Sunday, June 21, 2009

appraisal nightmare...

So...everything seemed to be going too well in my journey to 'my first place'! (I was cautiously waiting for the last straw and I think this is it) The inspection is finished, the contract signed, the closing date set, and home insurance purchased. Now I'm just waiting on the appraisal...the second appraisal that is. I'm a nervous wreck because the first appraisal came in $45,000 under the sell price! That. is. not. good. From what I understand this is happening a lot lately for a combination of reasons. First of all they are appraising housing a new way...the lender has to use a third party to choose an appraiser. In other words the lender cannot use the same guy he always chooses and say...hey I need this house to appraise at $x and it happens. Another reason is there are so many foreclosures and short sales it is affecting the appraised value of the market.

Now what I don't understand is that when the house is appraised for 1. taxes and 2. insurance it has appraised at way over the sale price. What is happening??? So I'm trying to be patient (yet again) until tomorrow (I hope) when I will hear what the second appraisal came in at. I don't really know what the next step is if the second appraisal doesn't come in at the asking price. My greatest fear is losing my $2,000 earnest money if I have to back out of the contract solely because of the appraisal. My other greatest fear is losing this house that I've already fell in love with and started buying things for. I have receipts for everything, so I think I can return my things if the worst case scenario happens. But until I know...please pray that this appraisal comes in at the right price for me. Thank you!!

1 comment:

caryn said...

Oh no, that seems to be happening a lot up here in the Cape Cod area as well. I will be praying.

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