Low VA Appraisal ~ Post 9 Series ~ Buying Home VA Mortgage Idabel OK
Well, Emily and I talked it over and we really want the home. The home was listed at a reduced price of $205,000.00. We offered the full price of $205,000 with seller paying our VA Mortgage closing costs up to $7500.00. The home had been listed at $235,000.00 and had been reduced in price a couple of times. Judi showed us comps to justify the price and we've been asking what others paid for their homes, since we we made our offer and we felt really good that the appraisal would be OK.
The appraisal came in at $197,500.00...exactly the net amount to the seller... the $205,000.00 minus the $7500.00 of our closing costs that the seller had agreed to pay. Judi said she had never had that happen before. In fact, in 16 years, she's only had a total of 3 appraisals come in low:
- One was a co-broker where her buyer was buying a home listed with another office and the home had been measured wrong so the square footage of the home was inaccurate. The appraisal, of course, came in for the home with accurate square footage and was lower than the contract price.
- One was low and her buyer went with a different lender and a different appraiser and the second appraisal was OK.
- This one... ours.
Well, Emily and I talked it over. We want the home.. so we are willing to pay our own closing costs. So our contract now is $197,500.00 with us paying our own closing costs. The seller is willing to make the minor repairs that the appraisal called for. We have the best lender for our VA Mortgage, we have the best agent for our VA Mortgage home purchase in Judi Barrett, and we found the best home for us... fell in love with it.
It often takes up to 3 months to get to closing with a VA Mortgage in Southeast Oklahoma but our agent, Judi Barrett, and our loan officer are shooting for half that time, 6 weeks. I've got my fingers crossed and Emily is getting really excited. We have not told our two teenagers yet that we are getting a new home. It looks like we may get in before Christmas. We would love for that to happen. Judi is trying her best to make it happen for us.
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 ninth 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.
This series is written from the perspective of home buyers, Michael and Emily Miller, though a fictious family; the situation and the steps involved in buying a VA financed home in Idabel or Broken Bow are excellent steps to take.