The Life of Liz

How wonderful it is that nobody need wait a single moment before starting to improve the world. ~Anne Frank

Friday, April 18, 2008

Chapter 8: A Serious Wrinkle

I got a bit of news that is potentially bad, but also potentially good. The appraisal came back about $15,000 less than the selling price. I'm still a bit fuzzy on how the whole thing works, but I do know that the mortgage company will not lend me more than the market value of the house. So in order to keep the current deal, I'd have to put up 15k of my own cash (which I obviously do not have...!) and I'd also immediately lose 15,000 in equity. Clearly, this is not the way to go.

So the deal is now in the hands of the seller. He can either decide that he will have problems selling the house for his asking price no matter who he sells to and sell it to me for the appraised price. OR he can decide that he isn't willing to take that amount and just keep the house.

What does this all mean for me? Basically one of two things will happen. One, the seller won't lower the price, the deal falls through, i get my earnest money back, and start the house hunting process all over again. Or two, he lowers the price and I get the house I love for way cheaper!

I'm pretty much rooting for option two.

1 comments:

Ellie April 21, 2008 at 3:34:00 PM MDT  

Hey... sooo??? What happened?? I just found your site.. now I'll be a reader. I'm so excited about your *maybe* new house!! Where is it? Did you say that somewhere and I just missed it??
Let us know what happens... I'm looking forward to chapter 9: Sold or a better price!!

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A brand new mom trying to navigate the crazy world of mixed families, babies, and working full time. Phew! Just writing that makes me want to lie down.

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