Monday, April 16, 2012

Talk Me Down

Well, it's just about official, we will not be digging Monday 4/23.  Are banks the most inefficient entity in the world?  This afternoon, someone from the bank finally responded telling me they just got the appraisal back, it was done on 4/5 (supposedly) and was supposed to be turned in to the bank within 3-4 days.  So now the appraisal department is reviewing it, then we'll have to sign some more papers, then the underwriter will get the file again, and we're hoping to close on the loan next week.  FFS!  They've known the dig date all along and the appraisal was ordered 3/29.

This is the second time we've dealt with this bank for a mortgage in the last 9 months.  The first was for the land loan and guess what?  They had appraisal delays and made us miss our contract deadline that time too.  Now the same thing is happening.
From what I understand, they have to use some electronic system to send the appraisal job out to appraiser #1.  He has a few days to decide if he wants the job or not.  If not, then the system sends it to #2 and the same process happens.  There is no limit to the number of appraisers that can turn it down.  The bank can't just pick their favorite guy to do the job, so we have to deal with these schmucks who have no sense of urgency or time.  But in our case (this time), the first guy accepted it from what I understand and they still can't meet the deadline.

So hopefully we'll close next week and who knows what Wayne Homes' schedule is like.  I don't know if we can start the following week or not.

I just want out of this apartment as soon as possible. 


  1. I hope you can return to your regularly scheduled laundry routine in your own home very soon! :)

  2. Was this by chance Westfield Bank?

    1. Not Westfield. It rhymes with Puntington.

    2. Wow, I would think you were telling my story!! We are dealing with the same bank and were told the same thing probably by the same guy!!! This is very discouraging as we too had to move are dig date back one month despite requesting appraisal right after contract signing 3/29. It too took one month and messed up our start date!!! I'm still angry! To make things worse when appraisal came in it was $40,0000 below construction costs so after a week of arguing with the appraiser and underwriter we have now been granted a second appraisal!!! Only problem is, is that I hope it doesn't take as long and it comes in where it needs to, so we can start june18!!! Wow I can't believe how similar our stories are, in fact we too signed on valentines day!