The family who owns the house we're trying (and failing) to buy decided to have an appraisal on Friday. I, personally, believe that this appraisal will mean nothing. They can tell the family it's worth what they are asking all they want, but they are losing money every month the house goes unoccupied, what with taxes and upkeep. Now they are spending more money on an appraisal. Fine, do what you need to do, I say.
Here's the (slight) complication. A house of the exact same style which was on the market for some time at $175,000 and has nicer architectural details-- pressed tin ceilings, French doors, some hardwood floors-- has now dropped to an astonishing $119,900. I am not interested in this house because of its proximity to the highway. I am interested in the current selling price since that house is so similar and even has slightly more property (.23 acres instead of .16). Will this information sway the family to take our offer? Or will they believe some potentially inflated appraisal?
Tune in next week when we should have answers to these questions...
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