We still don't have the official new appraisal price, but our lender said the unofficial price was going to be at least $226,000. A few more comps were being considered today and then the UW had to sign off on it.
Of course, my fiance' was skeptical and thinks that someone went in a back room somewhere and just played with numbers to make sure they don't lose our business. I told him that it didn't work that way and that from what I have read it isn't easy getting an appraisal price adjusted.
After talking to our real estate agent, what seems to have happened is the appraiser didn't really use good comps. While the houses he used had similar sq footage and were on the same street as the one we are purchasing, that's about where the similarities end. They weren't comparable as far as number of bedrooms, lack of formal areas, lot sizes, age of appliances, lack of formal areas, etc. Our house wasn't given proper credit for the differences. The neighborhood we are purchasing is in is 20+ years old and so are most of the homes. While we are buying a house that has new appliances, a new roof, and other upgrades, some of the homes in the neighborhood don't and that seems to be the comps the appraiser used.
But of course, we are still in wait and see mode. We have to get the official appraisal price and then see if the sellers are willing to go down to it.
Cross your fingers for me!
