–Originally Posted Tuesday Dec. 8,2009 –
We are trying very hard to get all the ducks in a row so we can close on the 15th of December. One of the things that needed to get done so the home loan could be finalized was the appraisal.
We were antsy about the appraisal because it could me the difference between getting and not getting the house. It had to come in GREATER then what the offer was written and accepted for. Talk about stress.
After a week of our lender trying to get the appraisal from the guy who went out and did it,we finally had it in our hands…Well in our email’s inbox. After what seemed like a lifetime,the large PDF was finally downloaded. We opened it and started reading. Everything looked ok until we got to the lines…
Purchase Price:$205,500
Appraised Value:$205,000
Ah crap! A difference of $500 dollars means that we would not qualify for the loan. This was not good.
We really have 4 options at this point:
1) Pay $500 more that we don’t have.
2) See if the selling bank will drop the price by $500
3) Have the appraisal done again and hope it makes up the difference
4) Kill the deal.
We’ll see what happens.
–UPDATE –
Just learned some information about our Appraisal…
From what we understand,the Appraiser didn’t want to drive the whole 7 miles to the town to do the appraisal. You know cause it’s such a HUGE distance. Our lender told him to just get it done…and I don’t think he liked it very much.
However,after some sweet talking from our agent,the Appraiser mentioned that it “might”have been a typo and would take another look at the report.
Well,the new appraisal is in and has been corrected…so far we are good to go!
