July 30, 2005 - 7:45 a.m.
House Snag
I just knew that a 10-day closing was impossible. We finally hit the significantly slowing snag Friday afternoon, with the closing scheduled for 11:00 Monday morning.
The appraisal came back low. They just did a drive-by appraisal because the sellers wanted such an early closing date. As I should have said before, the front of the house looks like crap. They're calling the parking pad a "circular drive" in the appraisal. Whatever. It's a big slab of concrete.
I noticed three errors in the appraisal, all of which add up to a higher value. The appraisal showed the square footage about 150 sq ft less than it actually is. The appraiser thinks it doesn't have a fireplace.
And then we get to the pool. An above-ground pool would not increase the value because it is considered personal property. However, an in-ground pool would increase the value by $8,000 to $12,000. It's a lovely in-ground pool.
I blame the sellers for this. Or perhaps more accurately, their agent. If they hadn't given an impossible closing date, we wouldn't have this problem. Now we just have to wait to get this rectified. One thing is for sure, I don't want to pay more money for another appraisal.
Okay, I'm off to scour the town for boxes and to take the recycling in. Woo hoo!
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