With the end of the month approaching, I'm sure some of you are wondering where we stand with the house. Well, lets just say that this experience may have scared Ryan and I from ever wanting to buy a house again.
Last I wrote, I mentioned that the buyers realtor had dropped the ball and that the buyer would remediate the problem immediately. Well that is true. The buyer went to the bank and started the paperwork procress, but a huge hurdle came with the appraisal. Before the appraiser even went to the house to see it, he called Steve (our realtor) and expressed concern about the contract price. Steve reassured him that our house had been remodeled and sent him several properties to compare. Well days and days passed with no news. Steve tried to call the appraiser but he would not talk to us since we were not the buyer. Steve finally got ahold of someone at the bank who said that the loan process was put on hold since the buyer was waiting on us but would not elaborate. Again days passed before Steve got the buyer's realtor to get back with us on details. This realtor din't have a clue what was going on. When we finally got an actual copy of the appraisal there were tons of errors in it. Steve didn't understand it, we didn't understand it, and the title company didn't understand it. We all had huge concerns and we begging the bank to reconsider, but since it appeared that he buyer didn't care (becuase the buyer's agent didn't request this) they kept ignoring us.
With all this drama and with the fear that the house might appraise at this significantly low value again even if we found another buyer, we started considering what we would do come July 30th when this contract was up. Wednesday though we fianlly heard from the bank manager who agreed that the appraisal should be reviewed. Mid-day Friday we got a call from Steve with news from the bank. Our appraised value would be raised to our contract price! Our realtor was stunned. He said that he has never even heard of this happening more or less actually seen it happen. He is a strong man of God but even he was blown away by this miracle just as we were. Now we have to extend the contact by a few days so that they can finish the paperwork but that's better than the alternative. We will keep you updated though this next week when we know for sure.
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