lmk where you can go buy a brand a new Huracan, Aventador, Ferrari 458, etc from lol. They dont make them anymore. The right spec and owner history will fetch more than the original MSRP by far.
Pwtr02ss home build
- Thread starter pwtr02ss
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lmk where you can go buy a brand a new Huracan, Aventador, Ferrari 458, etc from lol. They dont make them anymore. The right spec and owner history will fetch more than the original MSRP by far.
OP
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pwtr02ss
Full Access Member
You said your new (whatever that car is) should arrive by the time we get started. So I suppose its the last year or something?
I don't follow the exotic car market, I've never had the desire to own one. Makes sense
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ah, yes, my apologies. The Hyuara is limited production with a 5yr wait list. So you can't just walk in and buy one brand new. Usually on secondary market well above the initial asking price.
randeez
Full Access Member
Facebook marketplace all day
agreed. I scored this one of one ultra rare LAMBORGHINI off marketplace a few years back. The guy selling had no idea what he had, got it for $10k
Looks like you had no idea what you got either!
randeez
Full Access Member
lexan windows, carboard fiber body panels, super light wheel set up
stole that bih
stole that bih
Probably busy making plans for the TYF 4th of July bash there... open invitation.
randeez
Full Access Member
alls quiet from the bushes
I want dibs on the power brake burnout up that long gravel drive in 2nd gear. Paw Paw and his high mileage shit box has arrived phuckers!
OP
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pwtr02ss
Full Access Member
Not quite.
I wasn't going to update this until I had a final close date. I'll give a run down of our last two and half months...
We were recommended to One Bank of TN by the guy we did our land loan through. I took his advice and just went there. Didn't call around, didn't feel like wasting anyones time. Mistake.
I should've listened to my gut from the beginning...
First meeting with this *******, he wasn't there and never bothered to call to reschedule. They simply handed us an application to take home and return the following Monday. Odd, I thought, but whatever. Remember, this meeting was scheduled by HIM to go over everything with us.
We turned the application in the following Monday and sent an email to the guy, confirming that he received it. Three days later, a follow-up email was sent, he responded that "he recieved it and would reach out with any questions". We let two weeks pass, sent another email, hey just checking in. He responds, "it's in underwriting. We've ran your credit, everything looks good and we're looking forward to working with you!"
At the one month mark, we follow up again. He needs some more info so we provide that, within the hour. Another week goes by, we follow up again. They need more info on the finishes on the house. We provide that within 24 hrs (had to come from my builder, not me). Week goes by, we follow up. He doesn't respond to the email, all day. Steph calls the branch, leaves a VM. No call back. I call the guys cell phone, he says he needs an itemized break down of all the costs. Once we get that over, that should take care of it.
At this point, I'm more than frustrated. We get that info together and over to him. Another week goes by. I think at this point, we're two months in.
The last conversation I had with him was on 5/12. He was going to check on the appraisal and return my call. I've yet to hear from him.
That afternoon, I called another local bank (my bank doesn't do construction loans, if you're wondering why I havent been working with them). We went through everything on the phone. Setup up a meeting for Thursday, 5/14.
We met that Thursday evening, she did the application while we were there (typical, in my past experiences) and we had a letter of intent from them by 3 pm Friday (less than 24 hours).
She scheduled the appraisal the following Monday 5/18.
Yesterday, she told us they should receive the appraisal back this week and possibly close next week. This is how I expected this process to go. Quick, done and done.
For those of you who are building or plan to build, and aren't paying cash like @THE YETI , a few notes of importance...
Verify 100% with your intended lender that you can do any work on your property, prior to the construction loan. Even if you own the land out right. That wasn't a problem with our original bank, but the one we're working with now, said they typically prefer untouched property. I did have a notarized lien waiver, along with paid in full receipts. There was never a lien filed, I just wanted it for future protections (you never know). Glad I had that. Another thing, no work or equipment could have been performed or onsite within the past 90 days and no equipment or work can be performed during the loan process.
If your initial conversation with a bank is not appealing, change banks. Don't accept mediocre service. This is probably basic knowledge to everyone else, I just felt obligated to work with the since we had started the process. Don't do it.
Construction loans are entirely different than a mortgage. "A construction loan is riskiest loan they make. They're essentially lending money on something that doesn't exist". You'll hear that more than you care to. Also, cash reserves. Make sure you have plenty. That is in addition to your 20% down.
Thats my long winded update. I'm not scheduling anything until we close. I'm not thinking about anything until we close.
Tonyv__
Full Access Member
Glad it’s looking up for ya. You stepped into uncharted territory and shit happens.
Same thing happened to me when I started shopping around for loans. The first lender just dropped the ball. Took me a bit to realize that this is not how it should work.
OP
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pwtr02ss
Full Access Member
I'm def more informed now.
geez bro, sorry that you wasted your time with that idiot. Leave them some good google feedback.
On a side note, I self-fund home construction loans. I woulda wired you the money that day. Its just sitting around doing nothing anyways.
-Yeti (rawrrrrr)
On a side note, I self-fund home construction loans. I woulda wired you the money that day. Its just sitting around doing nothing anyways.
-Yeti (rawrrrrr)
randeez
Full Access Member
interest rates on par with the native americans
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pwtr02ss
Full Access Member
I need some of that low interest money. Send it on over
Sent. Enjoy the build!
