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Don’t dig holes before you close on your loan

by LiveModern Webmaster last modified Jan 04, 2012 02:33 AM
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by admin last modified Jul 14, 2008

Just don’t, trust me, it’s a nightmare. Why? Well the story starts in April. Looking for financing and thought we had everything lined up with Associated Bank, but when we went to get the loan, they backed out. They said every bank will be the same since they all go by the same rules. Well whatever. Luckily [...]




 

 

Just don’t, trust me, it’s a nightmare.

Why? Well the story starts in April. Looking for financing and thought we had everything lined up with Associated Bank, but when we went to get the loan, they backed out. They said every bank will be the same since they all go by the same rules. Well whatever.

Luckily I found another banker in Rochester (Stacy Jahraus from Wells Fargo) who said it wouldn’t be a problem and so we started working with him. He worked quickly but at this point we were nearly a month off of our original plan since Associated took so long that we didn’t want to waste anytime. Plus with all the geothermal digging (I’ll talk about that later) we wanted to see what soil conditions were like. So we decided to dig the hole to give it time to settle. Then the excavator surprised us a bit by starting a week earlier than even we had planned!

So in a way, I was pretty happy we were finally moving along. Until the bank called me the day before closing.

“Did you dig a hole on your lot?” “Umm yeah why is that a problem?”

Then silence.

I guess this leads to something called early start insurance and with the mortgage mess, it’s a huge problem. After that, no one wanted to take the project on. I was told a year or two ago, they did this all the time, no problem at all. But with money tightening up and the fact no one wants to take any risks, it was huge. So we waited for a month before the title company finally decided that they would take on the project.

So by trying to be proactive and get started early, we shot ourselves in the foot and lost a whole month.

Don’t start digging early kids.


 

 

 
 
 
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