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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Appraisal UPDATE 9/19/11
Appraisal came up short by $8,000. We need the appraisal for the concession. Hopefully the sellers are willing to come down on the price otherwise the deal is dead. Everything was going incredibly smooth until now.
Message edited 9/19/2011 9:50:28 PM.
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Posted 9/13/11 3:33 PM  |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Appraisal
I'm sorry to hear that  We just had our appraisal done on Friday (still waiting to find out how much) and this is what my fear is too.
I'll keep my fingers crossed for you that the sellers come down.
Everything will work out 
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| Posted 9/13/11 3:36 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: Appraisal
Thanks. I really thought the appraisal wouldn't be a problem but I guess in this market, you never know.
It looks like we're actually short about $4500 but we can't come up with it. I am not willing to tap into anymore of my savings because I'd rather have a reserve in case something should happen.
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| Posted 9/13/11 4:25 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Appraisal
read your contract about default. We also had a concession and we were not able to use the lack of financing "out" if it was beacuse the appraisal did not come back to include the concession.
Each contract is drafted differently but we either would have had to come up with the consession money or lose our deposit if we backed out.
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| Posted 9/13/11 4:27 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: Appraisal
Our contract states that if the appraisal comes in too low, either we renegotiate the selling price or the deal is dead and we get our deposit back. We made sure that was put into the contract. We would only lose the money we spent on the inspection and the appraisal.
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| Posted 9/13/11 4:34 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Appraisal
That really stinks, but if you think about it an appraisal is determining value, not market value plus closing costs so it would make sense that it not come in unless you were paying below market for the house.
Did your realtor have comps for the house to support the appraisal number you were looking for?
Hope everything works out!
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| Posted 9/13/11 9:28 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: Appraisal UPDATE 9/19/11
UPDATE -
The sellers have agreed to meet us in the middle. I'm happy because now we can continue on with the purchase and because we don't have to pay the full amount. So we'll see what's next!
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| Posted 9/19/11 9:58 PM |
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Re: Appraisal UPDATE 9/19/11
Posted by ElizaRags35
UPDATE -
The sellers have agreed to meet us in the middle. I'm happy because now we can continue on with the purchase and because we don't have to pay the full amount. So we'll see what's next!
This is excellent news!!!!!!
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| Posted 9/19/11 10:37 PM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Appraisal UPDATE 9/19/11
Posted by ElizaRags35
UPDATE -
The sellers have agreed to meet us in the middle. I'm happy because now we can continue on with the purchase and because we don't have to pay the full amount. So we'll see what's next!
 Congrats! That's excellent news! I hope everything is smooth sailing from here on out for you guys 
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| Posted 9/20/11 9:39 AM |
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Jenhos
Maeve
Member since 6/05 3273 total posts
Name:
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Re: Appraisal UPDATE 9/19/11
Great news!!!
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| Posted 9/20/11 10:23 AM |
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ThePinkGoose
In Your Hands
Member since 8/08 4706 total posts
Name:
Nunya
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Re: Appraisal UPDATE 9/19/11
That's great, Congrats!!!!!!!!!!!!!!!!
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| Posted 9/20/11 10:49 AM |
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