So after 3-4 months of looking in more cities than I could count and offers on 6 houses, we finally got accepted on an amazing home that happens to be in the same town as both our parents, which is perfect because we have a child who is almost a year old and plan on having more soon. We were very picky with what houses to offer on because we want to make it a forever home, but we were also on a time limit having to vacate our apartment by July or renew a lease under their disgustingly high prices.
House was listed 300k, we offered 340k willing to cover 5k of appraisal. Based on comps we expected it to appraise atleast 330-335k. There was also nothing major on the inspection, although some things need work or replaced in near future, but nothing that was worth losing the home over in negotiations. The final hurdle, the appraisal came back at 320k a week before closing… So we instantly sent over our offer of 325k (since we offered to cover 5k gap originally) and seller said meet them in the middle at 330k. We felt losing a home we love trying to negotiate over an extra 2k-3k wasn’t worth it at this point even if it was probable the seller would have accepted.
Our loan and down payment are now both smaller, but we are coming out of pocket more. No matter what situation we are putting 20% down, meaning we saved 4k on down payment but covering an extra 10k for appraisal gap so we are spending 6k more than originally planned out of pocket.
I’m not sure if anyone who reads this post gives a shit, I’ve just browsed this sub daily for our entire journey of finding our first home and wanted to share my story. I honestly feel for everyone else out there who is struggling in this market