Home inspection. Check.
Loan Approval. Check.
Appraisal. In progress.
Our realtor relayed the appraiser’s parting comments, “It’s going to be a challenge to find good comps.” Here’s hoping that the appraiser was able to find some good comps out there to support the sales price. The local real estate tracking database reported that home prices in my area have risen 15% since last November. If this is correct, then the house should appraise for more than the agreed upon sales price. We knew we might have to come off the asking price by about $15,000, but perhaps not. We know the final figure we need to come away with at the closing table. It’s up to the realtors to figure out how to make the deal work.
If the appraisal number is correct, then we will be out of this house by July 15th. The new house might actually be ready in time; however, a sticking point has been the wet basement that results after a heavy rain. The house now has all of the flashing, diverters and downspouts in place. Here’s hoping we do get the forecasted heavy thunderstorm this weekend. If the basement is dry, then we’re good to go. I’m not buying a house with a wet basement every time it rains. I don’t care if I have to live in an apartment for six months while we find another house.