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You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Construction to end loan mess
Expert: Brian Beardsley - 10/27/2009
Question
In Sept of 2008 we were approved for a construction loan to put a manufactured home on a basement. The time frame was four months, closing to be Dec. 27, 2008. This was completed on Dec 21. The broker was called and we were told it would take another six weeks before the End lender would have the paperwork ready for us. We were to just keep making the interest payments until then. We received the paperwork, they ordered an appraisal. The appraiser backed out, lender called us, said they ordered another appraisal, this appraiser backed out also. Both backed out because they could not find any comparible properties, they both went back 18 months and went 22 miles and could not find one comparable property. This left us with a denial from the end lender. The Broker and the Construction Loan Co. told us that they had an appraisal done. So now we are left with a new home, on land, along with our original home that we used for collateral, and no mortgage! Where do we go from here? How will we ever get loan without comparison properties?
Answer
Thanks for your question - Where is the appraisal that the broker and construction claim they had done? Have you seen it? What has the construction lender said? You may be able to negotiate something with them - If you can't supply an appraisal satisfactory to the lender, you won't be able to secure an end loan - Did you rely on information supplied by the seller / broker / construction company about comp sales, new subdivisions, etc? The manufactured loan market is very restrictive, and normally require a 6 months / 1 mile rule....
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