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In my case, I had the option to dispute the appraisal if it came in lower than expected. You should talk with the lender or a real estate attorney to see if that's something you can look into.
Luckily for me, my appraisal was at the right price.
Long story short version form-I have 3bedroom 1and 1/2 bath brick ranch style home for sale. I live in not the best neighborhood and not the worst one either. It has been on the market since Jan. of 2012. After a long agonizing year in 2012 with no buyers, I finally got an offer in February 2013. Inspector came out and yes there were a few minor repairs I had to make. So found a contractor and had those minor issues fixed. Inspector came back out and I passed with flying colors. We were set to close on April 30th. The day after I passed my realtor got my appraisal for my home. It came in lower than what I expected. Lower than the offer that she put on my house. Longn story short - she decided to walk. Im so despondent right now, because I want to relocate to another city. I mean its just the right time. Im out of debt....I have little cushion for savings. The only thing holding me back is this house....and it just seems like I can't unload it.!!!!!! Sorry but had to vent. Thank you City Data for being my sounding board.!!
Why didn't you come down to appraised value to be done with it?
Why didn't you come down to appraised value to be done with it?
I paid 94,000 for it in 2002. Been in the house 11 years.- Originally listed the house last year for $85,000. Then in January of this year, I dropped the price to $79,900. My loan amount that I owe on the house is $64,000. My appraisal came in at $65,000. I would walk away with absolutely nothing. Definitely not trying to be greedy, but I would like to recoup maybe $2,000 or $3,000 ( money that i used to make the necessary repairs to the home.
Status:
"I didn't do it, nobody saw me"
(set 2 days ago)
Location: Ocala, FL
6,486 posts, read 10,363,068 times
Reputation: 7940
westcoastbabe,
Don't forget that most home improvements do not actually increase the value, only the appeal of your home to prospective buyers. It is near impossible to recoup the costs of an improvement.
I paid 94,000 for it in 2002. Been in the house 11 years.- Originally listed the house last year for $85,000. Then in January of this year, I dropped the price to $79,900. My loan amount that I owe on the house is $64,000. My appraisal came in at $65,000. I would walk away with absolutely nothing. Definitely not trying to be greedy, but I would like to recoup maybe $2,000 or $3,000 ( money that i used to make the necessary repairs to the home.
What's more important to you? $3K or spending another year in place you don't want to be? From this thread, it's obviously the money but you seem really disappointed about it.
How are you going to pay the mortgage, title policy, taxes up to date, and 6% to realtors?
You might consider a FSBO sale attempt, noting that you will not pay a buyer's agent, provide prior inspections and appraisals to potential buyers, put as much lipstick as you can on that place, and get out.
Money is nothing compared to time. In the time it took to read this you could have been taking drastic action to GTFO and start living again.
Bottom line: You wanna live your life?? Leave it. Lock it up. Move and go rent on a long term lease. You will be able to purchase again, FHA, 2 years after the date of the foreclosure. Use your credit to obtain whatever accounts/car you need in the next 60 days. You really want to pull the trigger on your life instead of the title of this thread, pull the trigger on that.
** And I really don't want to hear it about this post. I've spoken to probably a dozen homeowners since 2006 who have told me very specifically how they wanted to kill themselves, but suicide nullified their life insurance policies, and there would be no net gain for the families they left behind. This is real life.
I paid 94,000 for it in 2002. Been in the house 11 years.- Originally listed the house last year for $85,000. Then in January of this year, I dropped the price to $79,900. My loan amount that I owe on the house is $64,000. My appraisal came in at $65,000. I would walk away with absolutely nothing. Definitely not trying to be greedy, but I would like to recoup maybe $2,000 or $3,000 ( money that i used to make the necessary repairs to the home.
Deferred maintenance doesn't equate with increased home value. Do you have cash to be able to bring to the table to get your home sold? Have you run a net sheet because it might mean you can't really sell your home?
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