The Appraisal

This last week and a half we have been waiting at the mercy of Fannie Mae. We had the inspection done on our house, which turned out very well, and we also had the appraisal ordered. When we got the appraisal back, it came in a little bit lower than we offered to pay for the house. This should sound good, right? Well, not quite. Once we found out about the new value of the house, we had to wait to see what Fannie Mae wanted to do with the new price. It was likely that they would agree to the new price and not pay closing costs, or they could challenge the appraisal and start the process over again. In the meantime, we found out that our offer was accepted on another house, contender #1 from an earlier post. To be smart, our realtor had us open escrow for that house. For a few days we had paperwork going through saying we were buying both houses. Stressful. We eventually cancelled contender #1 and decided to stick with our favorite house no matter what the bank said. Turns out, Fannie Mae decided to sell us the house for the new price and pay closing costs. Go us! and Hooray Fannie Mae!