About two years ago, the original tiles in our master bath tub surround were falling off of the wall (house is over 40 years old), so we pulled everything out with plans to build a shower instead.
Then the pandemic happened. Then the Texas freeze happened (I’m in Texas). Prices rose. We got a quote and just to repipe the bathroom was 10k. So we decided to do a cash out refinance to pay for the bathroom. In the meantime, I’ve been getting quotes from five different contractors to figure out how much it’s going to cost to fix the bathroom. I’m still waiting on the bids even though it’s been a few weeks.
We have another complete bathroom in the house, so we’ve been using that for the past two years.
The appraiser came out on Wednesday and today my loan officer called me and said they can’t close because of the bathroom.
I have not seen the appraisal report yet.
I have owned the house for ten years and have at least 100k in equity. I owe 72k on it and pay taxes on the appraised value, which is 199k. We were wanting to take out 50k as cash, so the new mortgage would be 130k.
I feel like I’m caught in a catch 22. I did not know that not having an incomplete bathroom would break the deal.
My loan officer is going to send out one of his contractors to help move the deal along.
What do I need to do to get this to close? I’ve been in this loan process for almost two months and my husband and I are super stressed out. My husband is really upset, saying I’m letting them screw us over. I don’t even know what he means by that. I think he is just upset because we had to pay the appraiser $650.
The rest of the house is fine.
Any advice is appreciated.