Paperwork!

I haven't posted all the details of the construction loan paperwork because snore, unless you're an accountant who likes paperwork details. Especially other people paperwork. But alas...this is my life and of course it just. got. interesting.

At least, interesting enough to post about.

We (well just D actually) signed the preliminary paperwork October 2nd. Which going in, I thought was the actual paperwork. Anyway. Starting on that day we have one full year to complete the construction and convert the loan to a mortgage loan. But we don't get to start construction until the final paperwork ("should be three or four weeks"). Oh and actually we get to wait until the final paperwork is filed at the county clerk's office with will take another week. So if your counting that's five weeks if we're lucky. We were not.

First hurdle. DB (our loan officer--the prelim one not the construction one--yeah it's fun and confusing that way) forgot to get D to sign some paperwork so D had to go back in to sign it a few days later. Tick-tock.

We get electricity while we're waiting.

D tells JB (our other loan officer--the one who will handle the loan after it's actually started) to have the appraiser call to set up a time to look at the land so D can explain where it it ect. Does the appraiser call before he goes out there? Nooooo. Does he have questions later for D like which housepad is it? Yeeeees. Do they have to exchange phone calls and take another week getting that straightened out? Yeeeees. Tick-tock.

Then my brother has to go in and sign a release of lien document (for $110) for the acre that our house will be on. We own the thirty acres all together as undivided interest which of course doesn't work for the bank. They need the acres and easements surveyed and free for the house. Then my brother has to take the paperwork to the county clerk's office to file it. (for $45). We are surprised that all of this is not included in the closing costs and get it straightened out that we will NOT be paying double for this. Tick-tock.

We get a date set for closing, Tuesday at 2p. Then we get a call yesterday that D needs to sign something else, something that should have been signed back on October 2nd, and pickup our appraisal at DB's office. We get the stuff and look over it and guess what? They have appraised the wrong acre. So this morning D calls to get this straightened out and has to take more paperwork to the title company and hopefully we will still be on for signing at the same time. TICK-TOCK!

So now we will easily be six weeks into our year before we even get to call to set up the foundation guys.

Is this the first time this bank has done a construction loan? Noooo. Does it feel like it? Yeeees.

You know what's also fun? That paperwork my brother signed and filed? Also wrong since the appraiser's paperwork was wrong. Yes the bank will eat the cost of that....they will, or we will serve it to them flambe.

And Yes I still feel very blessed that we are building the dream home right now, but carelessness on other people's part makes me a little hot under the collar.