We're still moving, but as of 4 o'clock this afternoon, I have no idea where. The contract on our house fell through. As required by the bank, we had the house appraised and inspected by bank approved firms. Both reports came back with good news. So we were pretty surprised when the bank told us that they would be conducting their own field appraisal. Their appraiser came in with a much lower number, and the bank has decided the discrepancy is just too great. They are not going to approve the loan.
The rug was just ripped out from under us. We thought everything was squared away, and we were just counting the days until closing. The bank has been telling us all along, "everything looks good." It wasn't until last Friday that the loan officer said the underwriter had asked for "additional information." We weren't informed of what the problem was. In fact, the loan officer did her best to avoid us all together. Of course, this set off warning bells in our minds, and we spent the holiday weekend worried about whether the deal was about to fall through, only to discover today that it had.
To make matters worse, our "plan B" rental house was rented to another family yesterday. In fact, many of the homes that were once for rent have now been rented, and we currently have no idea where we will move. We've got until the end of the month to be out of this house, but all of our plans (work, school, etc) require us to be up there in less than 2 weeks. Needless to say, we're just a bit disappointed and stressed.
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