Okay so we sold our house in the Austin area for a pretty penny, but we are still not totally loaded zillionaires. We are moving to Colorado, near Denver. After being 2nd place on a few offers with some contingencies removed and offering a bit of hard money and going way above asking, our realtor told us we needed to just go for broke if we want to get a house. She and my lender BOTH agreed that while they couldn’t guarantee anything, they haven’t seen many appraisals more than 10-15k off base in over 18 months and only one or two that were up to 25 below. We felt very comfortable spending 10-15 and can push to about 20 and still offer a 20% down payment (which we need to do for a payment to work for us).
So we offered our max on a house that was built in 2010, fully finished basement, everything updated including roof and hvac, the whole 9 yards. Offer was for 600k with appraisal waiver, 5k hard earnest money and we rushed the appraisal just to be safe, since we are in our due diligence period.
Appraisal came in at 558k. I’ve been getting “sold for 602k” updates from Redfin on all the houses we saved on our house hunting journey and it just sucks. We can’t compete without spending that much, offering waivers, etc. and yet the appraiser is using comps from 12 months ago and dismissing comps that our realtor sent to him.
I realize that’s the market we are in, but I wanted to just sort of vent a little bit about it.
Who knows, maybe the seller will try to salvage the sale by meeting us halfway at what we expected a full appraisal waiver to cover. Or I’ll be house hunting again by the weekend. Either way, I hope we can get to the place we are meant to be.