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Please help me get my sanity back...


Please help me get my sanity back...

OK, well offer was accepted 2 months ago and due to several delays in appraisal and inspection it doesn't look like I'm going to be closing anytime soon.

Appraisal came in $900 under offer price (we were all suprised, thought it was appraise atleast $5k over)

Seller wanted it reappraised but since it was within 5% of contract price the appraiser stood firm

Seller verbally agreed to drop the $900 but nothing in writing until it went through review team at bank & USDA

USDA wanted ~$1000 worth of fixes done

Got an estimate that was right at that and agreed to pay half of that

Seller called the contractor last minute and told them not to do the work

Seller contacted appraisor again and wanted it appraised higher after the work was completed (I'm guessing so he could back out of dropping the price by $900)

Appraisor told him that it wasn't anything big enough to change the appraisal

So now I'm stuck in limbo because the seller is still being stubborn over the appraisal.

I put in a final verbal offer of paying the $900 difference for the appraisal but he has to pay the ~$1000 for the fixes and we have to close by the 29th

Wish me luck...supposed to close and rate lock ends March 26th but just called and got a free 3-day extension on the rate lock from the bank, after that is cost 1/8th point for 5-day extension.


Part of me wants to say forget it but this house is damn near perfect for me (location, size, garage, full basement)

Starting Score: 672 EQ (02-15-11) ; 700 EQ Lender (01-11-12)
Current Score: 735 EX ; 734 TU ; 738 EQ
Goal Score: 760
Message 1 of 7
New Contributor

Re: Please help me get my sanity back...

I understand your frustration, we went through a lower apprisal with our house and the seller wanted to dispute.  We told them, they could dispute, but we wanted to know what they were willing to do if the apprisal stayed the same because we werent going to waste and extra time.  What me and my wife had to realize when we were putting pressure on the seller is that their are alot of other houses out there.  Yes you like this one, but if its a bad deal, its a bad deal.  Dont get into a house above what its worth or make concessions just to get the house.  You have to draw that line in the sand with your seller and say "Either you want to sell or you dont, I am ready, willing and able"


If he still balks or gives you trouble, he isnt that motivated to sell and its the first or most likely more problems to start.

Message 2 of 7
Frequent Contributor

Re: Please help me get my sanity back...

Take a deep breath and repeat after me, "there are many houses out there and new ones on the market everyday. If this falls through the next may be even better"


My husband has been trying to buy a home for 2 years now. The first time we were only a few days from closing when he lost his job. It was intentional sabotage and he was rehired after his manager was fired for other sabotage, but it was too late to save the deal. We thought we were in love with that house and it was very disappointing. A year later he finally had enough time spent at a new job to put in another offer, this time it was a short sale. We signed on it in June, it wasn't approved until December, but then the seller only gave us a few weeks to get our financing together. We thought that wouldn't be a problem, but, turns out our mortgage company lost our paperwork. Seller wouldn't extend the contract. Worst part of the deal is that we thought he was a nice old man, so when he asked for our appraisal and inspection, well, we let him have copies of them. Turns out a friend of his got to buy the house using our appraisal and inspection that we paid for. I'm still working on reporting him for fraud as his bank required that it be an 'arm's length transaction'. House was back under contract not even an hour after it was listed back on the market. We were very angry and disappointed as the house was perfect for us, even better than the last house.We lost another $1000 in inspections and appraisals too.


We are under contract again, this time with a different lender, and on a house that's even better than the last two. We're smarter this time, wrote up the contract so that if the seller backs out they have to pay our appraisal fees and inspection back to us. If we actually close this one, we will be so happy we didn't get either of the other two we tried for.


This is a buyers market, not a sellers market. Go out looking again and check out what's on the market. If you find something better with a more motivated/reasonable seller, kick this one to the curb. If you don't find anything you like more, wait it out a bit. Appraisers generally are not appraising above anymore.




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Starting Score: 615 EQ (03-15-2012) 600 TU (03-21-2012 Barclays app) ) Ch.7 discharged 5/2009

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Message 3 of 7
Established Contributor

Re: Please help me get my sanity back...

Thank you for sharing. You lesrn something new everydaySmiley Surprised

Starting Score: 722
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Message 4 of 7
Regular Contributor

Re: Please help me get my sanity back...

I know how ya feel. I recently had to walk away from a house because it appraised for almost 20k less than what I was going to purchase it for. I made offer of 137K on house listed for 142K. Sellers didn't really want to accept offer but house had been on market for close to a year and I was the only person who had put in an offer, so they reluctantly accepted my offer. All was well until appraisal. House appraised at 109K. Sellers agent didn't agree with the comps the appraiser used so new comps were submitted but appraiser refused to change appraisal (and honestly I think his appraisal was more realistic than the sellers asking price and more realistic than my offer). The sellers absolutely refused to lower price and my lender wasn't going to give me a loan for a house that appraised 20K lower than purchase price so I had no choice but to walk away. However, the next day, by some freak turn of events I found a house that's PERFECT for me and its 15K cheaper Smiley Happy So I put and offer in and waiting to hear if its been accepted. Its been a long road for me. Been house hunting since last summer. Put offers in on 3 houses, paid for 3 home inspections and an appraisal. I have wasted so much time and money that I'm starting to think I'm not meant to be a homeowner. Which sucks because now I have my credit and finances in order but just casnt find a house. So I'm hoping this latest house I put offer on will go through without any problems and in a few weeks I can post my "I CLOSED" thread Smiley Happy Best wishes to ya!!!!
Message 5 of 7

Re: Please help me get my sanity back...

Well, still haven't closed.  Smiley Mad  Came to an agreement and the work got done but now the bank & usda keep screwing things up.   After monday I have to pay a 3rd 1/8th point extension fee.  I told the loan officer I am not paying another extension because of their screw ups and I WILL walk away.   Problem is I really don't want to loose the earnest money, appraisal/app fee, inspection, etc which is almost $2000.

Another thing is the contractor was to be paid for his work at closing which he agreed to but we are now 10 days past closing date and he is getting mad and wants his money.   Will he have any legal action against me for that $1000?

*deep breaths and counts to 10*

Starting Score: 672 EQ (02-15-11) ; 700 EQ Lender (01-11-12)
Current Score: 735 EX ; 734 TU ; 738 EQ
Goal Score: 760
Message 6 of 7
Established Member

Re: Please help me get my sanity back...

I wish you every luck in the world!  I know the frustration of being in limbo over low appraisal prices  - we lost two seperate houses to that very thing.  Yours is not so bad though our apprails came back 30k and 25k under asking price!!

Starting Low Score April 2011:572
Current Low Score - 661 April 2012
Goal Score: 700's


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Message 7 of 7