Well, that sucked.

We spent five hours at the closing yesterday. After all of that, Bank of America couldn't get its act together and the closing fell apart. We called it a day around 7pm when it was clear there was going to be no resolution (and after several people at B of A just decided to go home mid-deal, without any warning). We did what they call a "dry close," meaning everything is still in play, but we need to close on Monday or this deal is dead.

So we are strategizing with our attorney and Atherton this weekend to see what we can do to get this deal to close on Monday. At this point, really anything can happen, so stay tuned.

Whatever you did Don Juan, it worked!

Closing has been scheduled for 3pm Friday!!!!!!!!!!!!!!!!!!!!!

P.S. For those of you who are scratching your head at the Don Juan comment, see the comment made on my prior post. haha :)

Please keep all your crossables crossed.

I just spoke with our banker - apparently final approval for our third attempt at a construction loan should come through by end of day today, with a tentative closing scheduled for this Friday. Please send us some closing prayers/vibes/thoughts/whatever. This process really needs to end. Like, now.

Tiiiiiiiimber!

No concrete was poured today due to the rain, but there HAS been one new development. They felled the huge pine tree that was smack dab in the middle of the lot where our house will (hopefully) eventually be.

It's not huge progress, but it IS progress. :)

Here are some pics:

The Saga Continues.

Never count your chickens before they've hatched. A noteworthy proverb.

Well, our second attempt at closing a loan with Chase failed. Despite the new, higher appraisal, Chase refused to accept it because it was so much higher than the old. And instead of using the midpoint of the two appraisals (which would seem reasonable, no?), they are just completely disregarding the new one.

So that loan is officially dead. Goodbye extra equity - we will miss you.

We are continuing to work with Bank of America. Hopefully this loan will defy all expectations and actually close. We'll see.

In the meantime, there's been a holdup with our building permit (of course!). Our builder was able to get a limited permit to pour the foundation only, but the rest of the build will have to wait pending an "official" approval. So now the concrete pour is slated to start next Monday, assuming the weather holds.

What happens after that, IF it happens, is anyone's guess.

When it rains, it pours I guess?!

FINALLY! I have some very good news to report! Hold on to your socks because this is truly shocking.

First, Chase called me today regarding our (failed) construction loan. Last week, they offered to do another appraisal in the hopes that the value would come in a little higher so our deal wouldn't fall through. I wasn't optimistic since there was seriously a $100k gap between the appraisal and our estimated purchase price. But there was nothing to lose, so I told them to go for it.

Well, the appraisal came back this morning. Are you ready for this? The house appraised for $150k higher than the last one.

*faint*

I'm not even sure how that's possible, but I'm not asking any questions. Not only do we have enough equity to proceed with our loan, but we will have some excess equity that will be there from day one. A little bit of breathing room is always nice. :)

Now to my second piece of good news. Our building permits were approved today! Our builder is hoping to break ground next week - maybe as early as next Tuesday!

Somebody pinch me please!!!

Thanks everyone.

Just wanted to say thank you to everyone who's called/e-mailed/sent private messages to me over the past week. I felt like I was on suicide watch. ;) haha My posts weren't THAT depressing, were they?

But anyway, I am in a better place this week. We have found a potential new lender and are moving forward with that whole process. In the meantime, our old lender offered to do another appraisal of our property in the hopes that the value will come in higher than the last one. It can't hurt - but I'm not holding my breath.

So we are currently pursuing two loans. Hopefully that will increase the odds that at least one of them will get approved.

Now for a little good news. I talked to my builder late last week and he's still determined to break ground as soon as possible, even if we don't have a loan set up yet. And I'm looking at our extended 10-day forecast and I see that next Monday through Wednesday the forecasted highs AND lows are above freezing...

I am praying. Hard.