Most know we are trying to buy a house. The sale has been hung up on the appraisal, which was ordered in early February but not delivered until today, two full weeks past date it was promised…
Here’s the shocker. The appraisal came in low. REAL low. Try 20% below the sales price…which the seller thought was low as it is and we thought was fair.
I don’t know if the sale is going to close. We’ve offered to pay (significantly) above the appraisal but the seller may want keep his house at this price. It’s totally up to him.
However, we are so committed to moving, we really have to move at this point. So if the seller does not accept our offer, we’re going to hurtle ahead and rent a house. I will start putting in rental applications tomorrow.
I was told (by my agent here) that no one on the planet would offer so much above an appraisal. It’s generous. I don’t know what to say about that. What can be said about that?
What happened in your life today?
My favorite thing in all this is the ‘fair deal’. I’ve been thinking alot about that. Probably due to the north node in libra. Common sense fair play seems to be lacking in the quest for more more more more. And I know some will never be happy and continue to cry it’s not fair anytime they don’t get what they think they want or don’t feel like they have the upper hand.
Years ago I bought an old chevy malibu for 200 bucks. Drove it a couple of years and then it dropped. I advertised it for 200 bucks. Two people showed up. One wanted the harnesses to convert his computerized car so he could work on it and the other one wanted the doors. It was a beautiful transaction. Everyone was happy with it. I told the project manager I was working with at the time about the deal. And he said that it is the best deal when it works out for everyone. But if a person does not know what is a fair deal and is just seeking as much as they can get, it just doesn’t work.
I’m so glad the house deal is going to work out for you after all. Just as you really want the house, I’m sure the seller really wants to be rid of the house. Someone like that is willing to negotiate.
Hi Elsa, sounds like progress!
Last year, I sold a home I had inherited but could never afford. I lived there 6 years and loved it dearly. I sold it to a registered nurse who was a single mom like me. She got a great deal and I moved into a single wide rented trailer. I put a bunch of stuff in storage and donated the appliances. I was going thru Saturn square Saturn, Saturn is in my 8th house and it was moving thru my 4th. I really do not care for my rental, and I am dying to buy a little place of my own for the first time in my life and I am 51. Uranus is about to conjunct my 10th house Jupiter, Jupiter is conjunct my 2nd house Sun currently and will conjunct Uranus in August. To top it all off, Saturn is transiting square Uranus till November!
I just applied for a mortgage for the 3rd time. I found a government program that I was prequalified for and now I am hoping for the answer I have always dreamed of. I work from home and a place of my own would really help my business. I feel so awkward in this rental and am on pins and needles waiting for a response. I am certain with these transits something positive should happen.
Interesting, Uranus rules my 8th house and occupies 2nd. Jupiter rules my 6th and occupies my 10th. Saturn occupies my 8th house and co rules it in Aquarius. Mars is conjunct my IC natal and rules my 10th. What a transit rollercoaster it will be!
Good luck, Sherry. 🙂
Oh Elsa, I do hope it all comes together for you tomorrow! I admire your guts and endurance so much. I’m sitting here doing nothing more to the money-pit for months, just trying to figure out where to go if I take the low offer I’ve had (losing 30K to dump it) — buying with Neptune transiting my 2nd was such a mistake, should’ve left well enough alone, I just had no idea at the time. So now I’m scared to buy anything else, choose a destination, even my banking got all screwed up, really need to just crawl under the bed and stay there!
The appraisal report was not accepted by underwriting. The errors are minor (pic of a bathroom labeled as a bedroom and the like). However, what happens now depends on the efficiency of the appraiser and the appraisal company. This is what got us into trouble in the first place, so I just don’t know.
Funny how the appraisal company has elevated to the top of the heap in the mortgage process. You are a motivated buyer and have a motivated seller. The situation would be different if there were other buyers lined up. I think the seller recognizes that ya’ll represent his best chance to get this property sold. You have more options to chose from than he has. So while it does slow things down (Capricorn efficiency is cringing here), it’s just the process. All I’s dotted, all T’s crossed before proceeding. It is frustrating to try to plan, but in the long run this will be a small speed bump. The important thing is for each party to get their paperwork in order . . . and it is a paperwork thing, nothing else. It’s moving. And so are you 🙂
Murderously difficult. Total bureaucracy. I wish I’d have gone with Bob and Tom’s mortgage…and said so.
We keep coming up with solutions… (like my husband giving my power of attorney so we can close and he can go back to work)…they keep standing in the way.
Come up with another solution – same thing.
now, out of the blue sky, they want the seller to make a repair?
::sighs::
Banks suck! Could you agree to pay cash for the house after yours sells and closes (if there’s enough)? Or try another mortgage company? Perhaps this “repair” is just some stupid step the bureaucrat must take to justify it to the company? Such absurdities are not unheard of…
Hang in there!!!