When we first began this journey of buying a house, we were warned that there could be some bumps in the road. So far, everything for us has been relatively straight forward and simple. We did have the little bump that could have kept us from closing until mid-April, but the Lord showed us much favor and that is no longer an obstacle.
We are looking to close by next Friday; however there is one more hurdle that needs to be overcome – the appraisal. In any other case, I assume the appraisal would be fairly simple, however when moving to the country finding comparable properties that have sold within the last 6 months is VERY difficult – in fact for us it is non-existent!
Yep, that’s right. There are absolutely NO local properties that have sold in the last 6 months that are comparable to the property we are trying to purchase. This makes for a very frustrated appraiser. The seller’s agent has been working very hard to find properties in near-by towns that might be comparable, but even that is proving to be a headache.
The good news is that the seller has agreed to make all of the repairs we request other than the dishwasher. I am perfectly fine with that because I have two hands. For those who are huge into “getting back to the basics” and “keeping it simple” – I can’t think of a better basic thing than hand washing my own dishes! I highly doubt we will waste money on replacing the dishwasher. Eventually I will have at least three dishwashers in the house – their names are Sofia, Charlotte and Eleanor. :)
The seller has also decided to completely replace the mechanical sewer system under the house. Apparently it is old and outdated. This will save us a lot of money in the end, and we are very grateful!
Back to the appraisal dilemma…..
The VA has 10 days to submit the appraisal and that 10 day mark is tomorrow! He will have to figure out a way to appraise the house with or without COMPS. This could be good and bad.
Let me explain.
If the house appraises at less than what we’ve already agreed to pay then the seller can either lower his price to the appraisal price or we have to come up with the difference in cash. At this point, I think it is safe to say we don’t have “cash” to make up any difference and thus we would have to walk away from the house if the seller refuses to bring his price down.
What makes this situation even more peculiar is that the seller has never occupied the house. He purchased it years ago for one of his employees to live in while doing a job for him. Once that job was done the employee vacated the house and the seller put it on the market. He has yet to sell the property since 2009. From what we understand he did have the house appraised when he purchased it, so we are waiting for him to find those documents so that the VA appraiser can get an idea of how it was conducted then.
Obviously, the old appraisal means nothing and cannot be used to appraise the house now, but it would give the VA appraiser an idea of “how” it was conducted in regards to COMPS used. Where they within the 5 mile radius of the house? Or were they expanded to other near-by cities?
Here we are. Another hurdle before us and we are continuing to trust the Lord it will all work out in our favor and for His glory. Either way we pray His will be done and we are still thankful for those who have been praying for us through this process. Hopefully all will just work out and we will close on the house next week sometime.
Of course, no matter what I will keep everyone updated!
Soli Deo Gloria!
Serving God and My Family,
Crystal <><