A Gripe: House Drama!

[Deleted User]

Ok, so as many of you know, I've been in the process of buying a house! We are totally in love with this place, and were sailing along great towards closing on it.

Then Wednesday happened. The appraisal came back at almost 20% below the purchase agreement. Crap. Luckily, with this being a buyer's market it's the SELLER that's in a corner. Their agent told them to come down to the appraised price, and we'll drop our concessions and we can finish this. If he doesn't want to, we can't get a loan for more then it's worth, but any other buyer is going to have the same problem, and then they'd have to pay more of the mortgage while they wait for another offer.

He's taking his time thinking about it...

I am going crazy! This could end up being a major boon for us, or we could lose the house! I've been on pins and needles the last 2 days about it!

So yeah, just wanted to share the drama. Did any other of you ladies with real estate deal with anything like this?

Knottie1435582995

I didn't have any trouble with buying my house, but my sister sure did!  She was buying a short sale (but purchase price was already approved), so she offered what was being asked.  The bank then came back and said, oh wait, we want more.  My sister refused to budge on her offer, and they eventually accepted the price she offered.  Then the bank came back and told the seller that he'd have to sign a promissory note (in what amount, I don't know) before they'd sign off.  So she had to wait for him to decide if he'd do that or not.  THEN, the title work came thru and it turns out there were over 10 million dollars in liens on the condo complex and on the unit itself.  So, they had to wait an additional 3-4 months to get all the liens released.  Eventually it all worked out, but it was a LONG and arduous process.

sinnedambition

Just make sure you don't wait too long for him to decide. you have to put a purchase agreement in by April 30th if you want the 8K

ladysunkissed

I'm in the opposite position. I have an offer on my house, but with the inspection looming tomorrow, they've asked for copies of my utilities bills because the buyer is nervous about moving out on her own and having to pay for everything herself. According to my agent, even if the inspection comes back clean, she still has seven days AFTER the inspection to back out. Ugh. I've broken out in hives the last two days stressing about it!!!!

Lisa7310

I completely know how you feel! We bought our house a year ago and it was a short sale. We put the offer in just after Christmas, by New Year's Eve they had accepted our offer. However, in the short sale world, that means nothing. We had to wait for them to send it to the bank for their approval since they would be taking the hit on the house. We had to wait almost 2 months before we found out if they accepted or not. We ended up finding out the owners owed about 100K more than our offer, which was their asking price. The bank didn't want to take the whole hit so they told the sellers to pay 80K and they would cover the other 20K. The sellers didn't go for it. We sat on eggshells for 2 months on this house which was our dream home. We ended up moving on, placed 3 other others and sat on eggshells for each of those. None of them worked out for different reasons, but finally our dream home came back to us and the sellers called back to see if we were still interested. They ended up working out a deal with the bank. It was a rough 5 months, but so worh it in the end! I like to think that if it's meant to be it'll be. I'm so glad that the other houses didn't work out because we ended up with the best house of the 4! Good Luck!