I was shopping for a VA construction to permanent loan. Phil, knowing this, claimed he could do what I wanted not having to go through the VA. Expecting Phil to know what he was talking about we moved forward with his plan.
The application process was slightly frustrating as the same information was continually being requested. Information that was supplied on the initial application that apparently no one on the team bothered reading.
Finally everything was set and I was due to close Monday December 15th. Nine am Monday morning I still didn't know where or what time the closing was scheduled. I had to email Phil only to be told he was still waiting for the appraisal. Apparently notifying his customer wasn't a concern.
Mid afternoon I received a phone call from the title company scheduling the closing for Wednesday afternoon. If the title company is calling everything must be good; not so fast.
That evening I received a phone call from Phil asking if I could come up with $17,000 by Wednesday afternoon. Remember how I mentioned I wanted a VA loan and Phil said he could make it work? Well he couldn't. The appraisal came in too low.
Not coming out of pocket the closing on Wednesday was canceled. I asked for the appraisers information so I could speak to him. The appraisal was 6% low and in my opinion, my property value was appraised well below market value.
I emailed and called for days with no response. My builder contacted me seeing if I was able to reach Phil because his calls were going unanswered. Last we both heard Phil was working the situation, to what extent we didn't know.
On December 22nd I received an email from Phil stating "sorry dude" there's not enough collateral. Did I mention I wanted a VA loan?
I have yet to speak to Phil since the 16th or receive an email response since the 22nd. I guess his working it was to tuck tail and run.
So now the dredge full task of finding another bank begins!