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Thread: Big things coming.

  1. #21
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    Oh man, that is a string of bad luck. Sorry to hear. Not a favourable environment to be a borrower as the banks are upping loan loss provisions and will be skittish as there's more rounds of layoffs coming.

  2. #22
    Club Supporter Laffs's Avatar
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    oooooooof that's rough. Sorry man.
    Quote Originally Posted by ludacris View Post
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  3. #23
    Super Moderator Stephen06GT's Avatar
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    Quote Originally Posted by Laffs View Post
    oooooooof that's rough. Sorry man.
    This. I hope things turn around for you.

  4. #24
    Admin ZR's Avatar
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    Damm, hope things turn around and quick.

  5. #25
    Member Zutz2v's Avatar
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    Quote Originally Posted by 5.4MarkVIII View Post
    so update time.

    as of May when I posted this I had a buyer for the old store. and was listing the house once the kitchen was finished.


    then the day after waving the first round of conditions the buyer for the current store backed out. I called the bank immediately as we were counting on the money from the sale to go towards the new place. Bank got back to us and said proceed they can work it out.

    House sold fast, and over asking price. MtO agreed to finally support the sale and the zoning change.

    then with 2 weeks left before we have to finalize financing the bank called and said. sorry we cant make it work we need you to pay off this LOC and come up with another 80k.

    we talk it over. discuses with inlaws. the LOC we had planed to pay off anyway with the house sale so that number was factored in already. we can come up with 40 and the inlaws agree to "gift: us the remaining 40.
    let them know Friday. that we are good we have the cash. and they come back with. no sorry you misunderstood. we want you to pay off ALL your debt. including car and trailer loans. we wont lend to you unless you have no other debt. (this is a bank I have dealt with since I was a teen.)

    so for weeks they said go ahead. and then at the last min they say no.

    Saturday evening we get a call saying another realter sent an offer on the property and the home owners has given us 72 hours to wave the condition of finance. which now ends tomorrow at midnight.

    we have other brokers working on it but keep getting told "the numbers work and you can afford this BUT. lender wont lend because its AG1, or lender wont lend because its commercial. One wouldn't lend because the realtor mentioned marihuana in the original listing. and another lender came back and said they have a private investor that is interested AT 7.9%!!!!!!

    so it looks like all this was for nothing and to add insult to injury my realtor forgot to put our house on condition of this other deal going threw and we didn't catch it. so my house sale is final I have to be out by the 28th of aug.

    and the housing market right now in my area is being flooded with people from the city's getting out of the citys anything in the 250 to 400k range is off the market within a day of being listed and always at over asking.

    I looked at a house that literally need to be knocked down and they still want 250k

    so no new place, no old place and rumor's flying around because we had to list the store building when the buyer backed out.

    FML
    Fuck all of that! There is something better waiting for you in your cards! Be patient and ride it out. You have the balls to make all these moves and they aren’t for nothing! Keep going and keep your head up! Eye on the prize! I believe in you!


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  6. #26
    Member Zutz2v's Avatar
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    Quote Originally Posted by Legwound View Post
    this isn't a time for patience, it's a time for action.
    You can act while being patient.


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  7. #27
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    Time for safe face to face meeting with your bank manager. Mention you are a long term customer and ask for his revaluation. Hope they value your good record and look it over.
    If not go to another lender bank or credit union what ever and ask for a better deal.
    Try as a last resort a shit disturber like Global's Consumer SOS Sean O'Shea, or someone local at radio or newspaper, banks don't like bad news stories about their strong arm tactics.
    Look at Royal Bank selling travel insurance and then accidents happen saying sorry your sh**t out of luck. Few press stories and they change their tune.
    Good Luck and stay strong

  8. #28
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    Wasn't meant to be - you have a date (closing date for your house) so action is to move on and see if your or another bank will work with you at this point.

  9. #29
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    we have a couple brokers working on stuff as well as scotia (who we do our business banking with)

    truthfully this is not the first time RBC has failed to come threw (hens why our business stuff is not with them) but it will be the last time. once this is all figured out we will be moving all of our banking away from RBC.

    I talked to the manager, he didn't care it was him that refuse the letter to allow us to use the appraisal. Both brokers I have talked to said this is common for RBC in particular, they have had many clients that RBC led to believe they were fine for funding and then dropped at the very last min.

    the one broker has been fantastic. she seems to think its the property itself that is the issue according to what her lenders are telling her. regular lenders don't want to touch it because its zoned agriculture1. the Agriculture lenders don't want to touch it because there wont be any Ag income (FCC needs 5k minimum) and the commercial guys don't want to touch it because it not zoned commercial (yet)

  10. #30
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    I won't go into any detail, but we went through much the same thing 11 years ago. We moved from a comfortable 4 bedroom house in Thornhill to a 6 acre property in Newmarket, which was once a horse farm. Differing appraisals, zoning, private lenders, recalcitrant banks, and a whole littany of problems. We eventually solved it, but it cost me, big time.
    One way or another, though, it will eventually work out. Shit happens, but you'll get it cleaned up
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