OT--Any bankers out there?
A work in progress
Thread Starter
Join Date: Jul 2010
Location: South Jersey
Posts: 16,633
Oh, and Bimini, I DO know a real estate lawyer--he handled a couple of real estate matters for me in the past (sale of another property I owned, and reviewed the documents for purchase of this house). Maybe I'll give him a call. He's a law school colleague and he'll kick it around with me for free.
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Originally Posted by LexieCat 
I'm not clear on why a small local bank would be motivated to give me a better rate than the bank that holds my mortgage (and all of my other accounts), and that gives me a credit card interest rate that is the lowest I've ever seen anywhere. If I didn't already have such a well-established relationship with my bank, then shopping around would make sense to me. Maybe I'm missing something.
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A work in progress
Thread Starter
Join Date: Jul 2010
Location: South Jersey
Posts: 16,633
Well, I called my friend the real estate lawyer, and he pretty much confirmed what I knew. He can't think of any legal remedies other than the one I pursued and a couple I rejected early on (suing the seller or the home inspector--I have no reason to believe any of them had a clue that this disaster was in the offing--there was no visible damage when I purchased the home). As I suspected, title insurance doesn't cover this sort of thing.
So it looks like my best option is to find the best deal I can on a loan of some sort. It will all get resolved--I'm just hoping to get the best terms that I can. There IS a small local bank that I used when we purchased, and were building, the winery. It's actually one county over, but maybe not the best option since I recently so happily shredded the documents pertaining to that piece of property (that I owned with my last ex). Just seeing paperwork from First National Bank of Bad Memories would probably give me agita.
So it looks like my best option is to find the best deal I can on a loan of some sort. It will all get resolved--I'm just hoping to get the best terms that I can. There IS a small local bank that I used when we purchased, and were building, the winery. It's actually one county over, but maybe not the best option since I recently so happily shredded the documents pertaining to that piece of property (that I owned with my last ex). Just seeing paperwork from First National Bank of Bad Memories would probably give me agita.
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A work in progress
Thread Starter
Join Date: Jul 2010
Location: South Jersey
Posts: 16,633
I got a quote from an online lender for a five-year $52,000 personal loan at 7.065 percent (fixed) (payment just over $1,000 a month). No fees, etc.
That's not bad. It's slightly better than the rate quoted by my Big Bank (without a personal conversation with anyone).
I really don't want to borrow from my retirement plan. As was pointed out on one website, I would be repaying the loan with after-tax money, and will pay tax on it AGAIN once I withdraw it eventually. And apparently it's frowned upon (if allowable at all) to use a retirement account as collateral.
So at least I have a rate to compare against when I start talking to banks.
That's not bad. It's slightly better than the rate quoted by my Big Bank (without a personal conversation with anyone).
I really don't want to borrow from my retirement plan. As was pointed out on one website, I would be repaying the loan with after-tax money, and will pay tax on it AGAIN once I withdraw it eventually. And apparently it's frowned upon (if allowable at all) to use a retirement account as collateral.
So at least I have a rate to compare against when I start talking to banks.
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A work in progress
Thread Starter
Join Date: Jul 2010
Location: South Jersey
Posts: 16,633
Just wanted to say thanks for the suggestions--I've got a few ideas now, and I'll let you know how it turns out. I need more solid numbers before I go out and actually apply for a loan, but I called the engineer yesterday and he's going to see when he can send someone out to look at the place and start working up a proposal.
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