topic Re: When you have to start over at the 11th hour in Mortgage Loans

When you have to start over at the 11th hour

wife2froggy — Thu, 03 Jun 2021 03:20:33 GMT

So in short, the house didn't appraise. Not even close. Seller is emotionally invested and told us to take a hike when we asked for a price reduction.

So now we start looking again.

Would like to use the same mortgage company, but are they going to make me jump through every hoop again or will they transfer what they know? We were minutes from closing, so to speak.

Re: When you have to start over at the 11th hour

babygirl1256 — Thu, 03 Jun 2021 03:31:08 GMT

Greetings wife2froggy ~ Gosh, so sorry this happened to you all . . . Hopefully you won't lose your earnest money. I think I read where the appraisal wasn't completed . . . Hope that it wasn't. I'm wishing you success this second time around!!!

Re: When you have to start over at the 11th hour

wife2froggy — Thu, 03 Jun 2021 03:37:54 GMT

We'll get the earnest money back. We'll be out about $1500 in paid fees but I just can't eat an almost $20k deficit on the appraisal.

@babygirl1256 wrote:
Greetings wife2froggy ~ Gosh, so sorry this happened to you all . . . Hopefully you won't lose your earnest money. I think I read where the appraisal wasn't completed . . . Hope that it wasn't. I'm wishing you success this second time around!!!

Re: When you have to start over at the 11th hour

Pony4her — Thu, 03 Jun 2021 12:32:50 GMT

I am so sorry this happened. I wouldn't think you would have to go through many hoops again considering you cleared the path credit wise etc for this home, if you can locate one that checks all boxes before the credit report expires, there shouldn't be a lot of leg work for the LO/UW; just leg work for the other parts of the puzzle. Did you not want to offer more above the asking price?

Re: When you have to start over at the 11th hour

wife2froggy — Thu, 03 Jun 2021 12:56:11 GMT

We offered some above appraisal, plus a lot of other concessions to help the seller. I was willing to finance the aaking price. I'm not willing to pay $20k above appraisal because her realtor didn't price it correctly.

We countered with some cash and an offer to stay free in the house for 30 days and we'd cover utilities. That saves her the hotel, storage fees and movers costs. It's not $20 but the total value is certainly more than half the deficit.

Re: When you have to start over at the 11th hour

Pony4her — Thu, 03 Jun 2021 15:46:14 GMT

@wife2froggy wrote:
We offered some above appraisal, plus a lot of other concessions to help the seller. I was willing to finance the aaking price. I'm not willing to pay $20k above appraisal because her realtor didn't price it correctly.

We countered with some cash and an offer to stay free in the house for 30 days and we'd cover utilities. That saves her the hotel, storage fees and movers costs. It's not $20 but the total value is certainly more than half the deficit.

I agree. Heres hoping that you locate another home you love soon.

Re: When you have to start over at the 11th hour

wife2froggy — Thu, 03 Jun 2021 16:19:51 GMT

Surprise twist!! The seller conceded the difference and we're closing Wednesday!! WOW!

Re: When you have to start over at the 11th hour

babygirl1256 — Thu, 03 Jun 2021 18:16:52 GMT

Awesome . . . glad it worked out for you!!!

Re: When you have to start over at the 11th hour

Pony4her — Thu, 03 Jun 2021 18:53:57 GMT

Omg, I am so happy for you. Congratulations.