Buying A Home
Bubblegum5586
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Appraisal came back low
Hello everyone!
I tend to frequent theknot quite often (even though our wedding was 8 months ago) but I figured it was time to head over here!
Anyways, just want to vent about our current home buying situation. H and I found a house we love (had to compromise on a few things, but that's life!). Everything seems to have been going pretty smoothly for the most part and I keep thinking about decor and what I want to do and getting real excited!
Well the appraisal came in today and it's much lower then our offer! And now the bank wont finance the house! The seller is having the appraisal reviewed because they feel it's value is higher. Now we have to wait a few days to see what the review says. Once we get that there will be 3 different outcomes that could happen;
1. They accept our new offer at the current appraisal that the bank approves (this would actually be awesome because now we are paying less for this house! Lowering our down payment and monthly payment.
2. They say "no" and hold firm at offered price and we have to come up with the difference out of pocket (WHICH WE DON'T HAVE) so we...
3. Walk away
This was a flipped house so there is no sentimental value for the seller and it's all about the bottom line. If the bank says it's only worth X amount then they will have the same problem with anyone who wants to purchase it, unless they have the out of pocket cash (which in that case I would think they would be buying a nicer house!) Waiting for the housing values to go up in the area will take time all the while they are continuing to pay for it (house is empty as they don't live there). So I would think #1 is the best option for both sides.... but who knows! Please send positive vibes our way as we really LOVE this house and are REALLY excited for this next phase in our life together!
Re: Appraisal came back low
The buyer ended up paying for another appraisal which came back $7k more than the first appraisal. They offered us that price and we accepted. (We ended up going with a new lender also, who appraised the house for the new contract price! Score!)
Ultimately we bought the house for $20k less than what we first agreed on!
Hold firm! If it's meant to be, it'll happen!
TTC Countdown to 8/2015
The reason I mention this, when we purchased, the appraiser got the wrong contract price and underpriced the house by $15k. Both realtors sent in recent comps and the bank also found the error in the appraisal. The appraiser ended up revising his appraisal.
Just to give you another story, a friend of ours was under contract on a house they loved but it appraised $70k lower than the contract price. They were heartbroken but that difference was too huge to make up on either end, so they had to walk away. Less than a week later, they saw another place that blew the other place out of the water and they signed a contract the same day.
So, things happen for a reason and keep your head up!
TTC Countdown to 8/2015
TTC Countdown to 8/2015
No one would finance a house for more thant the appraisal value.
The best gift you can give is telling everyone you know that you would recommend them if they need a realtor.
CONGRATULATIONS!!!!! Enjoy making this house your HOME!!
TTC Countdown to 8/2015