Almost Home... (the saga continues)

MORE UPDATES: The sellers are basically not letting us out of this contract. They have taken the liberty to talk to other banks on our behalf and then have come back to us to say "but these banks said they can do it so..." This is getting way too complex.

FINAL UPDATE: We cancelled the contract for this place. It is sad, but after all the crap we had to go through on this place, I am totally over it. Basically the bank said "no" on the property but "yes" to the borrowers. It raised the final red flag to us that this PUD is not worth all this trouble and we are concerned that it will hurt us in condo conversion and re-sale so we have decided to cut our losses and move on to look for our next dream house.....


As of Thursday, we went into contract for a flat in San Francisco... Nothing is cojmplete yet as there are still A LOT of things to do before this place is officially ours, but still it is an exciting time and I just wanted to share. Stay tuned and wish us luck!

UPDATE - We're one week into escrow and things are at a standstill. The inspections are complete but there are snags in financing. The building is actually 3 total units... 2 are tied to a Tenancy In Common (TIC) and the third is already a condo because it was a new addition called a Planned Unit Development (PUD)... this is the first ever PUD in the city and it's causing a mild freak out amongst the loan underwriters..... stay tuned for more...

9/4 UPDATE - We have just entered the financing stage!!!! Having selected our mortgage vendor and locked down our interest rate, thus the paperwork begins. Yesterday I drove out to Mill Valley to drop off a stack of financial information to our mortgage guy....with the credit crisis, lenders are over compensating for their mistakes and asking for months and months of EVERY statement that has your name on it. So keep your fingers crossed that we'll actually get approved.

9/28 UPDATE - Thursday we heard that the bank wants to give us the money, but they are unsure of the property...the PUD is kind of freaking them out. Being the first of it's kind in the city and with the current financial climate, different = risky. This is turning out to be quite a challenge....we should hear the final news on Monday...stay tuned.