Friday, July 25, 2008
What To Do, What To Do?????
Well, the appraisal review with Huntington Bank was a JOKE!! Too long of a story to post here. Short of the long, if we want to continue with purchasing this home we will work with a different lender, have to pay for another appraisal ($400) which will be the 3rd one and then there is still no guarantee that it will be anywhere near our contract price. If we go ahead and pay for this and it works out, great, we get to move in. But if it doesn't come in we are 2 more weeks down the road and still don't have a place to live. To complicate matters more the home that I feel in love with, brand new, 4600 square feet, beautiful lot on a smaller lake, but not the most desirable part of town for resale value, was just reduced by $51,000 from the last time I looked at it in May. If we bought this home we would be getting it for around $100 a square foot. It is a beautiful parade of homes winner that you couldn't build for maybe $165 a square foot. Our bishop and his wife are "the" builders in town. They went to look at it last night with us and both said "you need to buy this home." I don't know what to do. Wade doesn't know what to do. I know I want the new home, but I love the master bath and the pool/deck on the other home. We could put a pool in at the new home in a few years and it does have a community pool just down the road. The only draw back I can find is the poor seller of the home we were trying to buy. He has been so generous to us (we are living in his condo for free, which he offered to us until we get into a home) and is the nicest guy. If this falls through it will be the 3rd time it has happened to him in the past 2 years. His home is so well built and maintained it's a no brainer, but we just don't know with the market dropping as much as it is, if he would reduce his price any more. Suggestions anyone?
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3 comments:
you're going to struggle getting a loan based on your appraisals. The lending market has constricted so much you will be lucky to get anything. If you can get into the other home and it's $50k less then you should go for it. Why over pay for a home in the current market, you could end up in negative equity if it continues which isn't what you want.
We definitely won't pay more for a home than it appraises for. The guy with the home we have a contract on isn't budging on his price. He says if the appraisal comes in low he would carry a 2nd for us, but we won't do that. We are looking at a few more homes today and then will make up our minds.
Dad thinks you should get the lower priced house that the bishop approved of. Thank the man for his generosity by paying him for rent but tell him you can not pay more than it is appraised for. That's just the way things go. Sorry about the salsa trick - boys will be boys but!!! Tell that Kade he made me a promise!!. We love you all. MOM and DAD
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