(Closed) Daily Mortgage Drama

posted 8 years ago in Home
Post # 3
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

I’m so sorry for your problems.  I think that appraisals are so subjective.  It’s possible that it went down because there have been comparable homes selling for less recently.  I really hope you can figure something out.

Post # 4
Member
4123 posts
Honey bee
  • Wedding: October 2010

What kind of loan is this? Is it conventional or FHA? Is this with a bank?

We had a lot of huge mortgage headaches as well and trust me, I feel for you! 

Post # 6
Member
15 posts
Newbee
  • Wedding: July 2010

We actually had the same issue happen!  We did the private appraisal, which matched the sale price, then had the bank’s appraisal turn up $17,000 less.  I feel your pain; it was one of the biggest hassles that I’ve ever been through!  In good news, our seller dropped the price, so I’m going to cross my fingers that the same thing happens to you.

Post # 7
Member
5977 posts
Bee Keeper

I’m so sorry you’re going through this! I unfortunately don’t have any good advice to give you…just wanted to send some good vibes your way. Hopefully the seller will come up with something to help you out!

Post # 8
Member
4123 posts
Honey bee
  • Wedding: October 2010

any updates?

Post # 9
Member
648 posts
Busy bee
  • Wedding: September 2010

I am so sorry to hear that you’re going thru this.  I purchased my house on my own last year.  I have terrible credit as a result of my divorce and such.  But, I was pre-approved for an FHA loan also.  I really think that as an FHA loan they make you jump thru way more hoops than conventional loans.  I’ve bought two houses in the past with conventional loans, and never dealt with as much as the FHA process. 

Hang in there & good luck to you!

Post # 10
Member
4123 posts
Honey bee
  • Wedding: October 2010

soon2bS – I wish that was true, but we just did a conventional loan and it was the biggest, PITA ever! 

Post # 12
Member
3041 posts
Sugar bee
  • Wedding: May 2010

I’m sorry Boston :(. Since it sounds like the sellers are ready to move, I would assume they’d be ok with the extension. You should ask your LO to put a rush on whatever it is they’re doing.

I’m having a hard time getting the appraisal company to actually just go appraise the house. Nothing we can do but just wait. Try not to focus on it too much.

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