Good evening everyone!! As we type in this week’s blog, we are both excited and a little apprehensive about all that has occurred over the past few weeks. Let’s get to the good things first….
Since our last blog, we’ve had our pre-closing walk-thru with the builder and our independent inspector. All in all, everything went very well. The Toll Brothers team is almost complete with all the blue tagged fixes Maggie (😜) put on the walls and lights. The house looks fantastic and ready for the Richardson’s to move into. Here are a few pics of the progress..
Here is the not so good thing now….We got our appraisal back and it was 8% less than the purchase price. I’ll give you some time to let that sink in…………. Mind you, we did a pre-appraisal before it was built to ensure everything we put in it would actually appraise. Well I’m here to tell you that not every appraiser sees a property the same.
So now we are waiting to hear back from the VA on a reconsideration of value (ROV). It is essentially a process for the veteran (us), seller (Toll Brothers), or lender to dispute the appraisal report. In our case, the builder supplied the VA with new comps and documented errors on the appraisal report. This is a little nerve racking due to all the moving parts we have at the moment with kids school, living out of boxes, furniture deliveries, and getting out of this rental that expires in less than 30 days….and not to mention all of the time and effort we put into building this home over the last year.
We are very hopeful we hear word back from the lender by Tuesday this week so we can hopefully close within the next week or so.
And what if the value doesn’t go up to selling price? Well we will let ya know what happens. We know all of the options we have, but over paying is not one of our options so please pray for us 🙏🏾.
Have a great week and hope to have some updates by next weekend!!
Rod and Maggie