Two weeks of waiting for the papers to sign, of making plans, telling friends and family about our land with the old hall on it.
Yesterday morning i take a call from the bank... The independant land value prior to the bank giving the money has come in.
$24000 LOWER than the contract price. So, the bank cannot offer any more than the 'real value'. We cannot afford to pay more than this value or we have instantly gained 24k negitive equity before we even start.
I sat on that news all day, took wife to the opening of an art exhibition she is in that night, but on the way home had to tell her the deal was dead. I have not seen her cry like she did before...
Spent much of today on the phone to the bank and the agent. The agent in talks with the valuers... All real estate values in the area are considered to be double what the land value dept says they are. How can the agents get it so wrong? All the land around the town are going to be affected by this, all the vendors hoping for good $ on the agent 's advice.
We are hurting, but also feel so sorry for the two ladies that had to be told that the land they had was actually 'worth' a third of what they first listed it for. And still half of what they sold it for. The only thing i could do was put in a new offer... a lousy low number. I dont blame them for not taking it either.
This block had it all for us....
feel like giving up this stupid quest for future security and blowing it all on a trip to america. Don't think we will, but shit, this leaves a bad taste in my mouth.
such is life