Everything is back on track for our home purchase!
We had everything together and all of the contingencies met (sales price agreed to, inspection done and addendum signed, financing in order) when we got the appraisal - which was 5k below the agreed on sales price!
Our realtor really feels like there was an error in the appraisal based on the comps she'd used when we made the offer, so she asked that the bank review the appraisal (if for nothing other than bargaining power with the sellers).
We were really worried that the sellers would negotiate that 5K out of their closing assist, but our realtor sent over an addendum that they would leave the deal as it was and take the appraised price as sales price should the appraiser stick by his original number...and they signed it! So now DH and I are kind of hoping that the appraiser sticks by his original number...:)
So...everything is done and we are set to close on June 16th as scheduled! Now we just have to wait to see if we sell for the original or appraised sales price
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Re: HUGE sigh of relief...
Yay! I swear every person -including mysef- has had some major hiccup like that when purchasing a home. They should tell you THAT in homeowner classes.
Glad that everything is going the right way for you.