(Closed) Appraisal came in low – We could lose the house

posted 7 years ago in Home
Post # 17
3680 posts
Sugar bee
  • Wedding: August 2013

I’ll also add that I owned a small condo for the last five years — the most recent property value came in at 96k and I just sold it for 113k. We had competing offers coming in the day it went on the market, so it’s really not that uncommon in this housing market.

Post # 18
10361 posts
Sugar Beekeeper
  • Wedding: September 2010

We did not start trying to rent our place out until after all the contingincies had been lifted. We figured a month of rent was worth the peace of mind of not having to immediately find a new place to live if the deal went sour. Is there any way you could do that? Or have they already signed a lease with a new tenant?

Post # 21
9480 posts
Buzzing Beekeeper
  • Wedding: October 2013

@ColoradoGirl:  your tax bill will be less since you pay on the appraised value instead of the market value.

i bought my house for $7k more than the appraisal, but I paid $70k less than the sellers paid for it 5 years before.

Post # 23
11267 posts
Sugar Beekeeper
  • Wedding: April 2012

View original reply
@ColoradoGirl:  good luck.  hopefully the sellers will drop the price for you.  be prepared for them not to though.  they sound a bit greedy on the price and may wait for a buyer needing less of a mortgage.  keep us updated.

it’s not uncommon for homes to sell for more than appraised for.  the bank just won’t offer a mortgage for more than the appraisal.

i sold my house for more than the appraised value.  in fact i got more than $100,000 more than my next door neighbour did just 6 months earlier.  in fairness, the homes were not similar styles at all. 

Post # 25
3460 posts
Sugar bee
  • Wedding: May 2012

Have you told your roommate about your situation yet?  Talk to her. 

Post # 27
186 posts
Blushing bee
  • Wedding: July 2013

Just wanted to send some good will as a fellow FoCo bride 🙂 the housing market is brutal here – good luck!

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