Remember the appraiser who declared himself incompetent to appraise our house? He didn’t stop with that, he included a note to BBVA that he didn’t think a home made of shipping containers would be wise for a bank to finance, because he couldn’t understand the livability and couldn’t envision a resale market for a container house.
Apparently, this is what has been holding up our appraisal at the bank for so long. We found this out only because our developer camped out in the loan officer’s office until he provided the information (worst customer service award right here). Furthermore, our little loan garnered the attention of the president of the bank and national construction manager, who has decided to cancel our loan possibility and says this:
I’ve recently seen an episode on HGTV that highlighted this type of cargo container construction for residential homes. While I understand the borrower’s desire to build this home and the reason why, we will not allow this type of construction because of the unusual construction.
This is pretty sad, since this bank was previously honored for the “unusual” and sustainable construction methods they used when building our city’s soccer stadium and “eco-friendly design and state-of-the-art technology” on their own corporate building here. Plus, there are other container homes in this city that have been financed through banks. But, hey, the guy did his research and watched an HGTV show, so he must be able to make a solid decision on our construction, right?
We are expecting a refund for the appraisal we never received the second time around, and we should get one for the first appraisal as well, as we agreed upon an appraisal under the grounds that the company would finance unusual construction; in fact, they championed it in a face-to-face meeting months back.
This is pretty much the end; I can’t really see this house coming to fruition. But, in the spirit of keeping all options open and not being able to let go of this easily, we are considering putting the refunded appraisal funds towards one more bank for one last shot. It’s no more money out of our pockets, and it’s as simple (like all that paperwork and intense scrutiny of your finances is simple!) as transferring our information to the other bank. But I don’t have high hopes.
So the deal remains that we are on the hunt for a house. If we find one before (or if) a bank approves funding, we are buying it and ending this waiting game.