second low appraisal!! /vent

posted 3 years ago in Home
Post # 3
5162 posts
Bee Keeper
  • Wedding: April 2013

You’re probably smart to walk away.  Bummer though 🙁 

Post # 4
5518 posts
Bee Keeper
  • Wedding: November 2012

Oh that is sad to hear. But you’re probably making the best decision. 

Post # 6
11626 posts
Sugar Beekeeper
  • Wedding: November 1999

I’d walk away if she won’t come down to the appraisal price. 

Granted, my appraisal is supposed to be next week and I don’t know if I could walk away at this point.  Good luck!

Post # 7
1505 posts
Bumble bee
  • Wedding: June 2012

@MrsTVLover:  I would walk away too. Regardless if the realtor takes less commission, you are still likely overpaying.  Will the bank even give you a mortgage over the appraisal?

Post # 8
738 posts
Busy bee
  • Wedding: August 2009

Has your realtor run comps?  We ran into several houses that were overpriced when we were shopping.  Our realtor reviewed the comps with us to help us determine a fair price to offer (and help avoid paying too much!).

Post # 9
3948 posts
Honey bee

It’s too bad that your seller wont lower the price a bit more. If you are getting two low appraisals chances are they wont be able to sell it to anyone at their current price point.

Post # 10
759 posts
Busy bee
  • Wedding: October 2011

As hard as it is, I think you are probably making the right decision.  That’s not just a small disparity, and it has come from 2 appraisals.  So sorry you’re going through this!

Post # 12
1734 posts
Bumble bee
  • Wedding: March 1998

I don’t know how much you’re already paying, but I disagree with the idea that you may be “overpaying” for your house. Our appraisal came in low…part of the problem is that the housing market is still recovering and my area was particularly hard-hit.

In the last year, the market has exploded and competition has forced prices up (so, you have to overbid to even have a chance). However, our appraisal included sale prices of similar houses within the last 2 years…which also featured houses that sold for significantly less.

Our house came in at $14,000 under our offer. We will be paying that, plus another $4 – $5k in closing costs. It’s not ideal, but we killed ourselves looking for a place…not anytime soon do I want to go to house after house after house and bid another 6 – 7 times, getting the door slammed in our faces each time, before we get something.

It really depends on where you are financially. Is it clearing out the bank? Do you intend to settle here long term? How much longer do you want to be looking? How competitive is your market? Do you intend to sell down the road, or live there for good?


Post # 13
1654 posts
Bumble bee
  • Wedding: January 2012

@CookieCreamCakes:  I second these questions…

There is a lot to take into account, that said don’t be house poor… is this house mode in ready or are there this that need to be done? That alone will make a difference, if the house has room to grow and increase the value some more you can probably make up for the low appraisal, especially in a competitive market… if not, is probably best to walk away.

Post # 14
3476 posts
Sugar bee
  • Wedding: May 2012

@CookieCreamCakes:  Agreed

Also, it really depends how much the house is to know if $9K (or rather $7.5K at this point) is a lot or not.  Houses we looked at in our area, that’d be 1-2% which isn’t much.  Our area is going up rapidly, so walking away could cost a lot more in terms of higher interest or higher house price or lesser house.

Post # 15
1416 posts
Bumble bee
  • Wedding: November 2013

@MrsTVLover:  we walked away from the first house we loved and we dont regret it a bit because we found something WAY better. Who knows the same may happen to you. 

Leave a comment

Sent weekly. You may unsubscribe at any time.

Find Amazing Vendors