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Construction Loan Expiring

Money Down the DrainJust got a “congratulatory” letter from Washington Federal. In part, it says:

It’s hard to believe the construction phase of your new home should be rapidly approaching the finishing stages.

Key words: should be.

In other words, since we’ve given you more than ample time to finish building your freaking house, if you’re not ready for final inspection in the next ten minutes, we’re going to hit you with a fee of 0.5% of the original loan plus recording and title endorsement fees.

And I am not going to be paying those fees. Will $4,000 put a fire under anyone’s backside? Time will tell.

{ 11 comments… add one }
  • Craig October 8, 2010, 9:25 am

    Do you have a completion date on the contract? Have you contacted an attorney? I suggest you get with someone right away.

  • StanD October 8, 2010, 12:13 pm

    I’ve seen houses nearly 20,000 square feet that didn’t take near that long to build. A case of incompetence if you ask me.

  • Marnie October 9, 2010, 10:44 am

    We live a couple of blocks west of your house and have been watching you build. I confess we even walked through it a couple of times <:-0. It's very nice. But we have also commented regularly about how slow the progress is. While the Ivory homes are popping up in just a couple of months, yours just never seems to get done. On and on and on. There's kind of a running gag in our walking group about things that will never happen, kind of like "when hell freezes over." We say, "Yea, that will happen when the yellow house is done." :/

    Do you have any legal means to force the completion? This is out of control if you ask me.

  • Terrance October 9, 2010, 2:56 pm

    I work on framing and concrete for new construction. We do starter homes up to really nice luxury homes about 8k sq ft. This home should not have taken a year to build and your builder should be held liable for the extra costs.

  • Dinaleeone October 11, 2010, 11:03 am

    So sorry for this difficult time! This must be very stressful. The builder should pay any additional costs that are incurred, plus your rent and expenses the time you are over due.

  • SueBee October 12, 2010, 9:23 am

    That’s terrible. I don’t think I’ve ever seen a house take this long to build. Keep us updated.

  • Cherritown October 12, 2010, 9:54 am

    Been checking in every few days, thinking “They’ve GOT to be moved in by now.” Incredible. What does your builder say about it?

  • Alison Moore Smith October 12, 2010, 10:03 am

    Thanks for your comments, everyone.

    What does your builder say about it?

    I wish I knew. We haven’t heard from him since last Wednesday. He said he would be out of town on Thursday and Friday, but would be accessible by phone. Multiple calls, messages, texts, and even a fax have gone unanswered. We have been managing things ourselves, again. Kind of beside myself.

    Oh, and Marnie, so glad to be the neighborhood example of lack of focus!

  • Alison Moore Smith October 13, 2010, 9:44 am

    Craig, sorry to have neglected your question. The contract has a completion date of May 31, 2010. 🙁

  • Jessica March 14, 2011, 12:27 pm

    I really like the picture you used for this post! Is that your money? lol…

  • Alison Moore Smith March 18, 2011, 12:09 pm

    Jessica, it if was our money, you’d see thousands of dollars. 🙁

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