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I stand corrected on that point. You did post last at 9:21 yesterday evening, but it just seemed longer to me. My apology.
And thanks for answering the EMD question.
It's all good, and I get it, there are plenty of trolls out there.
Like I said, if this transaction goes as we hope, I'll be over the moon. This can be a long term home for my family, and its affordable (monthly). But yeah.. I have vegas style nerves rolling some dice in a game where I have no control... lots of people do.
As for my acceptance in terms of loss.... I imagine it would need to be over 10k. Obviously it wouldn't be less than 6, and I have reserves to cover more. It's more of just seeing where it winds up. I really do need to focus on not stressing things out of my control; and just take it as it comes.
It's all good, and I get it, there are plenty of trolls out there.
Like I said, if this transaction goes as we hope, I'll be over the moon. This can be a long term home for my family, and its affordable (monthly). But yeah.. I have vegas style nerves rolling some dice in a game where I have no control... lots of people do.
As for my acceptance in terms of loss.... I imagine it would need to be over 10k. Obviously it wouldn't be less than 6, and I have reserves to cover more. It's more of just seeing where it winds up. I really do need to focus on not stressing things out of my control; and just take it as it comes.
I stand corrected on that point. You did post last at 9:21 yesterday evening, but it just seemed longer to me. My apology.
And thanks for answering the EMD question.
Does that mean that you're now going to answer the EMD question that I posed to you (twice)?
Are you still standing by your previous statement that she should walk away from the house if there is ANY gap between the appraisal and the sales price? IOW, if the appraisal comes in $3k-$5k lower, would you really recommend that she forfeit her $5,800 EMD instead?
Quote:
Originally Posted by Chas863
No need to kill anyone. I'll give you a straight answer/opinion. YES, you should walk away if there is ANY gap between the appraisal and what your contract amount is. I believe that you have been caught up in the buying frenzy and this has interfered with your ability to see the big picture. It's better to experience the temporary disappointment of not getting a house today than it is to experience the long term regret/remorse of paying way too much for a house and having to live with that situation for the next 10+ years.
Does that mean that you're now going to answer the EMD question that I posed to you (twice)?
Are you still standing by your previous statement that she should walk away from the house if there is ANY gap between the appraisal and the sales price? IOW, if the appraisal comes in $3k-$5k lower, would you really recommend that she forfeit her $5,800 EMD instead?
Yes, I think it would be wise to walk away in that case, but based on what she has said, I seriously doubt that she will do it. Based on my limited looking online at properties in that area, I believe that she has agreed to overpay for the house.
The best example of that is the house across the street that sold just 6 months ago for $89,000 LESS after being on the market for 8 months! Further, that house is about 20% to 25% larger than the house she has under contract. So, she is paying 45% higher price for a house that's 20% to 25% smaller. As I recall, both houses were built in 1959 and the other one may have a larger lot (not certain about the lot part). Both looked about equal in updating as far as I could tell.
There was more to the pos, but it got cut off..
Anyway, aside from being 7 months old, there has to be significant issues with that neighboring home... for one, it took 5 months to close, after sitting for 4 months. As it was, it still sold below what others were seeking for at the time. Beyond that, while slightly more living space, my purchase had move overall space with the covered porch, garage, and utilities room.
As it is, having looked at just over 70 homes in this whole process, I have seen a wide range of homes here. Going in, I never felt like I was overpaying.. this is the going rate for buyers wanting a home this size, especially in no flood zone this close to the beach. It really feels like a long term home, which is important.
But sure, I will sweat when I make a bet decided on the whim of someone else. I already hold a low opinion of appraisers and the voodoo they do; so you bet I worry when their decision can cost me thousands..
Last edited by Divine_Madcat; 06-29-2021 at 01:38 PM..
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.
A serious question: are you absolutely positive you are in the best financial position to own a home? Are you prepared to deal with expensive emergency repairs?
.
Anyway, aside from being 7 months old, there has to be significant issues with that neighboring home... for one, it took 5 months to close, after sitting for 4 months. As it was, it still sold below what others were asking
Are DOM or how long it took to close considered by the appraiser - will he/she actually decrease an appraisal for those issues?
Are DOM or how long it took to close considered by the appraiser - will he/she actually decrease an appraisal for those issues?
As a layman... yes. The house went pending a year ago; that's a huge time in this market, and bares absolutely no resemblance to price or availability now.
To a person making the decision.. I have no idea. I would like to think it did, but I really don't know how the voodoo works. With some luck, they won't even look at it at all, and the worry about it is moot.
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
Quick correction, he, not she...
There was more to the pos, but it got cut off..
Anyway, aside from being 7 months old, there has to be significant issues with that neighboring home... for one, it took 5 months to close, after sitting for 4 months. As it was, it still sold below what others were seeking for at the time. Beyond that, while slightly more living space, my purchase had move overall space with the covered porch, garage, and utilities room.
As it is, having looked at just over 70 homes in this whole process, I have seen a wide range of homes here. Going in, I never felt like I was overpaying.. this is the going rate for buyers wanting a home this size, especially in no flood zone this close to the beach. It really feels like a long term home, which is important.
But sure, I will sweat when I make a bet decided on the whim of someone else. I already hold a low opinion of appraisers and the voodoo they do; so you bet I worry when their decision can cost me thousands..
So the only reason why a decision can cost you thousands is because the appraiser won't appraise at contract price? Not, that maybe, you overpaid?
Therefore, you're ok with overpaying as long as it appraises and you can roll it into the loan?
Do you think maybe you're not prioritizing right things here? Shouldn't you care if you overpaid whether or not it appraises? It's going to cost you the same. The only thing different would be cash out of pocket.
Are you still standing by your previous statement that she should walk away from the house if there is ANY gap between the appraisal and the sales price? IOW, if the appraisal comes in $3k-$5k lower, would you really recommend that she forfeit her $5,800 EMD instead?
Quote:
Originally Posted by Chas863
Yes, I think it would be wise to walk away in that case, but based on what she has said, I seriously doubt that she will do it. Based on my limited looking online at properties in that area, I believe that she has agreed to overpay for the house.
From a financial standpoint, that makes absolutely no sense whatsoever.
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