I can put my house up for sale at a reasonable price.
Another couple can qualify for a loan and want to purchase my house at said price.
So, we want to sell, they want to buy, and they qualify for enough money. Sounds like the perfect situation, right? Where everyone has made their choices and feels comfortable.
Then, it comes down to one person. The appraiser. He needs to be involved because the buyers are first-time homebuyers and are using a government loan...for which they've already pre approved.
This guy comes in, grossly undervalues the house, ignores the $60K of improvements that have been put in, and pulls the rug out from all of us because the government won't allow the buyers to purchase the house for more than the appraiser says its worth.
One guy.
Three families shit out of luck.
Three families being told they can't do something even though they have made the choice from their own free will. Even though the buyers won't get a house this nice anywhere else in our area and they know it. Even though we need the money from this house to move up in our next house. Even though we all want to move forward in this deal, we can't because of one guy.
Where is the free will in that?
Land of the free? I'm not feeling it.
I never talk politics, but I'm ready to join the Ron Paul camp and go for less government. This is shit.
Apparently my breakdown the other day wasn't without merit. My gut told me something was up and my gut is usually right.
This sucks.
4th of July will kind of suck this year as I'm bitter about all of the shit that went down yesterday.
There are good points if this all falls through. We can enjoy our vacations without being too worried about money. We have another year to sock money away for our eventual down payment. We have more time to adjust our budgets for a larger mortgage. we have a very nice house. We are healthy. Our kids are healthy.
But, we also have another year of living on a busy street hoping the Crazies won't get run over by some idiot doubling the speed limit. We have another year of cramming guests in our living room hoping the pull out couch doesn't collapse. We have another year of jamming all of our shit in this house.
Things could be worse, but I'm still pissed off. Oh, and please don't throw this "everything happens for a reason" shit at me. I know that in my brain, but my heart is totally bummed that this one guy took away our opportunity.
Ummm...Please Don't Steal My Craziness...Okay? Thanks!
People I Love...follow along if you're so inclined!
13 comments:
Boooo! Maybe they can qualify elsewhere and with a new appraiser things will go through??
Hoping for the best!
Yep, all the appraiser goes by is square footage and number of rooms. It doesn't matter if the house next to you is made of cardboard. As long as it matches the above criteria, it will be appraised at the same rate.
You're comment about big government is right on. All-encompassing government control is NOT what is best for its citizens. Just wait until the IPAB starts making medical choices.
That sucks! When we were buying our house I was so worried about something like this happening. We got lucky, the house appraised for $1,000 more than the purchase price. A measly $1,000! The previous owners didn't update anything, so that wasn't added into the price of our house. If they had updated, I don't think our loan would have worked. I totally agree, it sucks that some stupid guy has all that power. I'm sorry it all fell through. That just plain sucks.
In some states you have the right to appeal the appraisal, even with the FHA loans. But FHA buyers SUCK. There are so many regulations on what an FHA buyer can, and cannot, buy. The appraisal issue is honestly the least of it. Hope things work out in the next year and your dreams come true eventually (although, they really have, haven't they?) Love your blog!
We were the couple with the FHA pre-approval 4 years ago. The house appraised fine but because we had children, The railing to the basement, that wa set at the right height for our children's use had to be raised by 3 inches, the porch that we were planning to lower so that we could actually see the back yard through the patio door had to have a railing put on it, and the garage had to be sided. We appealed and won on a couple of things, but I still had to spend $500 on a house that they wouldn't guaranty we would get in the end. We ended up in the house, but I had to fight for it.
I'm so, so sorry, Rebecca.
Ugh, that sucks! I know you're just sick about it.
That sucks:( I'm sorry. Can you fight it???
boo. time to break out the box of wine. this sucks.
any way you can get a second apprasial? there have been a few people who have done that in my area....
so sorry.
That TOTALLY sucks!
Appraisals are beyond nerve-wracking and I just don't understand why when you lowered the price the buyers wouldn't take it even more willingly.
:-( Dislike. very, very much. :-(
The thought of selling and moving absolutely terrifies me. Both of our parents have lived in the same homes since we were toddlers so other than the usual moving during college and buying our current home, neither of us have gone through much relocation. This makes me want to stay here until I they have to carry me out.
Oh, appraisers. The stories I could tell. I hate them. All of them. Even if I don't know them. So there.
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