Misfitmorgan's Journal - That Summer Dust

[babsbag]

What a ride (i.e. nightmare). Well the lease and cash to close might be easier to sort out than a new appraisal but I think that both of them are a farce. There is so much incompetency in every field today it is hard to know what the actual hang up is. I find that many many people in jobs like underwriting don't know how to read rules and regulations and apply them correctly. It is maddening. Hope you get some answers soon.

Maybe let the seller know that there is a snag before the closing date comes??? It might look good on your part that you are diligent, conscientious, and committed. Doesn't hurt to beg either.

 

[misfitmorgan]

Talked to the processor. They want something that shows the title or title transfer or a letter as to why i dont have the title yet. I dont have the title yet...but the finance manager isnt in today for the lease company so i have to talk to her tomorrow.
The closing costs and everything else is sorted except the appraisal. I know why the appraisal came in so low. The appraiser couldnt find near by 10 acre comps so that was what the big adjustment that went outside of fannie mae regulations was, the largest he could find was 2.94acre so he adjusted based off that. He could have simply went to a larger area seeing as the comps area he used is about 10 miles square and we are in BFE so really he could have used close to 50% of the whole county and got the comps he needed and saw no marked jumps in value.

The other thing he did is count the two outbuildings and the barn as $0 value. So the place appraised pretty much like a house with a detached single car garage on about 5acres. But he did put pics.....wanna see the barn he appraised at $0?

It is obviously not perfect but no where near falling down or anything. The barn is 40ft x 50ft. The area on the left is a sunken feeder floor(ment for young cows or calves) with 3 separate exits, two into the barn and one outside. The part above the sunken area is a hay loft. On the right side out of the frame is an insulated chicken coop area. The barn has double dutch doors on both long sides that do need some work or replacement. Regardless aside from looking not overly nice and new and pretty it is stable and square with a solid roof so it should have been counted in the value. He also didnt count the fact that it has water and electric run to it.

Anyhow....i got side tracked. The underwriter was not approving the second appraisal because she/he was missing stuff he/she required still like the car title thing. So i have resubmited everything and the processor is asking the underwriter if they will approve the appraisal even though they are still waiting on the title because everything else including cost to close is verified now.

What i find really interesting is that i can find better comps with acerage and the underwriter could but somehow the appraiser couldn't. He is being investigated atm i guess...for what/by who i dunno.

Everyone knows there is a problem with the appraisal. My LO emailed selling agent, my agent and me all at once telling us there was a problem on the 17th. What he didnt tell me was that the hold up on the second apprasial was from lack of some paperwork being given to the processor. I really am starting to have 0 faith in the Loan Officer and he is a senior lender....omg what is a junior like.

 

[misfitmorgan]

Ok underwriter also wanted me to prove where i got the pigs and hay from that i could sell it. So i have to give them a copy of the lease of the place we rent that we live on to support the hay source which supports the hay sale.

So rental lease and something about the title....then hopefully approval for a second appraisal.

 

[Bruce]

Yeah clearly that 2,000 sq ft barn with power and water isn't worth a rat's a55. I bet it would cost well north of $30K to build it now if you paid a contractor.

And they should probably check with the police for the robbery where you stole the market age pigs and the hay just before selling them. What if you had gotten pigs 15 years ago, bred them generation after generation? Are you suppose to have a 15 year old bill of sale for the first 2 pigs???? And records showing every birth and breeding since then to prove where you got the ones you sold recently?

Note to anyone who wants to buy farm property I guess: See if the bank knows a farm from their elbow, clearly these people don't.

Maybe, just MAYBE they will get this sorted out tomorrow or Thursday???
What a bunch of losers. I don't think you could have gotten this screwed up if you tried!
Can I come slap someone now??

 

[babsbag]

Since that barn isn't worth anything I think you should just figure out a way to teleport it over to my place. Obviously the appraiser has never lived on a farm.

Years back when we were looking at manufactured homes I liked the one we bought because of the very large mud room. (still isn't big enough). There was a young woman there with a friend and a couple of very young children. I heard her say to her friend that the large mud room was "certainly a waste of space". I thought, yeah, just wait until you are living in the country and your kids are about 6 years old...mud rooms (like barns) are never without value.

Glad that they are at least talking to you. Where did you get the pigs? How in the world do you prove that? They are crazy.

 

[frustratedearthmother]

wanted me to prove where i got the pigs and hay from that i could sell it

Dang it - I knew I forgot to give you that bill of sale for those pigs! Want me to mail it to you tomorrow????

 

[misfitmorgan]

Yeah clearly that 2,000 sq ft barn with power and water isn't worth a rat's a55. I bet it would cost well north of $30K to build it now if you paid a contractor.

And they should probably check with the police for the robbery where you stole the market age pigs and the hay just before selling them. What if you had gotten pigs 15 years ago, bred them generation after generation? Are you suppose to have a 15 year old bill of sale for the first 2 pigs???? And records showing every birth and breeding since then to prove where you got the ones you sold recently?

Note to anyone who wants to buy farm property I guess: See if the bank knows a farm from their elbow, clearly these people don't.

Maybe, just MAYBE they will get this sorted out tomorrow or Thursday???
What a bunch of losers. I don't think you could have gotten this screwed up if you tried!
Can I come slap someone now??

I actually think it would cost more then that.

The barn originally had a split loft up top as well hence the ladders to no where. The previous owner had both high lofts taken out because they didnt want to re-deck it and they had cattle and only fed round bales so no incentive to fix. DH wants to put them back up...if we get the place, not right away of course but he said the small low loft which would have been only for feeding the calves/steers below it will not be big enough for our hay needs......but then also keeps telling me he wants to do all round bales this year....smh.

I did get a copy of the lease sent off.....for proof of the farmland we got the hay off of......no smacking anyone...yet

Since that barn isn't worth anything I think you should just figure out a way to teleport it over to my place. Obviously the appraiser has never lived on a farm.

Years back when we were looking at manufactured homes I liked the one we bought because of the very large mud room. (still isn't big enough). There was a young woman there with a friend and a couple of very young children. I heard her say to her friend that the large mud room was "certainly a waste of space". I thought, yeah, just wait until you are living in the country and your kids are about 6 years old...mud rooms (like barns) are never without value.

Glad that they are at least talking to you. Where did you get the pigs? How in the world do you prove that? They are crazy.

I know apparently any place he appraises with buildings over 15yrs old he values at $0 unless it is a house or garage. He also put that the expected economical value of the property is 25yrs. Umm so does that mean he thinks in 25yrs the place will be unliveable....or he thinks without maintenance thats when it will fall down or what?

Oh hey all you Southern peoples who build buildings up off the ground.....the two outbuildings are built in the same manner and the appraiser appraised them at $0 for "lack of foundation"...how crazy is that.

Thats another thing i love about this house....big mud room. He also pointed out one door in the mud room and one side of one window are missing their trim.

Dang it - I knew I forgot to give you that bill of sale for those pigs! Want me to mail it to you tomorrow????

Thank you but hopefully we got it sorted lol.

 

[misfitmorgan]

So here are some more pictures of the place. I would have shared earlier but the only picture with the listing is one of the front of the house. These are off the appraisers report.

The back of the house.

Kitchen (Sorry the pic is fuzzy apparently he only got one)

Living room, to the left is the dining umm nook? Thru the french doors is the sunporch, the door to the right is a bedroom. Dont you LOVE the paneling.....haha not! Right behind where he is standing is a built in china/corner cabinet.

Bathroom...it was remodeled a few years ago...they took out the tub

Bedroom 1

Bedroom 2

Mud room...see the door and window with the missing trim? To left is the laundry area and some cabinets. Down the stairs is another door to ground level outside and then another set of stairs to the basement.

Sunporch. This used ot be a normal 3 season sunporch but someone has it insulated and made into another room of the house with heating and a/c.

 

[Bruce]

He also pointed out one door in the mud room and one side of one window are missing their trim.

Well there is your answer! That takes a good $20K off the value of the house right there.

I still wanna slap him

 

[misfitmorgan]

The house hasnt had any updates aside from the kitchen and bathroom, windows, roof, furnace, a/c, some new basement cement, and deck in the past 15yrs so i can see how it would be lower. I mean the main living portion does look like it came straight from the 70s but that doesnt cost much to fix/change so im not worried about it but it can see how it would lower the value.

I also just realized he didnt take any pics of the garage.