Scaring the Straights
So, things are not looking good. Everything was progressing nicely, but then our lender sent out an appraiser to look at the property.
Rather then determine the value of the property, the appraiser ran away screaming. Apparently the property is just too weird for your average appraiser. It wasn't even gay pride week, so I was confused about what scared them off.
Fine, so we get a hold of a more daring appraiser. She disappears almost immediately. No amount of cajoling will get her to come out of her appraiser's burrow. We're 0 for 2.
Without an appraisal we won't get a loan. The problem seems to be that there are a number of odd changes which have been made to property over its short life, and this makes it impossible to find comparable properties. Nobody is willing to guess what such an odd building might sell for. If the bank doesn't know what they're buying: they won't cough up the dough. Our broker tells us he thinks the house cannot be sold at any price unless the buyer pays cash.
I am very, very upset. From what I can gather, many of the issues that prevent the house from being able to be sold are features that make the house more eco-friendly. Banks don't want to buy green houses.
Hopefully something magical will happen. It seems insane to me that a willing buyer and willing seller are screwed over by banks that are scared of new technologies.
Rather then determine the value of the property, the appraiser ran away screaming. Apparently the property is just too weird for your average appraiser. It wasn't even gay pride week, so I was confused about what scared them off.
Fine, so we get a hold of a more daring appraiser. She disappears almost immediately. No amount of cajoling will get her to come out of her appraiser's burrow. We're 0 for 2.
Without an appraisal we won't get a loan. The problem seems to be that there are a number of odd changes which have been made to property over its short life, and this makes it impossible to find comparable properties. Nobody is willing to guess what such an odd building might sell for. If the bank doesn't know what they're buying: they won't cough up the dough. Our broker tells us he thinks the house cannot be sold at any price unless the buyer pays cash.
I am very, very upset. From what I can gather, many of the issues that prevent the house from being able to be sold are features that make the house more eco-friendly. Banks don't want to buy green houses.
Hopefully something magical will happen. It seems insane to me that a willing buyer and willing seller are screwed over by banks that are scared of new technologies.