th, Our loan guy told our realtor that if we signed an Addendum stating that we would pull the single wide trailer off the lot within a week of close, and spedified a new close date of Aug 15th, the bank would lend us the money.

So we signed. And on Monday.
TWO DAYS AFTER WE WERE SUPPOSED TO CLOSE, OUR LOAN GUY, OUR BANK, BANK OF AMERICA, SAID THEY COULDN’T LOAN US THE MONEY AGAIN. Even though we signed an addendum the bank said we had to sign, even though we weren’t hot on the addendum in order to close ASAP.

We have another lender signed up, and are going to hopefully sign some initial paperwork tonight, but its like starting over. Best case would be that the paperwork goes right through and we close on Monday. Worst case, it’ll be September before we could close.

Our Seller is freaking out (I don’t blame him at all, I would be freaking out if our buyer had missed 2 closing dates). He needs the money to buy his house. He also had people he flew into AZ to help him clean off his lot (one of the conditions of us buying it was to clean it off) and now he can’t afford to send them home. The realtor is attempting to keep the Deal alive… but its very possible the deal will fall through.

Basically we need to sign an addendum letting us move the closing date out to say 3 weeks or earlier. We need permission to pull the single off and possibly make changes to the doublewide to make it insurable.

We’ll know tomorrow if the Seller is willing to sign such a thing. If not, we might be out an upwards of $1,000 on this deal.

In the mean time, we have to deal with our new and fun lender, so Bobby and I have to sign crap again tonight. We’ll be missing Fighter practice AGAIN. Sorry.

I am even more sorry to steeldreams because I really want to go and have dinner with her, but I have to cancel again. I am SSSSOOOOOO SORRY!!!!!!

I hate it when people cancel on me, and this whole deal has me feeling like scum, because I have had to cancel on my friends, and cancel/change on this seller too. I feel like the bad guy, but there is nothing we can do about it.

A side effect of all this, we are looking for a new bank too.

The good news? Eplans refunded most of our money. Not all. Just most, we’re only out about $100 on that deal now.

So that’s why my life has been a big ball of stress lately, how about you all?

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