Thursday, May 31, 2012

The Home Buying Saga Continues...

We had hoped to be moving into our new house tomorrow but like everything else associated with our quest to buy a house in Las Vegas, we hit another snag.  Everything was fine until yesterday when we were supposed to receive the appraisal then quickly sign the loan documents and possibly move in by tomorrow.  Instead the appraisal came in lower than what we had offered so we had to sign another paper asking the bank to lower the price of our offer (and thus the price of the house) to the amount of the appraisal.  I guess this is kind of common and banks are pretty likely to do this but it is just so stressful!  On the bright side, we will get the house for a lower price and our payments will be less!  So now we continue to wait and while we are at it, we are slowly moving everything out of our storage unit which will save us $75 (since our monthly storage rental term is up on Monday and they won't pro-rate the amount if we move in a week or so we just decided to store everything in our bedroom and sleep on the couch).  Now our condo looks like the storage unit but hopefully things will work out soon...emphasis on soon!

5 comments:

  1. Is the appraisal price significantly lower? I mean, do you think the bank will really cooperate? Gosh, I'm on the edge of my seat here!

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  2. Keeping my fingers crossed for you!

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  3. I feel you on the frustration with snags... we were in a huge drawn out deal trying to get our mortgage secured only to finally be defeated when the company demanded documents from us that don't exist. Now we're having to change lenders at the last moment and the sellers are ready to close. We've been trying for 2 months to get this done... ugh. House-buying is for sure one of the most stressful things I've ever been through! Hopefully you get your deal closed soon!

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  4. I feel your pain. This part about appraisal lower than loan is something that does not happen in Canada or happens months before possession date. I am living in what looks like a Texas Chainsaw massacre as well but really is just the fact my Stepson moved in and we move out in 2 days :) Here is hoping you successfully close on your new home soon!

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