Wednesday, November 15, 2006

I am

mad, sad, angry, upset, disappointed.

It's the house yep just when I thought my life in this hotel was going to be OVER!! The appraisal came back 7,000 lower than our contract amount. UNREAL!! We have NO CLUE as to why it appraised so low. I am HOPING and PRAYING that USAA will have answers for us tomorrow. Houses in this area are going from 10-20K more that our offer was so this was the last thing we expected to happen. I wonder if this appraisal person even knew what he was doing.

I guess, we are going back to square one. My heart was set on that house! I need some prayers!!

8 comments:

K. said...

I am so sorry that happen to you. We just PCS to Bragg and had a sort of similar situation. We found a house and was one week from closing and the seller backed out. We did have to start all over again and ended up in the hotel for an extra 3 weeks. I will definitly say a couple of prayers for you.

Jennifer said...

oh i'm so sorry things got messed up :( i know ur going crazy in that hotel.

keri said...

Oh no what a bummer! =(

I also wanted to ask if you were doing a VA home loan. When we purchased our house there was a clause in there that said if the VA appraisal was less than the agreed-upon price they would lower it to the VA appraisal amount.

It worked out great, I got a house and for a few thousand less than I thought.

Just Another Army Wife said...

Thanks ladies for your kind words.

Keri, We are doing a VA loan. I think that since the seller has the option to back out since it was appraised so low. His agents hasn't contacted our agent yet with what they choose to do. I really don't see them letting it go for that amount, u know. BUT if they are desperate to get this house off their hands...they might. I know that they are a military family so maybe that will be the case.

keri said...

=) I'll keep my fingers crossed and send positive thoughts your way.

Jano said...

I’m just speculating, but I think that the reason why the appraisal came back lower is that the “housing bubble” has burst a few months ago. It’s no longer a sellers market, the market now in the buyer’s court. It’s sad to here that you still stuck in the hotel, but it can be a blessing that you didn’t pay more then the house is worth. A few things to remember, if you don’t mind me saying. I you paid for the appraisal get a copy and look at it. Sometimes they do make mistakes but usually they are right on the money.
The seller will have to reduce the price, or he will never sell it how the market is in that area. Also, in the area that your in always have the seller pay the closing cost.

Jano said...
This comment has been removed by a blog administrator.
Anonymous said...

i'm sorry that you are dealing with that I hope that it all works out. I know the hotel is hard, but it's better to find hiccups now than once you are in the house. Maybe it was just a mistake though.