Well.
I thought I was going to have great news. Really great news.
Unfortunatly I do not.
If you have been reading you know my house is for sale.
A few weeks ago, we got an offer!
Then we found the house of our dreams and they accepted our offer!
Things were "moving" right along (excuse the pun).
The home inspection passed.
I started decorating my new house in my mind.
Then our house was appraised (due to an FHA loan).
That's where everything fell apart.
Our house didn't appraise high enough, so our buyers weren't approved for their loan.
They are sad.
We are sad. And mad.
One person's subjective opinion ruined everything.
We tried and tried to come up with a way to make it work.
It was just too much money to lose to sell at the appraised price.
It's not like we are selling a million dollar home. Not even remotely close.
How do they expect the economy to get better if they don't help honest people buy a house they can afford?
So, we gave up our dream house and are back to square one.
Back to a perfectly clean house and showings and crap.
Damn.
Heartbreaking, but the right thing to do.
Now I am unpacking the 30 boxes I had packed.
Fun.
Wanna be me?
Didn't think so.
6 comments:
Awww...I figured it was that. Sorry it didn't work out but it only means there is a better house out there for you waiting for you!
That is so annoying...it seems like you should be able to call a different appraiser or something and like average the 2. You know like Olympic judges. Throw out the high appraisal and the low appraisal and get an average of the middle ones. :)
Still praying! :)
I'm sorry. We've had the same type of disappointment in the past and it stinks. Better things to come!
~Keri
Real estate stuff is soooooo frustrating!!!
You don't know me, but the same thing happened to my husband and me last April. The appraisal came in $10,000 under the asking price. We were so upset and disappointed, but for the most part, it worked out for us in the end. I hope something works out for you, too.
Oh my goodness, I just saw this, and I am SO sorry. Unfortunately in this current market that's really common. You may know this, but you may not--there have been recent changes to appraisal regulations. In the past, the lender could call an appraiser they knew and trusted, tell them the price, and see if the appraiser could justify the price. Now, appraisals have to go through this clearinghouse. The appraiser is not supposed to know the price, and since the lender can no longer choose an appraiser they trust, it could be someone with 5 days or 50 years' experience! It's very frustrating. I'm so sorry you got caught up in the fallout of these new regulations. The regulations may be changed soon because there is such an uproar over them; hopefully when you get another buyer things will be a lot smoother.
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