Third Time Wasn't The Charm

Looks like we'll be putting the home buying process to rest for the foreseeable future. I'm really glad that I haven't told a lot of people about this considering that we were within days of a 30 day closing date and we had to walk away. I should have learned my lesson back in 2005; never, ever try and buy a house from HUD if you're a family. Maybe an investor can come up with $14K cash to bring to the table if he bid too high and the house's worth is too low, but I've never had $14K in my life! That's essentially what happened. HUD does not negotiate and the appraisal company is crap; using outdated and irrelevant information for the comps of other homes in the same neighborhood.

I wish I could verbally lash the appraiser who single-handedly screwed up our chances of purchasing this home. I am beyond livid. All the stress that we've been dealing with that poor F has felt the effects of were for nothing? We were supposed to hear back from our lender on 4/25 if the appraisal management company overlooked the shoddy job the appraiser had done, but we found out on that day, that nothing had been done! So the week that we were sitting on pins and needles waiting for an updated appraisal of the house, was AGAIN for nothing? I'm so tempted to get rid of everyone that has been involved in this process with us, our realtor, our lender. If I were our lender working with a terrible appraisal management company, I'd tell my superiors.

And that was what I was going to say last week about the house. Here's what I'm saying this week about the house: There's a chance we may still be moving in the next few weeks. I know! I didn't think it was possible either. My realtor was fuming at the prospect that the house would simply go back on the market, somebody else would bid, work with a completely different appraisal company and get the house, that he and our lender hatched a plan to pull their money together to get a third appraisal done on the home! Hubby and I would still have to cover the cost of turning on the utilities for the appraisal, but we're willing to risk $100 bucks if it means we might get the house. We weren't so sure to gamble $500, there are other homes out there. Granted, not as many in a good market, but there are others. The nice part about all of this is, if it doesn't go through, we were already in a position to walk away, however the confidence that our realtor has about the home's worth is enough for me.

I still feel the same about the appraiser and the first appraisal process. Just so we're all clear.

Looks like taking my own advice was harder than I had anticipated. Would you be able to stay positive? It's been pretty difficult.

~ Lady Jane

P.S. I hope your last few weeks have been a lot happier and less dramatic/emotional than mine. I will be so glad when all of this is over!