Losing sleep over big decision

So my wife and I have been looking for over 2+ years for house. We now have a 5 and 2 year old living in a 900 sq ft apartment. We found a house we were interested in that was listed at 550k and went to open house. The line was long and they actually had a second day for another open house. I was told by my realtor we would need to come in over 600k. This is in a very good area of North Jersey. Nice quiet street and great schools that are walking distance. We offered $85k over. However we were told we were top 3 and would need to waive appraisal contingency and we would most likely win the bid. ( the seller agent and buyer agent are from same office ). So being desperate for a house that we really like and checks off our boxes we waived the appraisal contingency. My agent assured me it would appraise for the $635k. I found an appraisal agent through a friend two days after contract and he did a desktop appraisal for me. The house is only 1,350 sq feet. Looking it over he figures we are looking around $600k for appraisal. So here’s the good things. I have a 2.83% rate locked in until aug 15 which was why we went really strong with our offer. If the house appraises at 600k then my lender says I will have around $60 of pmi added until I reach 20% equity. We would still be fine with monthly mortgage payment. What are your thoughts ? Should I stop stressing mistakes we made with our offer so we can put my kids in a nice area, school system and house. We would be there in a nice small house around bigger houses for 10+ years.

submitted by /u/mark44x
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So my wife and I have been looking for over 2+ years for house. We now have a 5 and 2 year old living in a 900 sq ft apartment. We found a house we were interested in that was listed at 550k and went to open house. The line was long and they actually had a second day for another open house. I was told by my realtor we would need to come in over 600k. This is in a very good area of North Jersey. Nice quiet street and great schools that are walking distance. We offered $85k over. However we were told we were top 3 and would need to waive appraisal contingency and we would most likely win the bid. ( the seller agent and buyer agent are from same office ). So being desperate for a house that we really like and checks off our boxes we waived the appraisal contingency. My agent assured me it would appraise for the $635k. I found an appraisal agent through a friend two days after contract and he did a desktop appraisal for me. The house is only 1,350 sq feet. Looking it over he figures we are looking around $600k for appraisal. So here’s the good things. I have a 2.83% rate locked in until aug 15 which was why we went really strong with our offer. If the house appraises at 600k then my lender says I will have around $60 of pmi added until I reach 20% equity. We would still be fine with monthly mortgage payment. What are your thoughts ? Should I stop stressing mistakes we made with our offer so we can put my kids in a nice area, school system and house. We would be there in a nice small house around bigger houses for 10+ years. submitted by /u/mark44x [link] [comments]

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