trouble
... i got the news yesterday from my mortgage lender that the HIL "did not appraise".
What does this mean, you may ask? It means that the real estate appraisal that the bank had done (in order to validate the market value of the HIL) came back stating the that HIL is actually worth about $35k less that what I've agreed to buy it for.
Why does the bank care, you may ask? Well, the bank is loaning me money based on the house as my security - so it wants to know how much the house will fetch if it ever has to be sold in a foreclosure situation. This is a reasonable thing, if you are a bank. So the bank, whilst not pulling my mortgage off the table, is less, shall we say, enthusiastic about the whole thing than it was pre-appraisal.
Why do I care, you may ask? A couple of reasons: (1) it might complicate my mortgage approval process... not good; (2) it means that, if i had to sell the HIL right away for some reason, I might lose money; and (3) it means I probably need to go back to the sellers and ask for a reduction in the price on the HIL.
Ugghh. I dread this.
Talked to Carmen, my realtor, for a long time today, and we finally decided to ask for some reduction in the price, but not the full amount of the $35k. This is in an effort to make a gesture of goodwill, so they don't think I'm just trying to shake them down, which I am not.
They could just say no, and insist on the current price. Worse yet, they could just tell me to go pound sand, and sell the house to another buyer.
Did I mention I dread this?
3 comments:
That really stinks... I hope things will work out for you.
That is just awful. I hope they take the offer and everything gets worked out.
I hope they come down a little for you. I know how sucky that is, to have the carrot dangling in front of you only to be pulled away
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