Appraisal came back

Yesterday along with the samples the builder dropped off new copies of the contract and a copy of the plot plan. The bank needed a copy of the plot plan and a new copy of the contract. Something about the amounts being off by $20.00. So today I called the banker to let her know I had the plot plan and new copies of the contract. She had me drive to the local bank office and drop off the plot plan as it is too large to fax. The rest of the stuff I will fax to her on Tuesday. Monday is a holiday.

Appraisal came back in today. Not as high as I had hoped. The land appraised for what we wanted it to which is great because it will have to make up for what the house is lacking in the appraisal. Again the advantage of dealing with nice in-laws that want you to live next to them. Now for the bad the house appraised for about 6 percent less than what we are paying for it. Not a great way to start out your loan. Hopefully the housing market will turn around someday. I am not too worried about it since this will hopefully be the house we live in for the rest of our lives. Also, it should still work out where we don't have to pay mortgage insurance because of the equity in the land.

Something to keep in mind when getting ready to build is that you can save money building by leaving spaces unfinished, but it severely hurts your appraisal cost. The houses that the appraiser used as comps were all relative to the finished space on our house 0f 2100 square feet. Even though we have 1600 square feet of unfinished basement and another 650 square feet of bonus room. I am just glad the land appraised high enough or this would have been a deal breaker.

Also the bank seems to have lost my bank statements that I sent them showing the deposit of funds from selling our house. I guess I will be re-faxing those on Tuesday as well.