As of Tuesday, we OWN the condo!!!
(dramic: Duh, Duh, DUH!!!!)
(reminder: we got in a bidding war and were under contract to pay $105,000... thats a difference of $15,000)
So, the good and the bad of an under appraisal:
the Bad: the bank will only give us a loan for the appraised amount of the property... so we have to come up with the extra $15,000 out of pocket! YIKES!
the Good: Sometimes, the seller is willing to negotiate. Split the difference 50/50 or, in very rare cases, drop the price down to the appraised price.
Our realtor told us that the sellers were more than likely going to ask us to split the difference, but we might as well ask to come down to the appraised price and work up from there.
We waited and feared the worst but when we got a call from our realtor, we were SHOCKED to learn the seller AGREED TO THE NEW PRICE!!!
Dude, we just saved $15,000!!! That's like our entire budget for this flip!!!
So, this past Tuesday, we wrote a check for $23k (just being honest about how much money you have to put down, even in a "lower price point" property, and include closing costs), but we are now the proud owners of the ugliest little condo we have ever seen.
In parting for the weekend, I'm going to leave you with this awesome little discovery Chris made on Tuesday: The wallpaper in the bathroom? Yea, it's covering more wallpaper. Feast your eyes on this
Yes, its foil with Bamboo leaves.... and Chris won't let me keep it. Hater.