So as I've stated in previous posts, there was an error on my credit report and they were waiting on this to be clarified before they would give me my pre-approval letter for the construction loan. Around 3:30 PM I sent a quick email to the lender and asked if I could have the phone number to the credit bureau so I could get a status updated since we hadn't heard anything about it yet this week. He then replies and said the he actually has been working on that for the past hour and would let me know. Then things get crazy...
At 4PM my builder calls me and tells me that the lot that we have a hold on could be gone by 10am tomorrow morning! These remaining lots in this subdivision have sat untouched and without any offers for the past 2-3 years. Now the owner of the land lets him know that they are using the "24 hour notice" that we had when we put a hold on the lot to where we either have to buy the land or it will be bought by someone else since we hadn't done a contract yet. Basically, one of the national homebuilders around here (Maronda Homes) contacted them and they want to buy all of the remaining lots (about 10 of them) that are left in the subdivision...
So at this point, we can't come up with a contract because we need the pre-approval. I then talk to the other lender who had already pre-approved me for a less appealing loan and he says that when he pulled my credit report that the error the other lender saw was not on his report. He offers to email it to me and was completely cool and urged me to go with the other lender because the loan is that much better. He emails me the credit report which I then send off to the lender we have been waiting on who at the same time also received the revised credit report with the error corrected! He then sends it off to the underwriter....who is no longer at work. So he had his staff promise to hand it to the person the moment they walk in the door tomorrow morning and we are hoping for an answer and pre-approval before 10am. The land contract is already filled out and ready to be sent the moment we get the approval. If not, then we potentially lose the lot and have to find another one. Problem is, we've kept our eyes out for affordable/nice lots in the area because this lot isn't exactly our dream lot, but nothing is available/affordable. I have no idea what we will do if we lose this lot since there aren't really any other options at this point that we are happy with.
We are also meeting with the builder tomorrow to go over more floor plan and proposal things.
I will update tomorrow with the outcome...wish us luck!
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