Tuesday, November 30, 2004

Split-level issues

Tuesday, November 30

So.... get this...
I talked to Jon at Robar. He said that apparently the bank, as of a yr prior, doesn't see anything below ground as living space. This means that the bank will only lend us the money for 970 sqr feet, instead of for 1442 sqr ft. Basically, the bank won't give us the amount that the house is actually worth. Here's the best part... because of this, we have to pay the rest out of pocket. oh yeah... lovely.

There is good news as well. Because we are doing some of the work ourselves and we've decided to make monthly OFP payments on the interest... it should (in theory) balance out at the end. Key words... "in theory".

Though this sucks.... Jon said that hopefully, because the bank sees it this way, we might be able to talk the tax assessors into having lower taxes. He said that if the bank doesn't recognize the sub floor we have a case to attest to for the taxes.

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