Part 4: Closing my first deal. An observation. Appraisal's can break a deal.

[Sean Link]

Every potential lender I approached unanimously agreed that my initial appraisal was a disaster, which led to the necessity of ordering another one. I even paid extra for expedited service, as I had already requested two extensions on our contract from the seller. Regrettably, the second appraisal did not arrive as promised, forcing me to ask the seller for yet another contract amendment.

Throughout this process, I felt powerless, largely at the mercy of appraisers. When the second appraisal finally arrived, it contained errors that needed to be corrected by the appraiser, leading to more delays and anxious anticipation as I awaited the corrected information before another looming deadline.

Fortunately, the seller showed understanding and patience, recognizing that the need for extensions was due to factors beyond my control. I was also extremely fortunate to have an outstanding realtor. He seemed to maintain a positive relationship with the seller's representatives and managed to communicate effectively that the delays were due to circumstances outside of our control.

Eventually, we managed to close on the property. I'm now the proud owner of my first house hack. Reflecting on the entire experience, despite facing numerous hurdles, I feel a sense of pride. I believe I maintained my composure and persevered to the very end.

[Julien Jeannot]

Congrats!

I've also had an appraiser almost tank a transaction. Thankfully my broker lender had a past life a RE agent and was able to connivence the underwriter that the appraisal was understating the value of the property. Saved the transaction.