We thought things were going so well...
My husband and I are in our 40's and are purchasing a new home. We found the house, we got an accepted offer (after some countering, naturally) and a settlement date.
Well today we found out the condo was appraised at $10,000 below what we are going to be paying and the mortgage company won't cover the loan.
Is this something that somehow the realtor should or could have foreseen. I was less than impressed with her thus far and someone has told me that she messed up.
We're of course stressing because we gave notice on our apartment (luckily 2 months notice instead of 1 like we could have) and are worried that the sellers won't come down.
Another question....the house has been on the market for about 11 months. The sellers are an older couple. What do you think the chances are that they won't come down to the appraisal price? I would think it would be in their best interest to do this as it could come up with the next potential buyer as well.
Thanks for your input. We're learning as we go.