The Appraisal ~ Buying a Home VA Mortgage Idabel OK
Well, our VA Appraiser came last week to look at the home that Emily and I are buying in Idabel, OK. We were not there and did not meet him but Judi and Don did. The VA sent someone from out of state to do the appraisal. We've not been worried about the home's value on the appraisal because we've been watching home prices. We knew that Judi and Don Barrett had run comparables when they listed the home AND the home had been reduced in price prior to us getting our contract on the home.
When we made our offer on the home, our loan officer told us that Judi sends him many contracts where the Seller pays the closing costs for the Buyer and she would know how to write the contract, so that the Seller of the home that we are buying would be paying our closing costs of $7500. Emily and I talked about it. We could pay the closing costs ourselves but had rather have the Seller pay them, even if we have to pay more for the home, so the closing costs would be rolled into our mortgage at that low interest rate of 3.5%.
So we made a full price offer on the home with the Seller paying up to $7500 of our closing costs at closing... so in essence we were offering $7500 less than his asking price (net to him). We were prepared to offer up to $7500 more than his asking price if we needed to.. BUT HE ACCEPTED our offer.
Well, the appraiser brought the home value in right at the net amount to the Seller, not high enough to pay our closing costs. We thought it strange that it came in RIGHT AT THE NET VALUE... Asking price minus closing costs that the Seller agreed to pay for the Buyer, us. Judi said that was the first time in 16 years that it has happened to a transaction that she's been working on. Where it came in exactly minus the Buyer closing price that the Seller had agreed to pay. Also there are some minor repairs that have to be completed on the home to clear appriasal value even though they were not done when he appraised it... I had always been told that an appraisal is the value of a home on the day that the appraiser looks at the home, not value depending upon something to be done and they can't put value on the home if it's not done... that doesn't make any sense.
So Emily and I talked it over because Judi said it's our decision as to how we want to handle this.. do we want out of the purchase contract, or ask the seller to take less than the agreed amount, or do we want to pay our closing costs... and if we stay in the contract, the repairs need to be done... who is going to pay for those?
If you've not been following this.. My name is Michael Miller. My wife, Emily and I are buying a home in Idabel, OK through Judi Barrett at Integrity Real Estate Services. She and Don have been great. We highly recommend either one of them. Emily and I are financing our home purchase with a VA Mortgage. I served in the Gulf War from January 1, 1991 until July 7, 1994.
This is the eighth post in the series "Buying a Home VA Mortgage Idabel OK". A fictional series written from the buyers' point of view. While the names and details are made up, the scenario, events, and details about buying a home via VA Mortgage in Idabel very much apply to reality.
1. Buying a Home VA Morgage Idabel Ok ~ Series Coming.
2. Buying a Home Idabel ~ VA Mortgage ~ Call Judi First
3. Buying a Home Idabel ~ VA Mortgage ~ What Judi Told Me to Do.
4. Next Step, Looking at Homes ~ Veterans Mortgage Series ~ Idabel OK
5. We Did What We Said We Weren't Going to Do! VA Home Buying ~ Idabel OK
6. Our Home Inspections ~ Buying a Home VA Mortgage Idabel OK
7. The TRR Form ~ Buying a Home VA Mortgage Idabel OK
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