Saturday, December 08, 2007

A Bump In The Road

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.

10 comments:

Susan said...

I'm so sorry this bump has come up! I hope the appraisal either comes in right on, or he agrees to accept the lower price. I hate to think of you having to go through all this again! This place seems so perfect for you. Could someone bribe the appraiser? =)

Greenmare said...

Oh you poor thing! I hope it works out good for you, I'll be sending good thoughts and prayers your way~~

Morah said...

I'll be keeping my fingers crossed here hoping for things to go your way!

Nancy said...

We had so many bumps in our house selling/buying road, we almost got lost in one. All turned out perfectly in the end. My hope is that you will have the same...

Wendy said...

You never know what might pop up when buying a place. I hope it all works out in your favor.

Sarah said...

Something similar happened a few years ago to us--so very stressful!! I hope everything works out for you. Thanks for visiting my blog by the way. :-) Spreading happiness...Thanks! :-)

Patti said...

Oh, I'm sorry. Sure hope this works out best for you. Surely the seller knows that the housing market is really bad right now and if you don't buy it there's a big chance no one else will come along. That's good for you - it's certainly a buyers market. Unfortunately because of the rough selling market appraisals are coming in lower than they would have even last year. Wishing the best success for you folks with this!

Gail said...

What a miserable possibility after you finally found a place you like. I wish the best for you, keep us posted.

Libby said...

Here's to hoping it all works out to a good result!

Lisa - http://pincushionpoints.wordpress.com/ said...

How frustrating. Hope things perk up and you are able to get through this fairly simply.