Today we finally closed on a construction loan to help us pay for the hole we've (*literally*) dug ourselves into. Some might wonder about the wisdom of tearing down our house before fully securing the funds to rebuild it. I'd encourage these individuals to meet our mortgage appraisers to understand why this happened. What is bewildering about appraisers, the people who assign a value to your house (or potential house), is that the enormous sway they hold over the loan process is matched with near-zero liability. Couple this with the fact that they have completely no idea what they are doing...I think I've found my next career.
Speaking of 'value', as we were signing our lives away today, the attorney remarked that all mortgages have a clause that stipulates that the 'owner shall not act in such a way that decreases the value of the house' and that we likely violated this clause on our previous mortgage by tearing down the house. I, respectfully of course, disagreed and countered that, according to said appraiser, the land itself was worth more than the house and the land.
However, Jody later reminded me that metal stakes are holding up our new mailbox at the front of the lot... classy!
- A
No comments:
Post a Comment