Just got a call from our loan officer informing me that the appraisal is in and it's lower then our purchase price. We purchased the house for $355,000 and the appraisal came in at $325,000 that's a $30,000 difference. So now we go back to the seller and inform them of this and see what they say. They can drop their price to this amount (ideal), they could counter with a number, or reject it and stand at their current price. Our realtor is calling their realtor tonight so we might not hear back until tomorrow sometime.. I'll keep you posted.
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Tuesday, June 9, 2009
Appraisal is in...
Just got a call from our loan officer informing me that the appraisal is in and it's lower then our purchase price. We purchased the house for $355,000 and the appraisal came in at $325,000 that's a $30,000 difference. So now we go back to the seller and inform them of this and see what they say. They can drop their price to this amount (ideal), they could counter with a number, or reject it and stand at their current price. Our realtor is calling their realtor tonight so we might not hear back until tomorrow sometime.. I'll keep you posted.
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