The Dreaded Appraisal

FRONT OF HOME question

Worrisome news in our home today.  We got news that our appraisal came in significantly lower than our accepted offer, which means no loan for us.  As of now anyway.  We’ve been in contact with our lender quite a bit today and I was able to talk to our agent tonight.

I’m not real estate pro, by any means, but I do have quite a few questions about the completion of this appraisal.  To me, it seems that there was a lot of added value not included (especially when it came to finishes in the home).  I mean, sure it’s small, but it’s NICE.  The appraiser is comparing it to homes that would need a significant amount of work to have it updated.  I’m not saying these other places weren’t livable, but hello, I don’t want to live in the 70’s.  Mmmkay?

The sellers are going to pay for another appraisal to be done.  I really feel that there is a good chance that the second appraisal will come back much more reasonable.  Our agent clued us into some out-of-the-ordinary things with this appraiser, so I feel as though his assessment was not accurate.  I mean, I could tell that just by reading the flippin’ thing.  Craig and I figure we have nothing to lose, but a couple days, to let another appraisal be done.  No cost to us.  And there wasn’t any chance we had the time between now and our return from Colorado to continue our search.  I will be so disappointed if this doesn’t work out.  It had everything we wanted.  Wahhhh.

The appraisal was literally the only “obstacle” we had left.  Our lending situation was great, home inspection was fantastic, no one thought we had anything to worry about.  And now we may be back on the market trying to find a new home.

Oh, and remember when I shared that our rental had a sub-leaser? Ahahahaha.  Yep, that means that we still need to be out in August.  Regardless of what happens with our current offer.  Oh, and remember how I said I was so excited to head to Colorado?  And have visitors?  Well, that takes away a good week and a half should the deal fall all the way through.

What can I say?  I like to keep things complicated.  The messier, the better. Psh.  Right.

Think happy thoughts for us.  And, if you have any positive juju – feel free to send it our way.  We’re taking all we can get!

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8 responses to “The Dreaded Appraisal

  1. Just be patient and think positive!!!

  2. Ugh. The joys of home ownership starting way too early!! Sorry about the added stress, and fingers crossed the second appraisal goes well.

  3. Pingback: Worry | What The Efff

  4. Sometimes I’m glad we don’t own…

    *crosses fingers*

  5. Pingback: The Dreaded Appraisal Part Dos | What The Efff

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