Buying a house

[CrazyCawi]

So after about 9 months of house searching
3 months of negotiating and financing, appraisals, and inspections....
Closing date pushed back 3 times
Home buyer FHA classes taken

The appraisal comes back $12,000 less then the purchase price....

House is $142,000
Recent one just like it sold for $139,900 which needed carpet, paint and appliances

This has $5,000 worth of new appliances and in absolute mint condition

our rate was locked in at 3.625% for 30 yr....
Everything between appraisal and inspections paid out of pocket....
$500 in earnest money

All gone....Im speechless....torn....exhausted. I needed to vent, I'm gettin a lil water in the eyes from the wife being really upset to just how much time and money investest and we dont get anything out of it. The seller said they will wait for a cash buyer or conventional buyer before they give up $12,000 they feel they can get.

 

[Chevyfazer]

Congrats!!!! Now is the time to buy, but why didn't you do a search for buying a house thread lol

 

[JSP]

Damn... That sucks man. Sorry to hear. Its a pain in the ass experience that is for sure. Seems this is going to be a common thing with the market in the tank like it is. No one wants to sell for what their house is TRULY worth right now. Banks wont loan more than its worth, thats one of the reasons we ended up in this mess. I had to do a short sale on our house in VA to get over here. Got the home equity written off for $25k and the main was a $14k loss. They are still trying to come after me for the $14k deficiency. They are blocked from reporting on our credit from some other bullshit they tried to pull on us so I have the one up on that. Until I get a court order, they can kiss my ass.

 

[CrazyCawi]

Congrats!!!! Now is the time to buy, but why didn't you do a search for buying a house thread lol

If you searched my thread youd see we are NOT getting the house as the appraisal came back short


well off to go smoke a cigarette...if stress doesnt kill me this will lol.

 

[CrazyCawi]

Damn... That sucks man. Sorry to hear. Its a pain in the ass experience that is for sure. Seems this is going to be a common thing with the market in the tank like it is. No one wants to sell for what their house is TRULY worth right now. Banks wont loan more than its worth, thats one of the reasons we ended up in this mess.

the thing is a house in this community 4 houses down that is identicle appraised for $9,900 more in way worse condition. ours was flawless....

 

[JSP]

Congrats!!!! Now is the time to buy, but why didn't you do a search for buying a house thread lol

I think he means he DIDNT get the house and lost the money doing appraisal/inspection etc on it.

 

[JSP]

the thing is a house in this community 4 houses down that is identicle appraised for $9,900 more in way worse condition. ours was flawless....

Yeah that is bullshit. If they have proven price like that, they should appraise yours easily for what they want. Can you get another appraisal done by someone else? Or appeal the appraisal that was given? No other money down to get the purchase price lower?

 

[Rookasaki]

This might be a blessing in disguise, as hard as that may seem. Hell man, I was looking to buy but when you factor in Property tax, house insurance, maintenance etc... It's just cheaper and smarter to rent, period! Owning a home isn't as good as it use to be. At least your not locked into that loan and you don't owe that money! One way to look at it. I'm sorry brother.

 

[Rookasaki]

the thing is a house in this community 4 houses down that is identicle appraised for $9,900 more in way worse condition. ours was flawless....

Well there you go with people appraising houses... Isn't that a major reason why the housing market took a crap in the first place... Appraiser's appraising homes way to high and banks giving out loans to people they knew weren't really qualified for? Hell, maybe I have this all wrong... We love ya Dawg!

 

[CrazyCawi]

Yeah that is bullshit. If they have proven price like that, they should appraise yours easily for what they want. Can you get another appraisal done by someone else? Or appeal the appraisal that was given? No other money down to get the purchase price lower?

fha financing....cant redo an appraisal for 6 months
We had an okay from the lender 25 days ago
we put in our notice at the place we rent
idk if they will let us stay or not anymore
we can appeal but that takes 30 days just for the appeal to be finalized then 2 more weeks for the inspection process and quality control

 

[CrazyCawi]

Well there you go with people appraising houses... Isn't that a major reason why the housing market took a crap in the first place... Appraiser's appraising homes way to high and banks giving out loans to people they knew weren't really qualified for? Hell, maybe I have this all wrong... We love ya Dawg!

we can more then afford it...with gas savings alone we almost break even.

 

[Rookasaki]

we can more then afford it...with gas savings alone we almost break even.

Please know I wasn't thinking u couldn't brother... just putting my 2 cents in about the housing market.

 

[Chevyfazer]

Well never mind then, that sucks I was skimming through it while on the shitter lol. Lesson learned don't poop'n'post...

 

[Rookasaki]

Well never mind then, that sucks I was skimming through it while on the shitter lol. Lesson learned don't poop'n'post...

OMG! Haha LOL

 

[Mr Citrus]

You can buy a large trailer and put it on my land

 

[MNGreg]

Sorry to hear this Josh.. The while waiting for appraisal was more nerve racking than waiting for credit approval or seller acceptance of out offer.

I know what you say about the waiting but I would ask your agent to help file an appeal with the lender showing why this home is worth more counting for that prior sale.
That being said, I am surprised your agent if your agent didnt try to negotiate this. Conventional won't help another buyer either, they would still have to come up with the difference from the appraised amounts. Its a big gamble for the seller to wait. Higher share of property taxes as year goes by and possible further decline having to lower price more.

Again sorry to hear this and hope whatever you do works out.

With Edina rlty We were told earnest money refunded if spatial and financing falls through, though or agent wrote that into the offer contract.

Sent from my SCH-I500 using Tapatalk

 

[Nastybutler]

Oh man. That's a kick in the balls, Josh. I hope something even better comes along soon for you.

 

[See red]

You might want to find out who appraised the others and when, it will make a difference. I just had a neighbor pay 185 for the same townhouse as mie and I got mine in better condition for 109. I just kinda laughed, he was so stubborn that he HAD to get it. Move on and be patient, negotiate better, and get the owner to pay half the costs to get your appraisal, and inspection.


A lot of times people think they have an object worth more than you should be willing to pay. Go, get a better one. If you are willing to paint and do some work you can get much more house for the dollar.

 

[CrazyCawi]

they were paying 5% closing
and $3500 worth of new appliances
We are filling an appeal tomorow he missed some things on the appraisal apparently

only has 4% listen on closing
appraised with no appliances in the home when he came
and possibly pulled wrong tax info on the home because he had the wrong address listed...

We will see.