Honestly, I am at the end of my “playing nice” rope. Appraisal saga continues. As noted before – we had some issues in the comps – specifically the Energy Efficiency line item for comparison vs other new homes that do not appear to have any energy efficiency features AT ALL.
We’re 3 weeks into trying to determine the process to ask for a review of the appraisal and no one seems to know how to do this. Seriously.
The Appraiser said she couldn’t speak to us, since the bank was ‘the customer’. The bank then tries to speak with her (after a vacation, and another week of issues where the Appraiser can’t meet / teleconference) and then are told that any questions need to be addressed through the 3rd party quality control group and that direct contact is against their guidelines.
Is there any reason this little tidbit couldn’t have been shared 3 weeks ago?
I don’t mind “the process”. I don’t mind that I have to use a 3rd party to ask questions and have them ensure that we’re not trying to unduly influence the appraiser and to make sure that any changes are in line with facts / data, etc. In fact, I LIKE process. I am usually a pretty orderly person. What drives me absolutely batshit crazy is the total lack of urgency on anything. ANYTHING.
We’ve now submitted our concerns and supporting documentation (including filling out the 5 pages addendum ourselves) and we’re waiting for a revision. And as far as I know, no one makes a commitment on the time this will take to turn this work around, etc. THAT is what drives me nuts. This is not particularly complex. It does not involve questioning the comps themselves, or even multiple line items – just ONE FACET of the entire appraisal. The facet that we specifically required that the Appraiser have experience / certification with assessing value to green / energy efficiency features.
Thankfully the bank is processing our approval with the “value” being blank (hopefully at an “up to but not to exceed” number, so we can plug it in and close as soon as we’re done with this exercise. Because – we’ve continued to fund the project out of pocket. And that we paid the Austrian window and door company almost the entire balance of a pretty large sum. (It kinda freaked me out – but hey – it’s only money, right?)
I would like to get back to the “fun” stuff. Some more design decisions, envisioning how we’re going to finish the rooms – bathrooms, kitchen, etc. And I would REALLY like to see some dirt moving. I think that once that happens, I will know it’s real. And it will be easier to engage with the rest of the suppliers, ask for best and final pricing, and nail down some details. It’s hard to maintain focus on the project until this financials are done and WORK starts. I know Tonic is eager to start too – and are feeling a little bit like Charlie Brown and the football.
I can’t believe how amazingly painful this has been and how time consuming. Not the real amount of “work”, but the amount of dead time between any activity. Painfully slow. Excruciatingly slow. It’s amazing that anyone builds anything and handles the construction financing. It’s also pretty easy to see why so many leave this to the large production builders who take care of all this and pump out maximum square footage / code built / neighborhoods of “pick plan A, B or C” houses.
Next Financing post will be the end of the saga (until I freak out over budgets…) I promise. But until then – I think I’ll get myself back in the groove and blog about how we got here and why we’re making the decisions we are – not technical like the other half – but more emotional. (and unfiltered!) Thanks for reading.