Mortgage Loans

[Hudson2278]

Yup that about sums it up! We had to put in our very best offer because the home had 2 offers already on it. Well that meant 2k over asking and now we will go through appraisal next week and are so scared ebing that the comps in the area are not looking good

[Honeylove]

Good luck!! We came in pretty close when we closed, with the condo worth 5k more than what we were buying it for.

[seemund]

Good Luck!! You're not the only one...

I'm scared my short sale price won't be accepted ($50K less than "city's appraisal" price for the property) and also scared Appraisal will call out on the "questionable" garage's roof...

[StartingOver10]

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Hudson2278 wrote:

Yup that about sums it up! We had to put in our very best offer because the home had 2 offers already on it. Well that meant 2k over asking and now we will go through appraisal next week and are so scared ebing that the comps in the area are not looking good

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Do you mean the comps are less than the contract price? If so, you can have that work in your favor. If the appraisal comes in low, then your agent would go back to the sellers and have them reduce the price to the appraised value. Most sellers will agree (not all). Once the seller agrees you sign an addendum reducing the sales price to the appraised value and submit it to your lender so they can rework the loan.

[Kay_Cee]

So, my appraisal came in yesterday - "light" in my LO's terms.  The townhouse was listed at $145K.  I offered full price with the washer and dryer included and a 4.5% credit from the seller's at close.  The appraisal came in yesterday at $138,500, which coincidentally is equal to $145K minus the 4.5% credit.  We'll see if the seller's lower the price.  One of the seller's actully handles foreclosures for HSBC Bank, so I'm very curiois to see what their response is.