Things with the house have been moving so quick it feels like. We met with the mortgage rep on March 3rd to figure out what the next steps would be and from what we got its kind of a waiting game at this point. But we got some not so fun but exciting news. The appraisal came back listing the house at $100,000; which happens to be $7,000 cheaper then what they were looking to sell it for. So, being that Wells Fargo won’t lend us more then the house is worth we had to make an amendment to the contract.
We submitted that on Wednesday of last week and were told that we should be getting our final say by tomorrow. At that point if the asset manager of the house agrees then the house is one step closer to being OURS. But sad news it that if they come back and say that the are not wiling to take the loss of $7,000 then at that point we can either A) come up with the extra $7,000 OR we are going to have to walk away from it. Meaning we would have lost $275 + $500 = almost $800.00. Which would really really STINK. So we are hoping at this point for the best.
One thing going in our favor is that because we are doing a FHA loan and the house got appraised then that means if the bank wants to keep it @ $107,000 and we walk – then the next buyers that come in will have to use our appraisal unless it’s an investor.
FINGERS CROSSED!
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