Monday, October 26, 2009

Closing Date Postponed...

We will not be closing on November 2 like we had planned. We are still having our walk-through the same day though. What happened is that our house was appraised for $4000 less than the actual price that we agreed to pay for the house. That means we can't get a loan for more than our house is worth. Soooo...we are working with Fulton Mortgage Home Loans who are on our side and trying to convince Fulton Homes to reduce our house price to meet the appraised price. It's either Fulton Homes comes down on their price $4000 or we pay $4000 (of which we do not have!) to knock the price down to the appraised price or....we walk away. :( But we are hopeful that everything will work out and Fulton homes will have a kind heart and sell us our house for what's its worth! You think it'd be a no brainer huh?! Oh well...such is the life of a first-time new build home-buyer!

House update: Our carpet is in right now! They just put it in today! All that's left to do is put in the appliances and do touch-ups! Our walk-through is on Wednesday and who knows what will happen after that!

2 comments:

The Montgomerys said...

Hopefully...everything works out! I admire the hope you are exercising. BTW love the layout

-- ashlee -- said...

Bummer! :( I have had that happen at work on a couple of the purchases I have processed. It's a total bummer because there is nothing you can do about the appraisal (unless you order a new one...which is way more money out of your pocket and it could come in at the same value or lower)!! I hope Fulton lowers the purchase price for you!! Good Luck!