well, i didn't get the place. i was easily approved for the loan, but in the end the unusual property was considered too risky for lenders. i guess because GOD USED TO LIVE THERE. what a farce. took almost two months to reach this end. so apparently the only way to buy an unusual property right now is to pay cash.
yes, i'm pissed.
20 comments:
Well, the banks are probably figuring that, based on your writings, God might strike you floods, plagues and hellfire, making it a risky loan.
Perhaps you should sue God...
sandra --
hah! i'm on that!
i do wonder if the religious component has something to do with the rejection. a lot of people are really against churches being turned into homes.
I wonder if it would have been easier to purchase it as a commercial property than a primary residence? Since you work from home, was there any way to say it was office space?
I know I'm really stretching things here. ;)
Sorry about the tedious waiting.
So sorry, Anne. It really is beautiful. You must be disappointed. It might sound trite, but I always tell myself that things happen for a reason, that there is something better waiting on down the road. I'll be hoping you find it soon.
heather, i think they prefer it to be a primary residence rather than an office -- but i did wonder about buying it as a non profit place of worship. haha! guess i could start my own church. i knew a guy who said his house was a church so he didn't have to pay taxes. he had sunday service there -- just his wife attended. what a nutcase. :D
thanks, kaycie. no, you don't sound trite. i've been thinking that myself. this place has been so impossiby hard from the beginning, with one obstacle after the other. it's kinda like i'm being told i'm not supposed to live there. a little freaky, actually.
I can't even imagine how that feels. The most expensive thing I've ever bought is a laptop and there was no settling period on that.
Right about now might be a good time to say, in a Billy Connolly accent, "Fuck the fucking fuckers."
I dunno, it usually makes me feel better.
daniel, and if i could stand inside the church and say fuck the fucking fuckers -- that would be even better. :D
It's so goofy in the world of mortgages right now, Anne, that EVERYTHING is a big deal. I'd have totally gone for a place like this, was actually thinking it'd be cool if my next house were once a church or a school or something.
I'm sorry it didn't work out. Six months from now, the lenders might be fine with it. You'll find something even more wonderful soon. You'll see.
That stinks. Man, that would have been a cool place to renovate and live in.
mindy,
yeah, nothing makes sense in the mortgage world right now. i was the perfect buyer, paying the appraised price. the value was confirmed by this broker opinion process. so in the end i had nothing to do with the outcome, the value had nothing to do with it. they simply said they didn't like the property. i want to have a reason for the rejection, but there isn't one. basically they simply aren't approving loans on church conversions, but they tried to back that up with all this other bullshit that in the end confirmed nothing so they just had to say they didn't like it.
jaye, it was probably haunted. hey -- maybe that's why the lender turned it down. yeah, i'll bet that's it!
That's the place?! Not to fuel the fire, but that is insanely cool. Very sorry funding blew it.
Banks do tend to suck. Even more than lawyers. The current state of lending these days is also working against you. They must be concerned about resale of a property like this.
jason, yeah, that's it. if it went into foreclosure they might not be able to resell it. they probably also saw that it had been on the market for almost two years. it's located in a depressed and undesirable area, which explains a lot.
I just had a thought. Is the property currently mortgaged? If so, that lender should be more willing to give you a loan for the property or even let you assume the existing mortgage.
jason, i doubt that it is currently mortgaged. the current owner probably didn't pay much for it. then he restored and converted it.
the only option i possibly have is a 3 year in-house ARM with a much higher rate. not sure i want to get into a mess like that.
jason -- but i'll ask about that. it's possible he had the restoration financed.
That's what I was about to say. A local bank with local contacts and interests may give you a warmer reception.
so sorry anne...the whole 'waiting to see' thing when you buy is so stressful, and then when you don't even get it, that really sucks. i would have to go with daniel's FTFF strategy! (i'll be trying that one myself sometime! think i can probably do a billy connolly accent while angry! lol!)
Ah, suckage. So sorry to hear that. Still, after the poltergeisty action of your current digs (though i'm now suspecting organized mice activity instead of spectral madness), it might really and truly be for the best.
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