When the appraiser wants to build you a 'House of Cards' Follow up to the story
Well, it seems that calmer heads have prevailed. The borrower/buyer listened to all of the advice they had been given and decided to ditch this deal. Not really sure if they were still countering offers after the appraisal issue, so I hope they get their earnest monies back.
The emotions of buying a 'house' is a lot to handle.... especially when you are in the middle of a job transfer and the trailing spouse hasn't found her job yet. Add to that the fact that this great house with all of the upgrades isn't appraising well because of the incentives being offered by the builder who just rolled into town. And you are paying fair market value for a home in a buyer's market.
I am glad the borrower made the decision that they did. Maybe they can take a few days to calm down get over the stress of this deal and start a fresh home search. The only thing I feel bad about is that rates have trickled up a little and they will be paying about 1/8th% - 1/4th% more in interest rates on the new loan. But, emotions aside, well worth it to get a better deal on the purchase!!
Tom Burris
DallasLoanGuy.com
Dallas, TX
Tom... I do hope they find a better deal or what they truly want. Some of these builder homes have so much in there to cover their incentives, that it could be hard to appraise these homes. And rates trickling? Wow, what about yesterday. So, just in 3 weeks to a month, almost a half of a percent.
There is always a lot of emotion from the home sellers/buyers!
Sometimes I feel like a big part of my job is to play relationship counseler as well!
:-)