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.
xp: house appraisal not accepted by loan officer :(
Posted on MM but need your opinions as well!
Oh man. Everything was going so well with this house purchase. Our offer accepted. Seller agreed to fix all issues uncovered by inspector, which were relatively minor anyway. Appraisal came back at asking price. Should be smooth sailing to close, right? Not even close.
Now the loan officer is requesting a formal review of sorts of the appraisal! Very few comps and the only property that really compares is slightly larger and sold for $15K less. So we are at risk of not getting a loan for 80% of the agreed to sale price.
Which means that we would either need to pay the extra, which we could feasibly do, or ask the seller to reduce the price to the new appraisal. This means we are potentially paying more for a house than it is worth. Seller MIGHT agree to a lower sale price. But there were two other offers, one of which was cash.
Either way we are at risk of losing this house.
All the more stressful because we are supposed to close in ONE week and our current lease is up 5 days after that. Sure we could stay in our currently place...and pay $2500/mo rent (completely furnished including all kitchen items and linens) plus heaven knows how much for our entire house-worth of stuff (~9000 lbs) that is sitting in climate-controlled storage.
What do you think we should do?
Pay the amount over the new appraisal if it does come back lower and the seller won't lower the price? What it if it is $10K? Keep in mind what we're paying per month in rent should we need to start at ground zero and look for a new house. Or should one never pay more than the appraised price?
Re: xp: house appraisal not accepted by loan officer :(
I really couldn't see making a decision until I got a chance to review both the original and the review appraisal reports with my realtor to determine the validity of either value.
Is the seller closing on something or have some other external factor that will motivate them? There is a chance that the other offers are no longer options (they may have found something else).
I agree with pp about consulting with your agent.
Wedding Bio
Life and Love at #16 | our married life blog
Edited by moderator.