I just need to vent

As some of you may have read, the house we are buying (about to close next week) appraised for $30,000 less than the agreed upon price. For some reason the appraiser did not use some of the more expensive comps that were available.

My dh did a rush for a new appraisal to see if this one will be higher. So right now we are in limbo and I am soooo sad and scared.

On one hand it could work out for us and we could get the house for cheaper than we thought (we are thinking this might be the case b/c the sellers already bought a house oos and was just waiting for their child to finish the school year before they moved)

BUT on the other hand, it could get messy and the sellers might not lower the asking price to match the appraised value.

Not knowing stinks, and I feel like I am in such a funk right now. I mean we already had started packing so I have boxes lined up in my living room. We even bought furniture that was suppossed to be delivered next week.

I know there is no point to this post but I just needed to get this out

Message edited 6/27/2009 10:55:58 AM.

Re: I just need to vent

I definitely understand your need to vent, and I would feel the same way absolutely! When do you think you will be able to get the house appraised? When they said homebuying was stressful, I really didn't think it would be this stressful!

I wish you guys lots of luck and I'm praying that everything goes smoothly!

Re: I just need to vent

If the house doesn't appraise, no one will be able to get a loan for the amount. Unless they don't care and are putting a ton of money down, the house still needs to appraise.

When we bought we were told that if the house doesn't appraise and the sellers still wanted to sell it they would have to sell it at the appraised price. This may not be 100% true but what basis did they price the house on? Did they have an appraisal done?

Re: I just need to vent

If you are dealing with a mortgage broker, they should write a rebuttal (SP?) Our house only came in 5k less and our MB wrote a rebuttal but the Appraiser stuck to this appraisal...

Your options would be to ask for another appraisal from a different bank...OR ask the sellers for the appraised price...

Our luck it was only 5k and the sellers went down, thanks to our lawyer :)

Good luck, and I promise it will all work out...Make sure you speak with your lawyer they are there to help you!!

ETA: Don't be worried, this has been happening more often now with the economy....Hang in there it will all work out!

Message edited 6/27/2009 5:32:13 PM.

Re: I just need to vent

Thank you for your responces.

My dh is actually our mortgage broker and realtor thank god.

We are waiting for a second appraisal through a different bank and we will see what happens.

Not only do I love this house and I have already wrapped my mind around the fact that it was ours but I also REALLY don't want to go through this whole process again. It is not fun, it is emotionally draining, and we really want to start ttc but we both would feel more comfortable doing that AFTER we are in a home.

So, we wait

Re: I just need to vent

just a question.. being that your dh is the realtor, would he be wiling to drop his commission in order to raise the amount given to the sellers, in turn allowing the sellers to drop the amount the get?

did this make sense?

400,000 X .04% = 16,000

= 384,000.00 to seller

VS

400,000 X .02% = 8,000

= 392,000.00 to the seller

Seller accepts to drop the price b/c less commission paid out?

they may not want drop 30,000.00 but it will be closer??


just throwing it out there...