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Appraisal Blues

I usually just lurk, but we finally got an offer accepted after 2 months and need to vent. We bid $15K over list, based on other recently sold homes in the area, the home appeared worth it. We did not waive any inspection or appraisal contingencies. We had the house inspected and it was mainly minor issues, with one semi-major issue with the support beams under the home.

We asked for the seller to fix that issue, while we were waiting on a response to that, our mortgage broker informed us the house had a FHA appraisal in the last 6 months, and the appraisal was 35K under our offer price and 20K under list price.

So now we are screwed over because we are doing a FHA loan and seller will not entertain offer at FHA appraisal price. It sucks they should have never accepted our offer knowing it was FHA when they just had a FHA appraisal under their list price.

So now we are out the cost of the inspection and back to the drawing board in this market.

submitted by /u/Learnalessoneveryday
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source https://www.reddit.com/r/RealEstate/comments/mg4b7z/appraisal_blues/
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