Appraisal was super low
We have a contract on our home for 190k. Our appraisal came back last week at 135k. Yes. 135k. Everyone is flabbergasted. The buyers still want the house but do not have that much cash. They said they can go up to 145k, but I'm afraid we would have to bring too much to the table to close.
Our realtor said the buyer's realtor sent some really crappy comps to the lender and appraiser for them to amend the appraisal. They said no. Our agent also submitted comps (things that actually sold for 135k in our area-which are literally half of our property). Our agent was told her comps and report were submitted, but it turns out they lied. They only submitted the buyer's comps. Our agent is filing a complaint with the lender and appraiser for lying.
I know it doesn't matter what our appraisal was when we bought it (2007), but our area has not dropped with the recession. It appraised for 176k when we bought it, and we refinanced in 2010 but did not have an appraisal.
I'm leaving out a lot, but I don't know what would be helpful. Believe me I have been reading this forum which has been a lot of help, and I have been telling DH to look at this from a business perspective so we can figure out how long it will take us to recoup vs holding onto the house. Plus we will be moving seven hours away tomorrow I may add.
My agent has been calling everyone who will listen and ask for advice. I understand this appraisal will stay with us for 6 months. We are also in a manufactured home which Wells Fargo (our current lender) is the only lender for this anymore.
Am I making sense? Has that nervous breakdown finally hit? Am I crazy for even considering the financial hit and selling REALLY low? I'm afraid to post too much because I don't know if our buyers our around. Any advice would be appreciated, and I can send you some chocolate chip cookies for your trouble.