So upset right now!!!

iVillage Member
Registered: 08-23-2005
So upset right now!!!
14
Thu, 04-06-2006 - 3:55pm

I got a call from our loan offeri last night and their appraiser had said that our property is not worth what we paid for it.

lvhunnie2005

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iVillage Member
Registered: 01-25-2006
Thu, 04-06-2006 - 4:42pm

{{{hunnie}}} I'm so sorry to hear this but I think you might be better off knowing this and having a way out of this deal now. Buying overvalued property could be a huge disaster financially. Hang in there. You will find something wonderful AND appropriately priced.

Peg

iVillage Member
Registered: 01-06-2005
Thu, 04-06-2006 - 4:48pm

Hugs!!!!!!!!!!!!!!!


 

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iVillage Member
Registered: 10-10-2003
Thu, 04-06-2006 - 5:03pm

Luvhunnie--So sorry to hear that. But I promise you.. you will find another house that you love. You might have to be patient.. but you will find a house that you love just as much, if not more than this one.

If it didn't appraise.. then you won't be getting a good investment anyway. That realtor is not going his/her job though.. that house won't sell to ANYONE if it doesn't appraise unless the buyer is willing to put cash on the deficet. And I don't know anyone who is willing to be "upside down" right off the bat!

Trust me..it's better this way. You may feel bad now.. but at least you have all the hard work done.. you are probably already approved for a loan.. so get out there and start shopping again!!!

GOOD LUCK!I firmly believe everything happens for a reason. Maybe you will find a house that you love EVEN MORE.. and then you will realize why this one fell through....

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Thu, 04-06-2006 - 6:11pm
Okay - hold up.

All my best,
Danni

iVillage Member
Registered: 12-05-2004
Fri, 04-07-2006 - 9:23am

I completely agree Danni. When I was trying to get my PMI cancelled in May 2005, I had an appraiser come out who appraised my home at 190K...which was just enough to get my PMI cancelled. Then, in September 2005, when I wanted to refinance my house (adding a second mortgage balance into it to form one single loan), my house instantly appraised, by the same exact appraiser(!) at 215K. LOL! My house jumped 25K in value in four months? And by just the right amount to have my refi go through? ;-)

I would get a few more appraisals done, just to be sure. :-D

Pat :-D

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Fri, 04-07-2006 - 9:46am

OK, this should be funny!

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Fri, 04-07-2006 - 12:29pm
Becky - check out www.zillow.com - see what that site puts your house at.

All my best,
Danni

iVillage Member
Registered: 08-23-2005
Fri, 04-07-2006 - 12:32pm

Normally, I would agree with you Danni but the loan officer is a really good friend of mine and she had a couple of different appraisers look at the house.

lvhunnie2005

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Fri, 04-07-2006 - 12:44pm

Cool - it came in at $317,432.


We *used* to be the biggest house until our neighbors behind us basically add a HUGE section.


I'm trying to figure out what house is the $321,000 one on the map

iVillage Member
Registered: 05-19-2004
Fri, 04-07-2006 - 1:50pm

Hugs to you, remember everything happens for a reason as hard as that is to swallow now. :)

It's funny when I read all of the posts wanting their appraisals to be high and I'm praying when our house is finished~ they appraise it low so our property taxes won't be ridiculous! Becky(or anyone else), if you don't mind, on your 4 bedroom home appraised at app. $317K, how bad are your property taxes? Our newly built home costs $135K and is going to be between $4500-$6000 year in taxes and I'm flipping!

Nicki

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