
I guess some news about the sale of our property would be nice for anyone following this ongoing saga. (Staring in September 2005! Thanks, city of Virginia Beach!) The only problem is that the news is bad. So, for over year now we have had this contract on the property from a local developer. He's a pretty big local name, so he is dependable and has a respectable professional reputation to protect. He paid a nice down payment, required by the contract, which may or may not be in escrow. We followed through with our part, petitioning VDOT to release the drainage ditch on the property to us. We sold the swampy parts to the city. Now it is Mr. Developer's turn to move forward. He says he can't get financing. He probably can't, even though he is on the board of a local bank that is doing pretty well. The rules have changed and he would have to put up a large chunk of his own money because the banks aren't allowed to gamble so much anymore. He says he can't do that. I thought my neighbors would be in a bigger hurry and want to renegotiate to a lower price, but they don't. That is good, because we still are slightly better off than we were to start and haven't lost much in this, so far. But all of this dreaming of a bigger house or no debt has been fun! It still may happen, but our timeline is drawing out even longer.