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.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
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 Results
We finally got our appraisal back after waiting a week and half for it and our new house is valued at $15k more than we bought it for. Apparently we got a good deal!
I was worried that the value would come under the purchase price, and this got me thinking about people's experience. Did yours come below or above your purchase price? If it came below- what did you need to do in order to keep your loan?
Re: Appraisal Results
It didn't happen to me personally, but I believe the issue is that you can't get a loan for above the appraised value of the house. I think I've heard experiences on this board where it happened, and the buyer asked the seller to lower the agreed-upon price to the appraised value of the house. Sometimes the seller refused (in which case the buyer either had to come up with the difference in cash or walk away), sometimes the seller agreed to lower the price, and sometimes it was a combination of those (i.e., if the appraised value was 15k below the agreed-upon price, the seller lowered the price by 10k and the buyer had to come up with the other 5k in cash).
It's in the seller's best interest to negotiate and keep the buyer, since the appraised value isn't going to change if this first buyer walks away and and they have to find another buyer ... they're going to keep running into this issue.
We also added about 30K of upgrades from our planned build. We find out in two weeks whether we are still on the dollar or not.
If not, we have two options. We can pay the difference or we can have a secondary personal loan from the bank to make up the difference. My husband received a large bonus in August so we may take the personal loan and pay it off in August.
Good for you for such a good appraisal