Thursday, January 12, 2012

House appraises for less than we owe, what should we do?

This is crazy we have had our house up for sale for almost 1 year. We finally get a really serious buyer. Let me back up ... we paid 90k for the property 5 years ago back then it appraised at 97k .... and that was before we did all of the fix ups to it that we did, remodeled bathrooms, new flooring, new roof etc..... which cost over 10k. Now I get a call from the buyers lender stating that the appraisal came through at 88k .... we still owe 87k AND the buyer needs help with down payment and closing costs .. so we would only net 80,500 which is CRAZY to me!! The house has only been improved since we bought it. I have another couple interested in it that would not need downpayment istance but that does need closing costs help ... so it will still put us in a negative situation. I am baffled? what do we do? will another appraiser say the same thing? ... Just to add on ... on top of that they want us to do around 500 worth of fixes to it for FHA!! ahhhhh!!!!

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