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short sale appraisal :(
Ok, so we put in an offer on a short sale in Oct, they finally accepted our offer 2 weeks ago, contingent on us being able to close by 4/15. Our appraisal just came back, for 10,000 under what we offered. Which was already 30,000 under what is owed on the house.
The bank lady said the reason why it appraised so low is that there are no comparable houses in the area that didn't forclose. Apparently like half the houses in our neighborhood are foreclosed. So, since they only had those houses to compare it to, it drove the value way down.
Our bank just told us that the only thing we can do is put in a new offer and hope they take it, or we can walk away. The thing is, it took so long for them to accept the offer the first time, I am afraid it will take another 7 months. And then they still could say no. And I love this house. And we are getting married next month and we are getting sick of living in our friend's basement. And nothing else that we have seen that is even close to our price range is nearly as nice as this house.
I don't think we have any choice but to put ourselves at the mercy of the bank and wait it out. This is a sad day.
my diy blog:
http://oppositeofcalamity.blogspot.com/
Re: short sale appraisal :(
Our house building adventure (UPDATED 8/20/12)
Wedding Planning Bio
Our wedding blogged! (Click Brad & Briana on the right side)
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