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gonzo23456
LIF Infant
Member since 5/08 155 total posts
Name:
Wendi
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Devestated (UPDATE 8/17/09)
So my hubby and I are in contract for a house. We just found out that the house was appraised for less money than we offered. The homeowners have two options either terminate the contract or come down in price. I am so sad because I think they might terminate the contract!
UPDATE!!!!!!!!!!!!!!!
This was a pretty bad week for my hubby and I. I thank you girls for all your support however the seller has decided not to drop the price of the house. We have officially lost our dream home. I am crushed and can't stop crying. I know there will one day be a silver lining but right now I just can't see it. But I just wanted to let you all know that I appreciated everything. I hope to one day be back here with good news. For now, we are going to take a house hunting break. thanks!
Message edited 8/17/2009 10:50:54 PM.
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Posted 8/11/09 4:56 PM  |
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Long Island Weddings
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Re: Devestated
was it a big difference in price vs. appraisal? if not, they'd be stupid to terminate.
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| Posted 8/11/09 5:46 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Devestated
They can't sell it to anybody else. Any potential buyer will be in the same situation, it will be appraised and the lender won't lend more money than it's valued at.
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| Posted 8/11/09 5:50 PM |
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jteach
2 and through
Member since 9/07 3939 total posts
Name:
Jess
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Re: Devestated
Posted by gonzo23456
So my hubby and I are in contract for a house. We just found out that the house was appraised for less money than we offered. The homeowners have two options either terminate the contract or come down in price. I am so sad because I think they might terminate the contract!
Same thing happened to us a few weeks ago. The appraisal came in 30k less than what we offered. Since my dh is our mortgage broker/realtor he decided to go through a new bank and have a new appraisal done. Well the second appraisal came in 15k less than what we offered. DH expalined to the homeowners that if they didnt bring the asking price down to match the second appraisal then they would not be able to sell their house to ANYONE.
If the hoeowners want to sell their house they have to lower it, its not like they can find someone else to buy it because the appraial has nothing to do with the buyers.
How much of a difference was it? I think you could actually split the difference as well, you would just need to put down a drop more.
And to let you know, this is happening everyday. There is a new appraisal regulation that just started, its meant to even out the market but it is destroying many, many deals.
Good luck
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| Posted 8/11/09 5:52 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Devestated
unless you are set on that bank, you can try another lender. I have heard of this happening at it all works out.
If it happens with another bank, then that house is priced wrong. And they should lower it because at that point, unless someone comes in with cash or a very large down payment, they won't be able to sell. Good luck!
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| Posted 8/11/09 6:01 PM |
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gonzo23456
LIF Infant
Member since 5/08 155 total posts
Name:
Wendi
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Re: Devestated
Hi girls,
Thanks so much for all the support, I will look into all your suggestions. The house was priced about 20k more than it was appriased for. The only problem is we can only put down 10% no more, we are tapped. Not many banks allow borrows to only do 10% because of how bad the market is. So many require 20%. I know everything happens for a reason but we just finally told people because we believed so much that it was going to happen.
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| Posted 8/11/09 6:22 PM |
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gonzo23456
LIF Infant
Member since 5/08 155 total posts
Name:
Wendi
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Re: Devestated
Posted by olliesmama
Posted by gonzo23456
So my hubby and I are in contract for a house. We just found out that the house was appraised for less money than we offered. The homeowners have two options either terminate the contract or come down in price. I am so sad because I think they might terminate the contract!
Same thing happened to us a few weeks ago. The appraisal came in 30k less than what we offered. Since my dh is our mortgage broker/realtor he decided to go through a new bank and have a new appraisal done. Well the second appraisal came in 15k less than what we offered. DH expalined to the homeowners that if they didnt bring the asking price down to match the second appraisal then they would not be able to sell their house to ANYONE.
If the hoeowners want to sell their house they have to lower it, its not like they can find someone else to buy it because the appraial has nothing to do with the buyers.
What is the new appraisal regulation? What's the difference?
How much of a difference was it? I think you could actually split the difference as well, you would just need to put down a drop more.
And to let you know, this is happening everyday. There is a new appraisal regulation that just started, its meant to even out the market but it is destroying many, many deals.
Good luck
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| Posted 8/11/09 6:24 PM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: Devestated
Like the PP have said, this is happening like crazy now. I know its
hard to think this way but if they don't lower the price it just wasn't meant to be
I would try another bank as well
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| Posted 8/11/09 10:44 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Devestated
Posted by smdl
They can't sell it to anybody else. Any potential buyer will be in the same situation, it will be appraised and the lender won't lend more money than it's valued at.
That's not really true.
They can sell it to somebody else. That new buyer will probably be using a different bank which means different appraisal company which could potentially mean different appraisal amount.
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| Posted 8/11/09 11:40 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Devestated
Posted by gonzo23456
So my hubby and I are in contract for a house. We just found out that the house was appraised for less money than we offered. The homeowners have two options either terminate the contract or come down in price. I am so sad because I think they might terminate the contract!
May work in your favor, this has been happening alot.. Some homeowners are lower the accepted price..
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| Posted 8/12/09 9:30 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Devestated
Posted by ave1024
Posted by smdl
They can't sell it to anybody else. Any potential buyer will be in the same situation, it will be appraised and the lender won't lend more money than it's valued at.
That's not really true.
They can sell it to somebody else. That new buyer will probably be using a different bank which means different appraisal company which could potentially mean different appraisal amount.
That was assuming that another appraisal would come at the same as theirs.
Like other posters mentioned it has happened to quite a few people here. Most people either get another appraisal or another lender with another appraisal.
But if you are really selling way above an appraisal, then most likely you are overpriced for the house, regardless or how many appraisal people you get.
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| Posted 8/12/09 1:26 PM |
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gonzo23456
LIF Infant
Member since 5/08 155 total posts
Name:
Wendi
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Re: Devestated (UPDATE 8/17/09)
updated at the top!
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| Posted 8/18/09 7:06 AM |
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legallyblonde
LIF Adolescent
Member since 8/08 850 total posts
Name:
K
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Re: Devestated (UPDATE 8/17/09)
I'm sorry that happened to you. That stinks. The seller sounds like an idiot. This happened to friends of ours at the beginning of the summer and they too were so upset. Guess what? They found a house that is way better (closer to the bay, sick kitchen, minimal updates), on the same block, for less money and the sellers have been nothing but nice to them. They close this week. As much as it stinks, it wasn't meant to be and you are better off. You will find something!
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| Posted 8/18/09 7:55 AM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Devestated (UPDATE 8/17/09)
Dont be crushed they may come back to you, cause it will happen to other buyers as well
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| Posted 8/18/09 9:27 AM |
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suvenR
designer mutt
Member since 5/05 4239 total posts
Name:
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Re: Devestated (UPDATE 8/17/09)
I've always wanted to punch the people who tell me "everything happens for a reason", but in this case, it really does.
It took us 2 years of house hunting/making offers/etc. to find the house we bought last year. It's so funny because every now and then we talk about the other houses we had our hearts set on and then we realize how LUCKY we were that none of them worked out!
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| Posted 8/18/09 9:35 AM |
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MrsJ
I love my Katie Bug
Member since 5/05 11357 total posts
Name:
Kathy
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Re: Devestated (UPDATE 8/17/09)
I dont know what kind of a loan you were getting, but I bought my house with only 5% down and qualified for an FHA loan.
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| Posted 8/18/09 9:52 AM |
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jteach
2 and through
Member since 9/07 3939 total posts
Name:
Jess
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Re: Devestated (UPDATE 8/17/09)
Oh No, I am so sorry. And you are right about seeing the silver lining but I agree that it is very hard to believe that RIGHT NOW.
Youe WILL find another home that you like even better than this one, I promise.
You have every right to be upset, I would be angry and cry also, but then you need to get back up and brush yourself off and start over again, its the only way to get what you want.
My dh is a realtor if you feel like you need a change or something fresh for when you restart. Good luck to you and make sure you come back to let us know when you find your REAL dream house
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| Posted 8/18/09 10:00 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Devestated (UPDATE 8/17/09)
oh man that stinks. I'm so sorry that it didn't work out, but I am a true believer, of what is meant to be will be. I got my heart set on a house, and we didn't get it. I was sad over it, but I didn't allow myself more then 1 day to be upset over it. Life is to short to be upset about what could have been. You will find the perfect house, that is meant to be. I'm sorry it didn't work out those sellers are crazy, to not have lowered it!
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| Posted 8/18/09 10:29 AM |
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mcd01
Life is good : )
Member since 3/09 1932 total posts
Name:
Melissa
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Re: Devestated (UPDATE 8/17/09)
I am so sorry,
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| Posted 8/18/09 2:56 PM |
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