The Saga of Pete Moving to Cincinnati

Bethany wrote:

Sadist!

pray for me bob.

I'll pray that you enjoy it!

He'll enjoy it if he knows what's good for him

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

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.

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.

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.

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.

Any word on when the appraisal is yet?

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

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.

Appraisers are notoriously independant, but with the market being in the tank - maybe they're better now. Good luck!

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.

(and for mowing my lawn)
((that is totally a euphanism))

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.

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!

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.

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!

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.

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

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.

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.

A building for $45K?
That's a down payment here.
Maybe I should move to where you are.

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