House #20: First Appraisal

January 14, 2011 · 0 comments

The first appraisal on The Lake House came back today…while it took a week, all news is good…

The house is under contract for $99,500 and the appraisal came back at $100K even. I’m pretty sure it could have appraised closer to $105K if we would have needed it, but appraisers tend to be conservative if they can easily prove the value.

Additionally, the broker has received the first list of items the underwriter needs to complete the loan, and it’s all just a bunch of doc changes and quick verifications. So, at this point, it appears the loan is on track.

We still need to get the second appraisal completed, and the buyers won’t be ready to close until late next month, but we’re hopeful everything will go smoothly from here.

I’ll post an update in the next week or two after the second appraisal…

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