Wapsi Square Forum

The appraisal finally came today and the appraiser severely botched the report. In the comps he included some houses that were not comparable at all with the result of majorly undervaluing the house I am getting. The sale price we had agreed upon was $143K with seller covering most of the closing costs which is typical in this high demand area. My realtor speculated the appraisal would be at $140K or as low as $135K. Instead, it came back at $123K. This means the final approved mortgage loan amount would be too low to pay the price and I would probably lose the house.

The seller agreed to drop the price $123K. And still fix roof, too.

Even my realtor was in shock they went for it. They won't be covering any closing costs anymore but I can't complain about the end result. To say today has been a roller coaster would be an understatement.

shadowinthelight wrote:The appraisal finally came today and the appraiser severely botched the report. In the comps he included some houses that were not comparable at all with the result of majorly undervaluing the house I am getting. The sale price we had agreed upon was $143K with seller covering most of the closing costs which is typical in this high demand area. My realtor speculated the appraisal would be at $140K or as low as $135K. Instead, it came back at $123K. This means the final approved mortgage loan amount would be too low to pay the price and I would probably lose the house.

The seller agreed to drop the price $123K. And still fix roof, too.

Even my realtor was in shock they went for it. They won't be covering any closing costs anymore but I can't complain about the end result. To say today has been a roller coaster would be an understatement.

Congrats!!!Ain't nuthin' like owning dirt! The land it sits on is the REAL treasure!

Of course, getting a house dirt cheap is always nice.

YAY!!! So glad this worked out for you!!

Wow... congratulations! I understand that ice cream goes well with emotional whiplash!

I imagine that the lower assessment and sale price is going to give you a bit of benefit when it comes to the real estate taxes, too?

Dave wrote:Wow... congratulations! I understand that ice cream goes well with emotional whiplash!

I imagine that the lower assessment and sale price is going to give you a bit of benefit when it comes to the real estate taxes, too?

That depends on county assessor and private have similar valuations, or on the varied tax regulations per state.

County assssor, who never goes inside, inspects aesthetic appearance of it and the neighbouring properties, along with census information and such, and takes average mean valuations of said neighbouring properties.

Example. My old property was privately assessed at $100,000. Three bed one bath 2.5 car attached garage ranch, sided and roofed storage shed separate from main property. County assessed it for $250,000, as many of the adjoining properties were more expensive bilevels, or had addons like porches and decks. My value was raised, despite needing work. Census also incorrectly changed how many were living in the house, so county assessed it as a rental.

Yearly tax: $2,100
Almost a full year to adjust it correctly, and they gave it back it's homestead status...at 3x property cap...instead of the 1.5x for the "rental" assessment. Reassessed tax:$1,800 Net savings: $300.

Fresh vanilla ice cream(I need a new crank ice cream maker) and old-fashioned rootbeer, frozen frosty mugs, waffle cones and bowls fresh from the press(I also really need to replace my pizelle press, as I miss making my own sugar cones and bowls). And a flagon of buttershots for the growed ups to use as desired.