Out of the blue Saturday night, I developed laryngitis (okay, so my throat had been bothering me slightly). We wondered what was up with that, and now I think I know. It was to keep me from screaming at people involved in this house-purchase-thing.
First, let me present photographic evidence of what greeted us at the new house (on which we have not closed yet) when we moseyed on by there on Saturday to see how it had fared after our really cold weather last week (it got down to 16 degrees here and there were many, many hours at or below freezing for a couple of days running):
Silly plumbers - don't you know that even if you've cut the water to the property and "winterized" the house, that a completely unprotected brass backflow preventer for the irrigation system will retain some water and freeze and explode with temperatures like we had last week - and the pressure will also burst the two completely unprotected brass valves nearby? Update on this situation: they are supposedly repairing it today. Just in time for more nights of 25 (although the days should be significantly warmer - aka above freezing - than last week!). Update of the update: they didn't do squat there today.
Next, we move to today's astounding demands from the underwriters, which we view to be unreasonable. I'll share just one of their "conditions" with my readers:
3. Borrowers to send a signed explanation letter for motivation for moving into another primary residence on the same street as the current primary. I know we already have a letter saying that you intend to move into it as your primary, but it doesn’t give the motivation… [emphasis theirs]Since when does someone in the United States of America have to give an underwriter for a mortgage loan any explanation for buying any piece of property and making that one's homestead? I'm sure if we were buying up in Bellaire or West University that we wouldn't be asked such an obnoxious question. But because the address is on the same street, they find it absolutely necessary - a condition of their approval - to know the motivation behind our move to a new property.
At this point, we've answered their questions and are holding our ground on maintaining our line of credit (on our current home), which was involved in their condition #1 (get rid of it). They have no cause to tell us how to run our financial lives. That line of credit is completely, 100%, collateralized by our current property, not an unsecured loan. Deduct our current property from our net assets if you like (and then deduct that line of credit from our liabilities), but you cannot order us to close that line of credit. End of discussion. [It was already figured into our credit score (which is excellent).]
We'll see what our processor says when she gets back to us.
T minus 6 days and counting, folks, til we lose our interest rate. Last day to close is 2/16.
I can understand only a tiny bit of why they want an explanation. But it sounds to me like it's time to scuttle the whole thing. House Two has taken damage that may or may not be repaired to your standards. Who knows what else may have gone on? Run, don't walk.
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