Snarky Brides

Welp.

Our appraisal came back at 60 grand less than needed.  Our loan officer just called us and said they can't approve the loan, because there's not enough wiggle room.  My mom closes on her new house in two weeks and we're supposed to go sign the contract with our remodeler on Friday.  I think I'm going to be physically sick.

Oh, and to top it off?  I have to tell this to Noodle this afternoon.  Where is he now?  At the funeral of a longtime (like, 10+ years) and close coworker who unexpectedly died.  Two days before Christmas.  F*ck my life.
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If I wanted to hear the pitter-patter of little feet, I'd put shoes on the cat. image

Re: Welp.

  • Nugget... you can't *really* feel it, because it's the internet, but I'm totally hugging you right now and sending you the best vibes and T&P and whatever else.  This all just sucks and I know there isn't much to say to make it better :( But you know we are here for you.
    panther
  • I'm so angry right now, our loan guy just kept telling us yes, he could totally do the loan.  No problem.  Even with all the issues that popped up, no problem.  And then after 3 months of working on this to just be like "Nope, sorry.  Good luck."  WTF is that.  If we'd known there might be a problem my mom NEVER would have locked herself into a contract on a new home. 
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    If I wanted to hear the pitter-patter of little feet, I'd put shoes on the cat. image

  • ALSO?  The only reason they can't make it work is because there isn't enough "wiggle room" since they have to assume the housing market is going to drop in 6 months.  Even with the appraisal coming in at 60 grand less we're STILL ending up with over 20k in equity in the house when everything is said and done.  20 f*cking grand in equity and we still can't get the goddamn house.
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    If I wanted to hear the pitter-patter of little feet, I'd put shoes on the cat. image

  • Oh, I'm so sorry Nuggs, I don't know what to say except I'm sorry and we are here to listen :(
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  • In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_welp-1?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:95f5ec46-8afa-4a87-bc7a-f6ddaa566055Post:4c08bf54-02b1-4147-954f-b871f7f34093">Re: Welp.</a>:
    [QUOTE]Oh man that sucks.  I would be seriously reaming that toolnut out. Sorry Nuggs. Do you have any sort of back-up plan?  Another bank?
    Posted by jcbsjr[/QUOTE]

    We could go with the 203k loan through Wells Fargo.  They said it will take a minimum of 45 days AFTER a scope of work is done by a HUD consultant.  Which could take 1-2 weeks on it's own.  But the fees will be higher, and the end payment will be higher.
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    If I wanted to hear the pitter-patter of little feet, I'd put shoes on the cat. image

  • In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_welp-1?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:95f5ec46-8afa-4a87-bc7a-f6ddaa566055Post:ffaa5cd0-5e0e-4e21-a036-3f79023d6ce5">Re: Welp.</a>:
    [QUOTE]Your loan guy sounds like a d-bag.
    Posted by edielaura[/QUOTE]

    <div>And this.</div>
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  • In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_welp-1?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:95f5ec46-8afa-4a87-bc7a-f6ddaa566055Post:28df4f16-7371-4730-991f-702a2a5c4577">Re: Welp.</a>:
    [QUOTE]I'm so sorry Nuggs. Huge vibes your way. I know this will take a huge amount of time to revisit plans. But is there anyway to change the scope of the remodel to fit the unexpected appraisal amount? I know it's not ideal or what you had planned for and I'm sorry.
    Posted by kodakitty[/QUOTE]

    We'd have to shave 60k off and that's half the reno cost.  We went over our scope of work when we initially got it to shave off stuff and I don't think there's any way we could do that.
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    If I wanted to hear the pitter-patter of little feet, I'd put shoes on the cat. image

  • That is sucktastic!  I'm with everyone else who called the guy a d'bag.

    Are you and Noodle able to do some of the remodeling work yourselves?  That could cut down on the money you need. 

    Good luck and if you need an alibi, give me a call! 
  • LesPaulLesPaul member
    First Anniversary Combo Breaker First Comment
    edited December 2011
    I'm so sorry, Nuggs.  Any chance for a second opinion on the appraisal?  A second mortgage to cover the gap?  8-(
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  • Damn Nugs :( I have no helpful advice but that freaking sucks.
  • Wow.  What a douche.

    I'm sorry.  I know how stressful it was to go through all the home buying shiit (and the reno stuff on top of it.)  And we only did about $15k in stuff to the house, so I can't imagine how stressed out you are right now.

    I wonder if Wells Fargo could push you through faster since (I assume) you have all of the bids and stuff done already?  That's what took the longest with our 203k loan.
  • Ugh how awful! I'm so sorrry.  Do you have any documentation of this loan officer telling you he would be able to do it, or is it all verbal? I agree, I'd be at his desk saying "FIX THIS. NOW."

    What B.S.  I hate that they are basing this on the assumption of where the market will be in 6 months.  It drives me nuts that people like you, who are honest, hardworking and will pay back that loan, can't get it, yet the people who won't be able to pay it back are being given lines of credit just so the banks can get rich.  Makes no sense to me.
  • I told Noodle (who did NOT take it well) and we're going to go talk to a guy at Wells Fargo about the 203k loan on Friday. 

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    If I wanted to hear the pitter-patter of little feet, I'd put shoes on the cat. image

  • In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_welp-1?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:95f5ec46-8afa-4a87-bc7a-f6ddaa566055Post:26eacc2d-b940-4fec-82a0-d2882548ab10">Re: Welp.</a>:
    [QUOTE]Ugh how awful! I'm so sorrry.  Do you have any documentation of this loan officer telling you he would be able to do it, or is it all verbal? I agree, I'd be at his desk saying "FIX THIS. NOW." What B.S.  I hate that they are basing this on the assumption of where the market will be in 6 months. <strong> It drives me nuts that people like you, who are honest, hardworking and will pay back that loan, can't get it</strong>, yet the people who won't be able to pay it back are being given lines of credit just so the banks can get rich.  Makes no sense to me.
    Posted by chelseamb11[/QUOTE]

    God I know, that's what pisses me off so bad.  We have equity, we're both gainfully employed, we have no debt outside of 5k in student loans, and the PITI would be 23% of our income and we STILL can't get f*cking approved???  Because the market MIGHT tank MAYBE in the next 6 months?? WTF?!?
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    If I wanted to hear the pitter-patter of little feet, I'd put shoes on the cat. image

  • Nuggs, do you have 'someone' yet at Wells Fargo? Do you want me to pass on our loan guy's information to you? He was a freaking genius about the 203k stuff; he's been doing the loans for like 20 years... and ONLY does 203k loans.
  • In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_welp-1?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:95f5ec46-8afa-4a87-bc7a-f6ddaa566055Post:d6f604ae-ad8a-498b-bf48-05ac26e3df57">Re: Welp.</a>:
    [QUOTE]I told Noodle (who did NOT take it well) and we're going to go talk to a guy at Wells Fargo about the 203k loan on Friday. 
    Posted by NuggetBrain[/QUOTE]

    Nuggs, I know that sucks. Big time. It doesn't compare, but we were refinancing when interest rates were lower, and the dude just couldn't seem to finish it or get what needed to be done, done.
    Turned out, he'd just been diicking around the whole time, anyway. A new guy called us and we were done in like 3 weeks.

    Hopefully this will work out.
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    Do not mess in the affairs of dinosaurs because you are crunchy and taste good with ketchup.
    I love you Missy. Even though you are not smart enough to take online quizzes to find out really important information. ~cew
  • In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_welp-1?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:95f5ec46-8afa-4a87-bc7a-f6ddaa566055Post:059849c3-b67c-4af7-84db-3bdc9a756382">Re: Welp.</a>:
    [QUOTE]Nuggs, do you have 'someone' yet at Wells Fargo? Do you want me to pass on our loan guy's information to you? He was a freaking genius about the 203k stuff; he's been doing the loans for like 20 years... and ONLY does 203k loans.
    Posted by Steph0871[/QUOTE]

    We have someone the other loan officer recommended but I'll take your suggestion too - I don't know how much I trust someone who's recommended by the asshat we used before.
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    If I wanted to hear the pitter-patter of little feet, I'd put shoes on the cat. image

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