We have a signed contract. We had the inspection. The sellers fixed the few issues we found during the inspection. And then we hit a roadblock...
The bank sent out someone to appraise the property's value to figure out how much they were willing to loan to someone buying that house. They appraised the house for twenty thousand dollars less than the price we have on the contract with the sellers.
If the sellers were willing to accept that price, it would be great for us because we would get to pay twenty thousand dollars less, but the sellers won't agree to that price. And we can't magically come up with that much money. So the only step we were able to take was to appeal the appraisal.
We appealed the appraisal over a week ago and we're still waiting to hear back from the bank. But we've heard from our relator that he has never heard of an appraisal being overturned. We're still hopeful because we LOVE that house, but we're also looking at other houses. At this point, we haven't found a house that we like as much as our house (or I suppose I should say our "almost" house?) so we're more than a little frustrated.
I even had a dream about looking at houses and accidentally standing our relator up for an appointment that he'd scheduled, which (for the record) didn't actually happen. We're going to look at four more houses tomorrow night, two of which we've already seen and are possible back-up options if we aren't able to get our house. We'll have to see what happens.