I spoke to the loan officer at the bank today, and the appraisal on the house came in below the purchase price. Way below. In fact, it appraised pretty close to what I had originally thought would be a reasonable market price for the house. The realtor The Ladies talked to thought differently, but then I don't know that he ever really got a look under the hood, so to speak.
This bit of news wouldn't be so bad if there were a chance on negotiating down somewhere close to the appraisal value. I'm pretty sure that's not going to happen, though. Which leaves us in a bit of a state of limbo until we can sort out the possibilities. The bank apparently told Wendy that there's some sort of process of appeal on the appraisal, but the discrepancy is so huge, that I don't expect a rethinking of the appraisal to come anywhere to The Ladies' comfort zone.
In other news, I decided I'd gone a little too fast on stepping up the new meds. So after several very dizzy and not terribly productive days, I decided to back off just a little until I've adjusted a bit better. In the meantime, I do like being able to sleep really deeply for a change.
9 comments:
Well, that news sucks!
We've been there. And it is disappointing, probably moreso since you are already living in the house. Something will work out but it might mean moving. Deep sleep is probably a good thing.
I know this pretty much sucks, but at least the system is working here, and you are going into debt for more than the house is worth.
Have you looked at the appraisals for comparables in your area? When we bought this place, it was appraised at about 50K (less?, I can't remember) but was being offered at 75 or so. Then the City (in its Wisdom) did a tax reappraisal, and we were all appraised at market value of a couple years ago when things were high, 115 or so. I tried to get it knocked down to the two comparables on the street, but they told me too bad. I don't think they appraised fairly at all... my neighbor has a crappy looking place because she can't take care of it, but cosmetic condition is not supposed to be part of it. And they didn't get inside, so how could they know she's taken down but not replaced ceilings. Her house is about our size, and has an in-law apt, and her yard is twice as big, but she's still appraised at less. See what happens when you mow your lawn and pick up your trash? I did get them to knock a thousand or two off because of the yard. The tax guy was pretty surprised when I told him that when I stand in the back corner of the yard I am level (which I know because I used a surveyor level) with the 3rd story attic windows. Anyhow, my point being, that sometimes appraisals are low versus market value. What are comparables selling for near you? That should be your negotiating point (we weren't able to negotiate much on chimney needing lining and some other condition issues). Glad you're getting some sleep.
Won't do it unless you give the go-ahead, but I can ask Daddy Sheep for an opinion on this one. Once he finished up with the gig as the assistant principal at my high school, he spent some quality time in real estate. VP of the company and all that...
Let me know!
I meant you're NOT going into debt for more than the house is worth.
Still sucks though when you have your heart set on something.
Eeek. Sounds like you need some R/R?
well ick. Glad you're sleeping, but so sorry about the house. It's a crazy market. A lot of houses around here are just sitting on the market, presumably because their owners aren't comfortable with what would be a fair market price. I do hope you find a good solution, whatever it might be!
I used to do mortgages in your area. I hope your lender used a local appraiser who knows the local market well. If there is a realtor involved in your transaction, have the realtor look at the comps that were used; maybe there are some better comps. 50K is a pretty big number to overcome, that's too bad.
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