House sale hinges on appraisal
We got an offer after 13 months on the market, and we accepted it after some negotiation. We passed the home inspection with flying colors, so now we're just waiting on the appraisal. The problem is the only houses that have sold in our immediate neighborhood in the past year were 3 foreclosures and one ranch that sold extremely low (must have been a desperate situation). Both set of realtors are worried the appraisal will come back lower than what we've agreed to sell for (and we really can't go any lower than that as we're already PAYING money to sell the house). Our realtor sent the appraiser comps for neighborhoods just outside ours--some of which sold for more than ours, but we're just very nervous that this one thing could hold up the sale of the house. And if it does, it's not likely we'll ever get it sold in this market because we'd run into this issue every time! Any thoughts or suggestions?