Okay, so the appraisal from the bank came back and it as $10,000 LESS than the purchase agreement! Can we say, "Heart fell to the floor!" Yeah....I immediately texted my realtor to let her know the appraisal was on it's way. They purchased the house FOUR years ago for $14,000 more than the purchase agreement. So, that meant that in FOUR years the house dropped about $24,000 in value. Everyone I talked to thought this was ridiculous! All the updates and upgrades they've done----
So, after a very LONG 24 hours - this is what I got:
--Sellers agree to a purchase price for what the appraisal came back at
--sellers will pay $1,000 less than agreed upon towards my closing costs
--sellers will still fix what they previously agreed to fix
--sellers will not bring a cashier's check to the closing table (for me) for additional fixes
My realtor (and I) left a message for the mortgage lending agent. My message was pretty brief. I just said that the purchase price is dropped to the appraisal amount and she could continue to review my paperwork as the new purchase agreement would be in her email tomorrow morning. I'm not sure what my realtor said, but I'm sure it was something similar.
My realtor did say that she talked to the sellers' agent and let him know that as long as the bank approves it, I am in agreement with their offer. She wanted him to know what was going on and that I am all in.
Now, we have to wait for the mortgage lending agent to either call me or my realtor, probably tomorrow.
I don't see there being a problem since the lending agent said that the bank won't finance more than the appraisal and after down payment and closing costs, it will end up being less than the appraisal.
Please send prayers.