We got the appraisal on our house Monday and unfortunately, it was $2,000 short. This was a HUGE disappointment, since we couldn’t really afford to lower our selling price any—we need every penny in order to pay off my car, which is a contingency of our new loan. We had thought it might come in low—by $500 or $1,000 at the most—so being two grand off really put us in a funk. The problem with the appraisal coming in low is that the sale is a VA loan, and the VA will only loan what the house appraises for!
We discussed our options, but none of them were able to get us in the new house without borrowing money. The good news is we had offers from both my mom and dad to loan us the difference, but I had never borrowed ANY money from either of them up until now, and I didn’t want to start (well, I borrowed an apartment deposit from dad once, but I paid it back within a month). I didn’t sleep much that night, wondering what we were going to do and running through various scenarios. What we kept ending up with was that we didn’t want to give up the sale because (obviously) we still really wanted our new house…and…we also sorta had half the house already packed in boxes! Ironically, had we not just decided to take our honeymoon (and already paid for half of it, with the other half due this month), we could have afforded the difference.
So we went to the selling agent asking if there was ANY way the buyers might pay an extra $1,000 and we’d drop the price $1,000. Since their loan wouldn’t cover it, their extra $1,000 would be out-of-pocket…something probably not easy for a young couple. We also felt guilty even asking since they are already paying ALL the closing costs…and we didn’t want to scare them off and lose the sale. Well, we were lucky…they REALLY wanted the house and eagerly accepted our offer. So, it’s a go. We close on this house on August 10 and will hopefully close on our new house August 12 (we can’t close the same day since we have to wait to get our money, then take it to the bank to pay off the car). We are borrowing the difference from my mom and David (thanks again!). We should be able to store stuff in the garage of the new house before closing, and Tom is certain we can be fully moved in by Saturday morning (13th), so we should officially be in our new house at 108 Birdie Court on Saturday, August 13. ONE MONTH FROM NOW. HOLY SHIT—it’s really happening.