Hello all – we are under contract on a totally livable fixer upper at a great price ($250k / 3.5k ft2 / 1.5 acre lot) in a pretty hot market (SEPA). We had our appraisal completed last Wednesday and I heard from our loan officer this morning that ‘they received the appraisal and that it is under review with a deadline of Thursday to determine next steps’.
Comps in the area are pretty limited with only one on the same road sold within the past 3 years that is 1k ft2 smaller, half an acre smaller lot, but nice and renovated inside. It sold for $100k more than our contract price last October. Most other comps with similar square footage have sold for more than $300k over our contract price, but again, much nicer and renovated inside.
We’re hoping to come in around our contract price but the review process is making us nervous. We do have cash to make up the difference but prefer to keep our cash reserves for renovating if possible. Does anyone have any insight they’re willing to share about what exactly might be going on behind the scenes? Thanks in advance!
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