Our road to home ownership has hit a bump in the road. This morning started well. DH and I went to Holmwoods Furniture & Design Center to look at furniture for our new home. Holmwoods is a neat place to shop because they carry everything from unfinished furniture to living room furniture to bedroom furniture to wallpaper and window treatments. The store used to be two blocks from our current home. We have bookcases, a side cabinet, a corner cabinet and the two tables in my sewing room all came from Holmwoods. The store moved into a much larger location last summer and we hadn't been there since then.
We spent a little over an hour working with a sales woman and had chosen five recliners for the media room and two barrel chairs and ottoman for the sitting area in the kitchen. While the sales woman started writing up the quote on the furniture DH called the broker to see if we could get into the condo this weekend while the owner was away so we could get the exact measurements of the media room.
This is where we hit the bump in the road. The broker told us there is a possibility the appraisal may come in less than price we have negotiated with the buyer. If that happens then one of two events would happen because we will not pay more than the appraised value. First, and the most favorable for us, is we are able to negotiate the seller down to the appraised value. Which it turns means a lower mortgage for us. The other event is the seller will refuse to lower his price and if he does, then we will walk away from the deal.
Of course, the appraisal could come in at the selling price or higher in which case everything is cool and we can go to the home inspection on Tuesday morning.
I still have not made it into my studio this week. I'm hoping I can convince myself to get in there tomorrow morning. I'm starting to feel guilty because the room is a mess and my fabric is feeling neglected.