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housewerk: permits, loan, pain

by LiveModern Webmaster last modified Aug 01, 2012 01:04 AM
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by bubba of the bubbles ( last modified Jul 31, 2012




The architects heard back from permitting. Them permitters redlined the plans with some (reportedly) minor stuff for the architects to deal with, and we have to deal with a land status determination. Apparently, when the lot was developed, the lot did not line up with the original platting, which means our lot is not a legally buildable lot (our lot includes bits of two original lots). But before you (or we!) have a heart attack, we can seek a land status determination and take advantage of an exception from platting. All we need is to prepare some paperwork, write a check for $171.60 (no joke), and stand in line between 9am and noon somewhere downtown. After that, we should be in bidness.


The loan is progressing with a closing date set for August 14th. The Good Faith Estimate (what the cool kids call "The GFE!") isn't made for construction loans, so we had to talk to the banker to make sure that (1) we only paid interest on the construction money as we used it and (2) if we don't use all of the money the payment will snap to reflect what we used. We included something north of 10 percent of a contingency in the loan amount; ideally we won't need it, but in case we do, it will be there. The builder was approved by the bank (yay!), the loan approval is in process ("Shouldn't be a problem," says the banker.), and an appraisal of the project is in the works.


This part of the process has been painful (in a first world sort of way). Not horrible, mind you, because of what we have to do, but painful in the sense that: WE WANT TO GET ROLLING!!! It will start in good time.

Need to find a golden shovel...




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