The Saga of Pete Moving to Cincinnati

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Re: The Saga of Pete Moving to Cincinnati

Post by Bethany on Wed Apr 14, 2010 1:47 pm

Twisted Evil
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Re: The Saga of Pete Moving to Cincinnati

Post by TheGreat&TerribleBob on Wed Apr 14, 2010 2:11 pm

Bethany wrote:Twisted Evil

Sadist! Laughing
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Re: The Saga of Pete Moving to Cincinnati

Post by Pete on Wed Apr 14, 2010 8:28 pm

pray for me bob.

Laughing

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Re: The Saga of Pete Moving to Cincinnati

Post by TheGreat&TerribleBob on Thu Apr 15, 2010 10:59 am

I'll pray that you enjoy it!
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Re: The Saga of Pete Moving to Cincinnati

Post by Bethany on Thu Apr 15, 2010 11:16 am

He'll enjoy it if he knows what's good for him Twisted Evil
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Re: The Saga of Pete Moving to Cincinnati

Post by Katykc on Thu Apr 15, 2010 11:59 am

And that last statement is why he will always run back to me...
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Re: The Saga of Pete Moving to Cincinnati

Post by TheGreat&TerribleBob on Thu Apr 15, 2010 12:10 pm

Katykc wrote:And that last statement is why he will always run back to me...

Yuh - that and the fact that you need new bras.
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Re: The Saga of Pete Moving to Cincinnati

Post by Katykc on Thu Apr 15, 2010 12:29 pm

TheGreat&TerribleBob wrote:
Katykc wrote:And that last statement is why he will always run back to me...

Yuh - that and the fact that you need new bras.
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Re: The Saga of Pete Moving to Cincinnati

Post by Pete on Fri Apr 16, 2010 2:21 pm

Met with the lawyer just now and he's going to start drawing up the contracts and fill in the information after we get the appraisal numbers.

The buyer stated in the recent article in our local paper that we were "under contract" which is not legally true, but I'm glad he thinks so. Very Happy

My lawyer who usually goes on vacation at the end of April said he isn't leaving this year, so he'll be around and be able to get it done. I'm so happy about that. I'm hoping this all goes well.

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Re: The Saga of Pete Moving to Cincinnati

Post by Bethany on Fri Apr 16, 2010 2:32 pm

Any word on when the appraisal is yet?
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Re: The Saga of Pete Moving to Cincinnati

Post by Pete on Fri Apr 16, 2010 2:58 pm

Sadly no. That's in the hands of the company who is doing the appraisal.

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Re: The Saga of Pete Moving to Cincinnati

Post by Pete on Tue Apr 20, 2010 2:28 pm

I talked to the bank today and he said they check has been written and if I don't hear from the appraiser by the end of the week to call them on Friday and let them know and they'll put the pressure on.

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Re: The Saga of Pete Moving to Cincinnati

Post by TheGreat&TerribleBob on Tue Apr 20, 2010 2:32 pm

Appraisers are notoriously independant, but with the market being in the tank - maybe they're better now. Good luck!
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Re: The Saga of Pete Moving to Cincinnati

Post by Pete on Tue Apr 20, 2010 3:49 pm

Yeah the bank said they contracted with these three particular companies because of their turn around time. They have a maximum of two weeks to finish the appraisal or they break their contract with the bank. I guess when times get tough the banks are able to work that into their contracts. lol.

It works for me, so what the heck. I'll just be glad when it's over, then I can start to show more enthusiasm about this deal.

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Re: The Saga of Pete Moving to Cincinnati

Post by Bethany on Tue Apr 20, 2010 3:53 pm

(and for mowing my lawn)
((that is totally a euphanism))
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Re: The Saga of Pete Moving to Cincinnati

Post by Pete on Tue Apr 20, 2010 3:59 pm

Kiss

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Re: The Saga of Pete Moving to Cincinnati

Post by Pete on Wed Apr 21, 2010 3:17 pm

Meeting appraiser at 9am on Monday morning.

I'm very nervous as I just heard some horror stories about this company from people with past experiences. If it is in deed the same company they are known to come in as low as $50,000 below any other appraiser.

I hope this is not the case or I'll have to pay for another appraisal, all at my own cost.

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Re: The Saga of Pete Moving to Cincinnati

Post by TheGreat&TerribleBob on Wed Apr 21, 2010 3:24 pm

Why are you using them if you have reserations about them? I haven't read this entire thread so it may be that it's the lender's appraiser - I don't know.

Anyway, if they're yours - shit-can 'em dude!
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Re: The Saga of Pete Moving to Cincinnati

Post by Pete on Wed Apr 21, 2010 3:46 pm

nope, not mine. The lender has their list of contracted appraisers. If I had a choice I would have gone another direction. But I have the legal right if I'm not happy with the appraisal to order another one from one of their other appraisers, but it would cost me.

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Re: The Saga of Pete Moving to Cincinnati

Post by TheGreat&TerribleBob on Thu Apr 22, 2010 11:15 am

Pete wrote:nope, not mine. The lender has their list of contracted appraisers. If I had a choice I would have gone another direction. But I have the legal right if I'm not happy with the appraisal to order another one from one of their other appraisers, but it would cost me.

Yup - it's always about the Benjamins, Petie. Always!
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Re: The Saga of Pete Moving to Cincinnati

Post by Pete on Mon Apr 26, 2010 10:15 am

O.K. so the appraiser was nice and took down all of the information we went over, took her pictures, took her measurements and is gone.

When I had it appraised 5 years ago they gave an entire appraisal for the building, equipment, fixtures, good will etc... and yet she said they don't do that. They are simply doing the real estate.

She seemed surprised to hear what I paid for the place as the building was appraised at $45,000 5 years ago. I explained the condition of the building and the lack of income, so I'm not sure what it's going to come back at.

I have no idea what it's going to be like, I should call the bank and find out what's going on with the rest, because I'm confused, but I think I'll wait and see how the appraisal comes back first before we start exploring that.

Anyway, it's done.

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Re: The Saga of Pete Moving to Cincinnati

Post by Bethany on Mon Apr 26, 2010 10:19 am

Why don't you call the bank to get clarity on why she wasn't doing appraisal for everything or if what she did was all the bank required to approve the sale?
That way if there was a mistake and they need to get something else done you aren't waiting possibly 2 weeks to get the next step done when it could be happening at the same time Smile
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Re: The Saga of Pete Moving to Cincinnati

Post by Pete on Mon Apr 26, 2010 1:39 pm

I did call the bank as soon as I posted that because it was going to drive me crazy. The loan officer working on this was a little surprised, I'm not sure if he was surprised that he last appraisal had all the information or if this one was lacking that information.

He did say he was going to pull out the appraisal they had done 5 years ago and make sure that by the time the other one comes back that we have a full comprehensive appraisal to work with and that we are comparing apples to apples. I don't know what fruit has to do with it, but he made me feel better about it anyway. Cool

She did make the comment that $45,000 was way too low for the building now with the updates and rentals I've put in. I do hold some value in that statement.

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Re: The Saga of Pete Moving to Cincinnati

Post by TheGreat&TerribleBob on Tue Apr 27, 2010 1:19 pm

A building for $45K?
That's a down payment here.
Maybe I should move to where you are.
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Re: The Saga of Pete Moving to Cincinnati

Post by Bethany on Tue Apr 27, 2010 1:20 pm

There's a business for sale if you up the ante
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