Diary of a
Home-Builder
Allow me to bring you up to date...
Due to health reasons, I seized the opportunity to house sit for a few months in Clinton. I was sort of "testing the waters" to see if *Island Life* would make a difference for me. To my delight, the generic 50's nature of the Island suited my weary mind and body. I left the doors unlocked to my car and house. I took walks at any time of day or night. The ocean was nearby; easy access, and the sound of the Clinton /Mukilteo Ferry was soothing as it rumbled in and out of port. Time seemed to be less hurried and harried here on Whidbey Island...there is a term for this called *Island Time*.
It was time for me to find a house to buy!
Well, the thought was fine, but to do this in deed, was far from easy. Between my budget restrictions, and my preferences, I was unable to locate a house. I spent many a day looking at the classifieds, and calling realtors and just driving around, chasing down "for sale by owner" signs.
Well, finally, I ran into a home that was for sale or lease! I called up the number, and talked with the owners. To my chagrin, the house was HUGE and incredibly expensive..but to my delight, I think I found a place to lease!
I have been here for almost 2 years now, and have spent way too many hours hunting down that elusive home. I jumped on every new Real Estate publication with gusto...and still chased down for sale signs. Finally, in November, last year, I ran into a home being built that met many of my criteria...but not enough to make a sale. I spoke with Eric and then Dan, the builders of this home, and asked would they be able to build me a house for x amount of money similar to this one.
Dan said, yes, if I could find a lot, for x amount, that was standard perk (that's septic talk ). So began the next phase of the journey!
With out going through the agony and many pitfalls and pratfalls of this process, let me tell you that I finally found a lot that met Dan's and my collective criteria. It was a lot FSBO, and as we speak, I have money in escrow waiting on financing.
FINANCING! Now that is a horror unto itself!
Firstly..did you even KNOW that not all banks will give a construction loan to someone who is not a contractor??? Well, I found that out PDQ!
The first bank I walked into (hereafter to be referred to as Bank1 ). I went to to discuss loan options. Madame X took my money for a credit check, and told me "their" version of "Truth In Lending" on a construction loan. It seemed pretty easy. She never told me that I would lose /spend more money if I didn't time things *just right* during the process of starting and closing of the loan; which would include the need to have the permits from the state and county in place, plans submitted to the state, drawn up with cost break out to the bank, etc. etc..
Heck!! I hadn't even found the *property* yet!!!
I am SO gullible!!!! So, it was a near miss, and sheer common sense that helped me not lose a slew of money (at this point) before I could say "Holy Construction Loan, Batman"...my Dad instilled in me to always check with at least one other source..so I did, and spoke to another bank (hereafter to be referred to as Bank2 ).
What they told me made more sense to me, and also contradicted what the first bank had explained the process to me. When I compared the figures Bank1 gave me on my Good Faith Estimate, they didn't jive with Bank2 . I spent a lot of time talking through each item line by line over the phone with Bank2 . I felt more secure after speaking to Madame Y ...this feeling was not to last long (notice the foreshadowing techinque).
12-July-1997 Saturday
Dan called. He's home from vacation. Again I stressed how time is running out regarding meeting the outside closing date of 21-sept. Dan seems to think that we should be able to get the Title Company to hold up on some of that paperwork so that I won't have to pay twice if it comes down to it...and he also seems to think that the seller would move the date out if necessary.
Scares me silly.
He has been costing things out, and we're 5k over budget, despite all of the things I have already cut back on (i.e. like no kitchen cabinets, so I can have a propane stove to heat the house during our infamous Island Storms and power outtages). I gave him the go ahead to take away the intended "great room" flooring, and assume lino or carpet instead..for a cheap quick way to get the price down. This is not fun for me at all.
Dan, now will be contacting people for bids, sub-contractors. He guestimates this process will take 2 weeks (IF he pushes), that will certainly require me to push out the date on the closing of the lot. I don't feel "warm and fuzzy" about this latest information.
Another thing that crosses my scared brain, is that if the seller doesn't agree to the "extended" time line, then I am in trouble, and SOL re: money that I give Dan as a "retainer" as well as for his and Mike's time up to now. Gak!
I'm so spooked. Already, there is about an 800.00 bill accumulated from the plans being worked on to date..and they are not even *completed* yet! Mike (the plan guy) is not home, Dan tried to phone him. Time is so important here...rats! I really am unsettled and scared.
When I gave Dan my outside budget of $N...it truly is all I can afford. (Shhh, if you listen very carefully, you can hear the sound of blood being extracted from stone...)
I am beginning to HATE *Island Time*...that "slow and easy pace" that attracted me to settle here...business is business, isn't it? Professionalism should be a step removed from "Island Time" culture, shouldn't it? Guess my naive-gene is showing again!
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