Lumberpick

So I guess we're buying a house. Possesion date is May 29th.

Last week we didn't know where we were going to live because we put an offer on this house and we thought the price we agreed on was a fair price.

Funny thing happened though. I got a call from the lender saying the appraisal came in below our offer price.... waayyy below.

With the market being as it is, the local sales in the area that were considered comparables, some of those were shortsales... which drove down the appraisal price. So of course we can't buy this house based on this and start wondering if we need to start scampering to find something else or start looking for a new place to rent. Either way it's time we put in a letter to terminate the deal... but then another strange thing happened. The folks we were going to buy the house from were planning on buying a new house on the same day they were going to sell the house to us and they knew we were a family that had younger kids. I guess the combination of these two things made them decide to accept the new appraisal price so now we're getting this house for much less than we literally had bargained for.

hmm.