Spinning in circles
Posted on November 30, 2006 - Filed Under Business |
A couple of months appear to have been lost . . .
The decision was made. The houses are being kept. The next step was to complete the refi, get money and move onto the next project. Based on the last refi, a month was a reasonable estimate for the refi to go through.
But it didn’t.
Opening the mortgage bill from my bank depressed me. As long as bills are coming, the refi isn’t being pushed through. Now instead of shopping in December, it’s been pushed to January.
When I called to find out why the refi was taking so long, I was told that the old argument has come back: the appraiser doesn’t want to raise the value of the property based on his drive-by. Can you believe that? It’s almost as if the last two months didn’t exist.
I don’t remember saying that I needed the value to be increased. There’s more than enough equity to get the next project rolling. Even if he did raise the value 10 or 20 thousand, I couldn’t borrow it even with both houses rented out. So I can’t figure out why this old argument has come back to the surface.
The argument given is that we still have a few weeks on the old appraisal before it expires. If the appraiser can be convinced that he "low-balled" the value then we’ll be that much further ahead.
Ahead of what?
This is where my "annoyance meter" starts ringing. I set expectations by telling the people what I want to get done. They say "Yes" and go off, doing something else. While I’ve been told more times than I can remember the people working for me are good, I just can’t grasp the fact that I’m not in charge of my project.
If I’m going to make a mistake, let me make it. But all this independent action, without any communication, is driving me nuts.
The only thing I can do for the moment is sit tight. And that’s the last thing I want to do.
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2 Responses to “Spinning in circles”
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Get a new mortgage broker. People like aren’t working for you. They probably won’t be able to promise in the end anyway. There are plenty of brokers to choose from out there. I bet there’s someone who can get this done in less than 2 weeks from today.
Yes, we are going to have a bit of a “re-org” here shortly.