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Oof, now that us extreme, even for this worrywart...
You said that you would kill for a straight answer. In my post prior to the one you responded to, I gave you as straight an answer as possible. Now are you complaining because you didn't like the answer?
BTW, care to tell us how much your earnest money deposit was?
I just bought a house in this hyper-inflated market, offered over the ask, and was asked to remove the appraisal contingency from the contract, which I did. It was not a matter of emotion. We do't let emotion get involved in the buying or selling of real estate - it's a commodity and nothing else. We wanted the house and are prepared to pay additional should the appraisal not come in where we expect.
I fully expect the comps to be at or near my purchase price. If it's off a bit, I'll bite the bullet and pay the difference. Am I concerned about where the appraisal will come in? Sure. However, the appraiser is a local, knows the market well, and has a good relationship with my agent and others in the community. So much so that they have been known to reach out to the agents for additional comps or supporting documentation when the numbers don't quite line up where expected.
Good luck, I'm in a similar boat and will know the outcome in the next few days.
RM
You sound like you did your research and made a sound bid.
We don't know the details, but if OP is coming to an internet board and seeking peace from strangers, it's pretty obvious OP is not in the same boat.
It's obvious you have buyer’s remorse before you even closed on the house.
What does that say to you?
I would say you are wrong, but I doubt you will listen. We did the inspection today, and I love the property; I will be over the moon if it appraises and closes without a hitch..
But yes, I do worry about having to beg, borrow, and steal more than a couple thousand if it falls short, because that chews up all my cash reserves.
It's obvious you let your emotions get in the way.
If you waived the appraisal contingency, you probably also fell for the "bidding war" tactic and way overpaid for the house.
Appraisals are not made on emotions. They are made on facts and the opinion of a real estate professional.
Your "offer" was obviously made on emotions.
I have a strong feeling the two numbers will be far apart.
I would be worried, probably very worried.
Where do you get that from?
Sometimes you have to do what the market demands. Right now, it's a really competitive market and in order to get a sought after home a lot of times you have to take calculated risks. Just because someone is willing to take a risk doesn't make it an emotional decision.
Quote:
Originally Posted by Chas863
"It sure looks like clear sailing all the way. Not a problem in sight. " said the captain of the Titanic just before it hit an iceberg and sunk.
"The sky is falling!! The sky is falling!!"
-Chicken Little
I can throw around quotes too. Doesn't mean either of us are able to predict the future.
Quote:
Originally Posted by tolovefromANFIELD
OP,
It's obvious you have buyer’s remorse before you even closed on the house.
What does that say to you?
How is that obvious? OP seems really excited about buying this house. Like a lot of people, they're nervous about the risk they've taken on by entering into a real estate purchase contract. It's perfectly natural as not everyone can be cool as a cucumber all the time.
I would say you are wrong, but I doubt you will listen. We did the inspection today, and I love the property; I will be over the moon if it appraises and closes without a hitch..
But yes, I do worry about having to beg, borrow, and steal more than a couple thousand if it falls short, because that chews up all my cash reserves.
"We"????? Who is "we"? Did you have a licensed home inspector inspect the house or is "we" you and several friends? BTW, did you waive the right to all inspection/condition issues too?
Just in case you missed it in my last post, would you mind telling us how much earnest money is at stake?
Location: In a city within a state where politicians come to get their PHDs in Corruption
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Quote:
Originally Posted by Divine_Madcat
I would say you are wrong, but I doubt you will listen. We did the inspection today, and I love the property; I will be over the moon if it appraises and closes without a hitch..
But yes, I do worry about having to beg, borrow, and steal more than a couple thousand if it falls short, because that chews up all my cash reserves.
What feelings do you think will arise from you "having to beg, borrow and steal" to cover the gap?
You're in over your head...if this doesn't appraise. Otherwise you wouldn't care.
Location: In a city within a state where politicians come to get their PHDs in Corruption
2,907 posts, read 2,070,068 times
Reputation: 4478
Quote:
Originally Posted by MikePRU
Where do you get that from?
Sometimes you have to do what the market demands. Right now, it's a really competitive market and in order to get a sought after home a lot of times you have to take calculated risks. Just because someone is willing to take a risk doesn't make it an emotional decision.
"The sky is falling!! The sky is falling!!"
-Chicken Little
I can throw around quotes too. Doesn't mean either of us are able to predict the future.
How is that obvious? OP seems really excited about buying this house. Like a lot of people, they're nervous about the risk they've taken on by entering into a real estate purchase contract. It's perfectly natural as not everyone can be cool as a cucumber all the time.
It's a crock of ****, and this market can only survive with a steady flow of greater fools, which this guy is.
Not because i say so, but because he's sweating how to cover the gap. Once the market is dependent on an ever increasing amount of lower quality and lower qualified buyers....well.
It's obvious you let your emotions get in the way.
If you waived the appraisal contingency, you probably also fell for the "bidding war" tactic and way overpaid for the house.
That's not true. We put in an offer that was only a couple thousand over asking. For our offer to be accepted, the seller wanted us to drop the appraisal contingency. There was no bidding war, and considering every other house we've put an offer on went for 20-30k over asking, I don't feel we overpaid. Another house on our street was on the market at the same time as ours and was listed for 10k more. The other house has a similar layout, the only differences were their kitchen has an island instead of a peninsula, and ours has a finished basement. Just to give some context as to why we were comfortable in our choice to go slightly over asking.
Quote:
Originally Posted by MikePRU
How is that obvious? OP seems really excited about buying this house. Like a lot of people, they're nervous about the risk they've taken on by entering into a real estate purchase contract. It's perfectly natural as not everyone can be cool as a cucumber all the time.
Exactly. My husband and I are very happy with our home purchase, but he was nervous about the appraisal. He didn't even want to start packing or look at paint samples until we got the appraisal. The house ended up appraising for the price we offered, and closing happened with issue. But those 3-4 weeks waiting on an appraisal to see if he would have to put down more money than we had initially planned to were stressful.
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