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  1. #1
    Marksman

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    Stupidity in banking

    Either that or they have some logic I cannot wrap my head around. As many of you here know I just moved to Indiana from Illannoy and if you don't know me I did not bring any liberal, socialist gun hating illinois values with me, just the wife, the dogs and the guns. Well we did not get the money we felt our old house was worth but the loss was worth it just to get out of that state.
    We got a bridge/construction type loan so we could get our new modular built while selling the old home. Problem is the new home cost more than the old one sold for, it was a real nice home but real estate in illinois is not doing well for sellers. Now the stupid stuff for the new much smaller house loan, the bank not only wrote all the checks for the construction but also inspected everything before writing the checks. Now that we are getting a conventional loan for the remainder the bank is requiring the property be surveyed to make sure we have not encroached on any neighboring property. Having your property surveyed is always a good idea but seems to me it would have better to have it done before the house was built.
    No worries here, the zoning head came out and checked to be sure everything was off the right of way and a lot over a half acre no problem. This is the same bank doing both loans so I just don't understand this or the fact they had someone come out and appraise the property about a week ago also. Jim.

  2. #2
    WT(F) wtburnette's Avatar

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    Don't know anything about the banking aspect, though I suspect stupidity is the norm, but I wanted to welcome you to our 2A friendly state...

  3. #3
    Expert jkaetz's Avatar

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    Different requirements for different loans. Most people you talk to are one step above phone monkeys. They click through whatever the prompts tell them to.

  4. #4
    User Unknown

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    That’s a post-completion survey, and is standard protocol for any INTELLIGENT lender running a construction loan program.

    It protects both you, and them, by assuring your living room is not split in two with your neighbor. Geographical ownership is, in fact, a thing.

    If you think that cannot happen, I’m here telling you I have personally worked on a work-out situation that was exactly what I describe, but the survey was NOT competed. Years later....


    So next time, call and ask questions, rather than assume they are being “stupid” and getting on a random gun forum to complain about solid logic that you just don’t understand.
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  5. #5
    Grandmaster Cameramonkey's Avatar

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    Quote Originally Posted by natdscott View Post
    That’s a post-completion survey, and is standard protocol for any INTELLIGENT lender running a construction loan program.

    It protects both you, and them, by assuring your living room is not split in two with your neighbor. Geographical ownership is, in fact, a thing.

    If you think that cannot happen, I’m here telling you I have personally worked on a work-out situation that was exactly what I describe, but the survey was NOT competed. Years later....


    So next time, call and ask questions, rather than assume they are being “stupid” and getting on a random gun forum to complain about solid logic that you just don’t understand.
    I see his point. Why not surveyed first before if you need one done? Its ridiculous and feels like they put the cart before the horse for spending their money on the project before requiring a survey. So it was OK to lose construction $$ if the property wasnt surveyed correctly?
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    also, where do we sign up to touch Frank's equipment?

  6. #6
    Marksman

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    I would have no problem having a survey done BEFORE construction started, that would make perfect sense. Survey before and it is "you have to move things over 20 feet, easy to do. Wait till house is built, a lot harder to move the house. Jim.

  7. #7
    INGO Homebrewer JettaKnight's Avatar

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    You expect banking regulations and policies to make sense.

    How cute.
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  8. #8
    I still care....Really
    churchmouse's Avatar

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    There is always someone in the money loop getting paid. That said...That's banking. There game.
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  9. #9
    Master spec4's Avatar

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    It could be they are selling your permanent loan in the secondary market which requires a spotted survey. For you, it doesn't hurt to have this out of the box. Some day you will sell and guess what? The buyer will want a survey unless they have mental problems.

  10. #10
    Marksman IndyIN's Avatar

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    I know it is irritating, but the underwriting cannot take into account all the potential variables that make some of the processes look stupid. To some degree, it is keyboard monkeys following a prompt, but those prompts were put in place to mitigate risks and had to be created in a way that is largely consistent from loan to loan.


    Your argument is logical, but one of the many permutations that they cannot tailor their process to.


    I am refinancing my less than 1-year-old home because the rates are that good. I had to go through a complete (inside and out) appraisal that ended up being exactly what I paid for my house 11 months ago. Complete waste of my time arranging for an appriser to wander through my house, but that is the cost of refinancing.

    I griped, had a beer, and got over it. I found my time is better spent being a baby about wearing a mask


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