My parents just got a phone call....

My parents just got a phone call....

and the townhouse they are in the process of appraised for 35K less than they are buying it for and they REFUSE to buy it now. We need to be out of our place very soon and now we have no where to go! I feel so bad for them because they really LOVED this townhouse. It was GORGEOUS! But the bank won't give then a mortgage for a house that appraises so low, and they refuse to buy one that appraises that low. I know it is the DEFINITE right choice, but I still feel bad for them

Re: My parents just got a phone call....

that stinks Rach...Sorry

Re: My parents just got a phone call....

sorry to hear our house fell through also or i would have suggested staying with us.

Re: My parents just got a phone call....

Sorry to hear that.

Re: My parents just got a phone call....

sorry to hear that.

Re: My parents just got a phone call....

Oh no Corinne! I'm so sorry to hear that But I'm a firm believer of everything happening for a reason. I keep telling my mom that, but she's crying and so upset . This would have been the nicest place they've ever lived and they were so excited about it. But the search for a new place is already on, so we'll see.

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I'm so sorry!

FYI - banks usually appraise houses lower (sometimes a lot lower) than their market value. Banks are super conservative.

It is also possible that the appraiser didn't do a great job comp-ing the townhouse. Did they go inside it, do a driveby, just compare it on the computer? What did they compare it to to come up with the appraised amount? Sometimes, a house simply cannot be comped b/c nothing similar to it has closed recently. (This happened to my FH's parents a few months ago.)

If the appaiser is simply not comping it well - see what can be done. Have your parent's real estate agent talk to the mortgage banker. Maybe they can find better comps to bring in a higher appraisal.

Best of luck to your parents!!

Re: My parents just got a phone call....

Well, it's more complicated than I was writing about. Basically, the resales in this complex are not going for very much. But my parents almost bought another townhouse in this same complex, then the builder said that if they didn't close in 30 days, they would lose their entire downpayment. So my parents said no way. So then, they saw a resale in the same complex (originally they were buying new construction), and so they went to contract on that one. Well, a few weeks ago, the real estate woman who tried to help scam them on the first one (I don't even have enough time to get into that whole story, but she was in on it.), called my mother and chewed her out saying that my mom stole her sale by looking at a resale in the same complex. My mother had no idea what the woman was talking about, but sure enough, when the guy went to go do the resale(he actually went inside), it was this woman who gave him all the information, and basically she gave the appraiser a lower value and he went back to the bank and blah, blah, blah. This woman screwed my parents, essentially. I don't think I did the story justice, but I just feel bad for them. My dad and I agree the whole complex is a shady operation and they are looking to scam people out of money.

Re: My parents just got a phone call....

new townhouses in kings park saw it in fridays newspaper and they look really nice lots of room.

Re: My parents just got a phone call....

Eeek - that's awful. I'm so sorry.

I hate underhanded people!

I also believe in 'things happen for a reason' - and if it seems shady to you, then your parents are probably much better off staying away.

I'm sure they will find something EVEN BETTER!! (Tell your mom that!) I know how heartbreaking it is to find what you think is your dream home and not have it work out. It happened to me.

Their home is out there waiting to be found!

Hugs for your parents!

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Thank you jvs77! I do believe there is something better out there.

Re: My parents just got a phone call....