Hi everyone,
I'm afraid I'm getting really confused and being passed from one broker to another within the same company that Im going through is not helping as they are not keeping each other up to date!!
My situation:
2 months ago - got pre-approval for total amount for house and land
I have paid a $500 deposit on land - signed sale of contract
Put paperwork in to get the finance for the land portion done (still not complete!)
Then about 2 weeks ago signed a build agreement with builder and paid $3000 deposit.
Emailed the broker copy of quote and agreement.
Asked for him to get the ball rolling on the contruction side too.
Now... builder is saying they want proof that I have approval to get finance.
Broker said today that bank won't approve anything until I have a formal contract.
Builder has said that won't be done until I have formal approval from bank?!?!
Arrhhhhh
My loan amount (all up) will be about $20k more than what I got pre-approval for...so I guess my pre-approval is null and void now.
So can anyone tell me what my next step are?? i'm getting told soooo many different things my head is starting to spin!!
Oh and just got a ph. call from broker saying that the land valuation came in at $155,000 and not the $165,900 that I have asked for!!!
So I guess this means I have to find extra money??
Thanks