Sorry, Carmen. Hope you guys can reach a compromise that is suitable for both of you. This is just not good news, but I suspect its proof perfect of the state of the economy.

 

Carmen,

That's a damn shame and has to be frustrating; especially on a house sale.

When I was thinking of selling my S2000 last fall the potential buyer had the same problem when the agreed upon price was higher than she could get a loan for. Naturally the bank was not taking in to consideration my add-on's and the better-than-average condition of the car. After that I took the car of the market, as it was worth more to me than that. My solution was to buy new tires and race pads and hope for hot weather to help my arthritus.

Good luck; if they really want it - they will find a way.

 

Carmen, any new news on your situation?
I'm thinking "tonight" was last night Thursday.

 

The buyers are being informed today. I'm told to expect a "release" document to let them out of the contract. The only way to make it work would be for the buyers to put down more cash. Again, I've been told they will run for the hills when they hear this appraisal.

There really is no compromise unless I wanted to sell for the ridiculous appraisal amount. There's no way. The deal is toast.

The frustrating thing is that real estate has been a good investment since the beginning of time. Apparently not now.

 

Perhaps, if you paid for them to apply to another mortgage company?

Lending is very tight for all levels, but especially for the mortgage business. The pendellum has swung way too far in the other direction.

Sorry to hear this.

 

Here's an article you may not like, but it appears to reflect the current reality. I think you are suffering more from a lack of comps in your area than from anything else. Too bad...in general, the higher-end houses here are moving pretty well. I guess because peeps who are fairly wealthy aren't as affected by the downturn in the economy, or the subprime mortgage mess.

http://www.washingtonpost.com/wp-dyn/conte...ml?hpid=topnews

 

I would do that. And I would also pay for another apprasial. I think the issue now is that when they hear the appraisal they will get cold feet thinking they offered too much.

 

I'm sorry to say, but I have to agree. If the differnece was a couple thousand and the buyers were really in love witht he house it would be a non-issue, but your discrepency is just too big to look the other way with.

Carmen, are you now living in SC? Is the Ohio house empty?

 

Yes

 

Carmen, can the buyers put down more?