Here we go again!!

I can’t believe this crap!!!

Is in even possible to purchase a house for a fair price these days? The last house that we just made an offer on did not appraise! We don’t know what it appraised for yet, but it may be significantly lower than what the seller originally was asking, so we don’t how they’ll react. Part of me just wants to buy it anyway because we like it and we really need a house. But on the other hand, we don’t want to over-pay either. This sucks. The best thing that can happen is that it appraises for just under what the seller was asking so it wont be that bug a deal for them to lower the price and get the deal done. If it appraises much lower, we may have problems because the seller may have been counting on that money for their next house, and need to try to find someone else that’s willing to pay that price for the house. Either way, he’s under a bit more stress than we are since he HAS TO sell this house to purchase his new house. He even scheduled the closing on his new house on the same day we’re closing on the one he’s selling. So, we’ll see what happens. My Realtor is supposed to call me this afternoon with the exact numbers. The appraiser could only tell us that the house didn’t appraise, she didn’t have the paper work on her so she didn’t know the exact price. So that’s that. Now we just have to wait and see what the seller says.

Something else I learned: The seller put a lot of work into the house so that’s why he was asking for the $219,500.00 even though the last sale in that area for the same size house was only 200k. He put in a new Kitchen that supposedly cost him 30k, new roof, new plumbing, new tile throughout the house. Well, apparently this stuff doesn’t add a whole lot of value to a house. Sure it will make it sell faster, but it will not make the property worth much more than a house that didn’t have these things done. It does help a bit, but not $20,000 more. Houses and upgrades done to them depreciate, it’s the land value appreciates.