This waiting on the appraisal is getting super annoying. The lending (not builder) has been a fairly easy loan process, until this. Basically, we are at the mercy of the appraiser and, of course, what he decides....and when he gets around to deciding it. He had already mentioned to DH that day he was out at our property that "it's going to be really hard to find comps". Well, duh. First off, it's new construction. Second off, there are hardly any homes in the area, let alone nice ones, let alone river view property. I feel like the more days (now weeks) that go by, we're just going to get told "sorry, it doesn't appraise for what you need it to" (ie. what it costs to build). Obiously we need it to appraise at what we paid for the land and well, as well as for what it costs to build. It is what it is! It cost what it cost. Geez. But, I just feel like it's going to be bad news. And then what?! If we wanted to go buy a nice house, with a big shop, on 2 acres on the river we'd have to pay that or probably even more!
I just did a zillow search (not a lot for sale in this area). A nice log house, on the river, 4 acres (so more land), a 2 car garage, no big shop (just a small shed) for $800k! Our land and cost to build our house are no where near that. But, then there's another really nice house on the river for sale. 1 acre, but has big shop. I've actually been inside this house, for a book club meeting. They've been trying to sell for 2 years. Started out at $650,000. Now are down to $500,000. I'm not sure why it's been hard to sell. It is a bit quirky shaped rooms and weird floor plan inside.
We were told on Jan 29 that we were 6 weeks out from having funds available to get started. At the end of this week will be 6 weeks. Now, even if we do get the appraisal in all good, at some point, we still have to wait another two weeks before funds are available. Between our builder taking an extra month to get us nailed down building costs breakdown, and now the appraiser taking (so far) an extra two weeks, I can say I am annoyed.
I just need to tell myself not to worry. Our friends didn't have any problems getting their land and construction costs to appraise at what they needed. In fact, according to our builder he typically does "two sets" of building cost estimates. One (higher) for the bank and one (for the homeowner) at what it really costs. I was like huh?! The builder mentioned that a couple of different times and after the second time, I had him explain to me what the heck he was talking about. Apparently, (if I am understanding this), the appraisers go with the construction cost bid #'s, AND a lot of people need "equity" in their land/home as their down payment, or for part of it. So, they need the land and home to appraise at a higher amount, and then when the actual construction costs come in lower, they now have equity to use as down payment. We were at the max limit we could borrow with what his actual constructions costs ended up being. If he gave the bank a higher number, then we'd need a higher loan amount (at least to start with, according to what the bank would think) to qualify for. I told him we don't need/want to ask the bank for a higher loan amount, nor do we need more equity to have for a down payment. We own our land free and clear and it's enough for the down payment needed. Honestly, I still can't wrap my head around it, but apparently that's what he did for our friends house he built, too. I guess my point, in all this explanation, is that if he typically gives higher building cost numbers for his projects and gets appraisals approved, then I would think our "actual" lower cost numbers, shouldn't be even less of an issue. But what do I know.........
In the meantime DH is having meltdowns over the waiting/late appraisal. When someone gives a date, he expects that's the date. So when the bank says appraisals take 3 weeks, but 4 weeks for where you are at, and then 2 weeks to set up funds/loan, you are looking at funds available in 6 weeks. Monday of last week was 4 weeks since appraisal ordered. So I email her last Tuesday and she says the appraisal is due Monday (next Monday? as in 5 weeks now?) but they are running late in your area. I will let you know when we receive it. So Monday, yesterday came and went. Today is almost over. So, time for DH to have another meltdown. So, I call and leave her a message asking for status, again.
Plus, when DH has a meltdown he just can't have one about the issue at hand. No, it has to be about every.thing.ever. Right before all this today, he took a drive out to the property, to see how much snow is still left (as we get a little bit more snow there than here in town). I think I've mentioned before how our neighbors out there have 4 big BARKING dogs. They have a doggie door, so the dogs can go in and out all day while their owners are at work. If we are there, on our property, they will literally bark non-stop (inside their fenced in run area). I don't think the owners even realize this barking is going on when they aren't home. We have been there several times on a weekend and they know it happens then, and if they are home they will get the dogs to stop or back in the house. Not sure what we are going to do about the problem if we are living there full time and every time we want to step outside their dogs freak out and won't stop barking. It's fine for a dog to bark some, to say hello, but this is getting old. After you've been out there for 10-15 minutes the incessant barking (2-3 of them will bark) starts to fray your nerves. Obviously we will end up having to say something to them, if we end up living out there. I certainly would not let my dogs do that. DH thinks he might just start making his weekly "check on things" trip out there on Fridays. The guy doesn't work on Fridays, so he'll start to get a good idea of what his dogs are doing every time we/dh is out there on our property. Maybe they will realize they need to do something about it, rather than us having to say something about it.......ya....who am I kidding? LOL. We'll end up having to say something about it. Pretty much they will probably have to start keeping their dogs inside while they are at work, rather than just letting them go in and out whenever they want. That has worked fine for them, the past 8 years, because they have no neighbors they are bothering with the barking. Both of them work right here in town. Either or both of them could easily make a trip home at lunch to let them out. She doesn't start work until 9am and she's off at 4pm. He works 4/10's. But again, both are about a 10-15 minute drive from work to home.