approved for loan by underwriter....

Asked by lookingforahome19711, Dover, DE Thu Feb 28, 2013

we just got approved for a loan by the underwriter and they said that the home must be appraised at the loan amount 270k. im very nervous about this because the homes in the area are smaller than ours but have only sold for between 230-260k. i realllllllllllly want this home i feel its the home for us and to be honest im just tired of looking, putting in offers, offers being declined and starting alll over again. We have put in 5 or 6 offers on homes and they keep getting snatched up from us by just a few days or whatever. this is the first home they accepted our offer and we have been able to move forward. we have done the home inspection, and wdi inspection which all came back good.

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Jacqueline R…, Agent, Bear, DE
Fri Mar 1, 2013
I'm wondering why you put in an offer for $270k when your home is smaller and the highest home (which is bigger than the one you want) sold for $260k. I hear your frustration, I know you want the house, but at the same time you don't want to buy a home that doesn't appraise for the loan you are applying for; you don't want to buy and home and right away be upside down in it. If the appraisal comes back lower and the seller doesn't come down, it's in your best interest to keep looking. Good luck!
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yea........ i guess because the home was just what we were looking for we decided to take the offer price because we didnt want it to not go through. kind of dumb on our part,, and our realtor said i wouldnt offer anything more than asking price. this is our first time doing this and previously we would say if the home was 250k we would put a offer in for 240 based on comparables but each time it kept getting turned down(most times seller didnt like our offer and we werent even asking for closing costs btw). now we are hoping it does appraise for that price because this home is one of the more nicer homes n the area. it is the biggest in the neighborhood not including the basement and it has been recently upgraded (new appliances, painting, cabinets and floor in kitchen in last 3 years).

if this does appraise a little lower than asking price what are the steps that can be done??
Flag Fri Mar 1, 2013
Wayne Bartr…, Agent, Wilmington, DE
Thu Feb 28, 2013
I understand your concern and I am going to guess that you and your agent did a thorough review of the comps for the property that you made the offer on before bidding the offer. At this point the appraisal will either justify the value equals or exceeds your bid or it does not. In the event it does not confirm your estimation of value at least it will inform you of that situation and you can make a decision accordingly. Either you can void the contract at that time or you can mortgage based on the appraised value and provide your own funds to make up the difference or you can try to negotiate a solution with the seller. I hope this helps you contemplate your options and I wish you luck with the appraisal and I hope that your estimate of value is confirmed.
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