Hi, I finally found a great home and my offer was accepted. I saw a brand new home on MLS last Friday,
called the buyer's agent and saw the property. I am preapproved for a USDA Direct for $ 135,900. and
my offer was $ 129k with seller paying closing costs. The home is unusual, it is only 2 bedrooms and 1
bath, only 1144 square feet and no garage. It is lake front property and absolutely beautiful. The seller
is single like me, has lived there for 20 yrs. and has taken impeccable care of it. The interior is high end,
hardwood floors and large crown moulding.....etc.
I realized the home was pricey for it's size, but it is so difficult in this current market in my area to not be
out bid by everyone else. Homes are selling so fast, many more buyers than sellers. In this case, I was
the only buyer bidding on this small home. I utilized the sellers agent and she had me sign a contract to
represent me buying. I did this because I have used 2 previous realtors who were less than helpful.
Anyway, the agent and I are nervous about the appraisal. I have been reading online and it looks like
appraisers must see the interior now with the new Dodd-Frank guidelines, so hopefully that will be a plus.
There are not alot of smaller 2 bed 1 bath lakefront properties to compare for appraisal. Of course, we all
know if the home does not appraise well the USDA will not approve the purchase and I have no other mort-
gage options available to use. I have no idea what the seller will say if appraisal does not go as planned.
My realtor discussed this possibility with me and stated she must remain neutral and allow the seller to
decide for herself what she will accept or not.
Does anyone have any advice or information for me? The suspense is killing me....... I really love this home!
