The past week has been filled with much anticipation over the pending appraisal we ordered for the property. My agent has been convinced that the property would appraise lower than the agreed purchase price, and while I've been kinda hoping she's right, I just wanted it to be over with because the angst was killing me.
You may be asking "why the angst?" Well in a nutshell, the current market is being dictated by appraisals - basically, people aren't typically paying a penny over appraisal. (And lenders won't fund loans for a penny over appraisal) So...if the appraisal came in lower than the purchase price, I would need to be ready to walk away if the seller wouldn't come down (or, pay the difference, which I'm not about to do). On the other hand, if it came in at or above the purchase price, I would have to be sure I was okay with it.
Sooo, it ended up coming in over the agreed upon purchase price (Go figure). So the question is, Am I okay with it? Well, I read the appraisal and it seems to be pretty fair. The zinger is the killer view from the backyard! And the good news is that I already have a little equity in the place! LOL
So what's next? We submitted a request for repairs over the weekend, and we're waiting to hear back from the seller on that (who is currently evaluating the expense of the repairs), and I am also waiting to hear back from the lender to see if I get approved for a loan...ah, more angst...and so goes another day in Escrow.
Until next post...I keep telling myself God is in control of this whole thing!
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