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House issues
I didn't log on much yesterday because I was in depression mode about the house. We are in escrow and everything seemed great until the appraiser's report came in. The house was appraised at $17,000 less than what we were buying it for. The lender won't finance for more than the house is appraised at so we may have to walk away from it. I haven't heard from the sellers yet if they are willing to drop the price. I couldn't eat and went to sleep at 7 yesterday because I was so depressed about it.
This morning I went online to look at the houses in the area that are listed that made the value of our house drop. The awesome news is there's a house down the street from ours that is going for $25,500 less than ours so if ours falls through we will pursue that one in a heartbeat. That made me feel much better! There's cons to the one I found though. It's not on a cul de sac like ours is and it may need new carpet while ours has new carpet in it already. Well, for $25,500 less I think I can manage with the cons!
I'm still pretty upset about the whole thing but at least I know what the houses in the area are worth and can make a more educated offer if need be.
CRAFTY ME
my read shelf:
Re: House issues
CRAFTY ME
my read shelf:
CRAFTY ME
my read shelf:
Your perfect is house is out there and if this is it, the sellers will drop their price. If not then it isn't the "one". It sounds very frustrating though.
CRAFTY ME
my read shelf:
Well... that's what Escrow is for!!!
If the sellers are smart, they will drop the price (investors should know all about how the banks work) because they won't get ANYONE to pay more than a house is worth in this market!!!
Try to stay relaxed, one or the other will work out!!! GL!!!
When our house first went on the market it was listed for $20,000 more than what we got it for. You've got time to be patient and get the one you really want. Maybe that one down the street is the one for you guys. I'm sending all my good thoughts your way on it
Yes, in this market, any seller desperate enough would drop their price. My dad sold his second property just when the market was starting to decline. He had to drop his price $35K in order for the buyer to qualify. $17K is not that much to drop if they really want to sell it.
Good luck!
Aw that's a bummer Kasi. I remember how frustrating house hunting can be.
After searching for 4 months G and I found the perfect house. We fell in love and immediately put an offer in for it. When we didn't' get the house we were so bummed, for a while I was so upset about it I refused to even look at other houses.
Then we found this house and were so grateful we didn't get the first house. The house we ended up buying is 10x better and in a better neighborhood.
George and I drive by the other house every once in a while and feel like we escaped making a really bad decision.
Anyway, as frustrating as it is when it's the right house it will work out for you and where you end up will be soooo much better.
GL!