We have had a few bumps with the appraisal for the home. The original asking price for the house was 127,500. After negotiating a few times back and forth, we agreed upon 123,000. The first appraisal came back at 111,000 which is not good at all. At 111,000 we would not have been approved for our loan and we would have lost the house. Since it was so low, the homeowners paid for a second appraisal and that one came back at 112,500. We were pretty sad about the second appraisal because we thought we had lost the house. I'm sure the homeowners were a thousand times more devastated than we were. Because the two appraisals came back about the same, we can not finance more than the 112,500 for the house and that is bad for both sides. So we waited to hear from our realtor about the next steps. Then the sellers decided to come down to the 112,500. Now the paperwork is being processed and we should be closing sometime next week. On one hand I am so excited about buying our first home, but I am also sad for the sellers because they are not getting the price we had originally agreed upon and that is going to be hard for them. I know that is just a risk you take when buying and selling homes, but it is still stinky for them.
I am happy that we are getting such a phenomenal deal on the house and that everything has worked out in such a good way for us. So, if all the paperwork goes right then we will be moving in to our first house next weekend!