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In the four days since I signed a contract to purchase a farm, I've managed to pull together the loan application, business plan, marketing proposal, general growing plan, and income/expense sheets with enterprise budgets (which is a full 20 pages on it's own!). K and my parents have been super supportive, and I feel really good with what I've been able to put together. It really looks like a solid business (I can only hope that executing it goes as smoothly!).
I'm nervous because I need a letter from the loan office tomorrow afternoon in order to satisfy the contract. I signed on Friday without realizing there was a line written that requires a mortgage pre-approval letter by tomorrow. Unfortunately, the government doesn't give out pre-approval letters or make promises until they are 100% sure. It takes time to process the application, and in the meantime the only reassurance I can provide will be formal updates on my application process.
My only hope is that the current homeowners will be understanding. The loan officer told me that he actually met with them as well this morning (they are also seeking a loan to purchase a farm), so hopefully they will be sympathetic to the process. I've got all of my eggs in one basket, hoping that this mortgage goes through, and it makes me a little nervous.
Sometimes I wish that I weren't QUITE so good at worrying.