We sent the smaller remodeling plans back to Kevo for another bid, and he was able to crunch the numbers down to something more reasonable. We also passed these plans to the bank and they sent the appraiser out to see the home and scope of work.
We had to create an addendum to our purchase contract with the sellers to move the closing date back a bit. The sellers have been so patient and understanding through this process, and our new closing date became May 9th. The bank promised us that we should have everything done in plenty of time before then.
However, the week before our deadline we get informed by the bank that underwriting is having some issues with some of our information. I'll spare you the details, but long story short, they were requesting some documentation that was non-existant. After much frustration and quite frankly, outrage, we were able to appease "underwriting" with some other supporting information and clear things up.
During this same time, Hubby was dealing with a second issue of trying to arrange the builder's risk and liability insurance for construction. Basically, no one wants to insure a home that is old and going under a renovation. So, after many phone calls to many companies and extra help from our contact at the bank, he got it all arranged and we were good to go, and signing date was... May 9th. Seriously, nothing like going down to the wire.
By the way, the appraisal came back more than expected and helped us feel comfortable with going forward.
When we returned home from signing, I walked in the house and told the kids, "The house is ours!"
To which our sarcastic teenage son replied under his breath, "oh great, now we own that piece of..." The girls burst out laughing. It's a good thing I know that he was totally kidding and actually excited about the project. Stinker... (slow blink).
Look at this... Can you blame him?
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