Buying A Home
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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 :(
Oyyyyy,
Well we finally got a word of how much the house appraised and it is 16K lower then the price. We know since the seller is set on his price, he won't go down. We will still try to see if he will go down, but i don't think so.
So i guess it is back to step one!
Did anyone have this, what happened at the end? If he does not go down does that mean we can back out and get our deposit back?
Really disappointing !
Re: Appraisal :(
It depends on what is in your purchase agreement.
We had a clause in ours that if the house did not appraise for the purchase price the seller either had to drop the price to meet the appraisal or we could walk away with no penalty.
Our house underappraised by $16k and we met the sellers in the middle. They dropped the price and we made up the difference. We had been searching for about half a year at that point and this was THE best house we'd seen without a doubt and we were willing to pay full asking price for it, so having it knocked down a bit was no problem. We were NOT going to walk away.
It's up to you. You can try to get them to drop the price and they may surprise you. If they don't come all the way do you have the cash to meet in the middle?
ETA: I wouldn't take a hit on a house (like we did) unless you intend for it to be your 'forever' house or your 'for a very long time' house.
Life and Love at #16 | our married life blog
That's tough. We sold our house and were worried the appraisal would not come back so we had a clause in the purchase papers that they buyers would pay up to 10K over appriased value if it was under the purchase price but it had a max amount they would pay for the house in the papers too. They ended up paying their max amount.
Bottom line is we had time (a year) to sell our house (due to a relocation package) and this was the first offer from the first person that looked at our house. You never know how the appraisals are going to come back. Right now you need your realtor to sell that concept to the listing agent and let them know that the next buyer is probably not going to get a higher appraisal...the same thing will only happen again. Many people meet in the middle at that point.