Help! VA Appraisal came in $40K less

[Tru Red]

All I know for sure is one time I thought I made a mistake but I was wrong.

 

[Hopeful2021Buyer]

LOL, Hi All, I was going to come back to see if anyone had an issue like mine. Didn't realize this thread was still going and there were so many cynics.

So update: Closed 12/2021. Everything was good. House is good. Got it fenced in and dog is happy. The other 3 homes built at the same time as ours closed around the same timeframe as us and currently there are 8 more homes b/w the two building companies that will be closed on in/around August.

I consider myself lucky that I was able to get in before things got really out of control. As it stands now, I've been contributing $500 per month in extra principal to accelerate payments and build up equity quicker to shield from any eventual downturn, but I'm hoping to keep that up for as long as I can.

No regrets, FL is a great state even with the crazy housing market. My mortgage payment is way less than the $2500 is would take to find a home or apartment of similar size for rent and there are very few of those.

 

[Tiffany Gibbons]

LOL, Hi All, I was going to come back to see if anyone had an issue like mine. Didn't realize this thread was still going and there were so many cynics.

So update: Closed 12/2021. Everything was good. House is good. Got it fenced in and dog is happy. The other 3 homes built at the same time as ours closed around the same timeframe as us and currently there are 8 more homes b/w the two building companies that will be closed on in/around August.

I consider myself lucky that I was able to get in before things got really out of control. As it stands now, I've been contributing $500 per month in extra principal to accelerate payments and build up equity quicker to shield from any eventual downturn, but I'm hoping to keep that up for as long as I can.

No regrets, FL is a great state even with the crazy housing market. My mortgage payment is way less than the $2500 is would take to find a home or apartment of similar size for rent and there are very few of those.

Great to hear!

 

[Tim Hicks (Texas)]

LOL, Hi All, I was going to come back to see if anyone had an issue like mine. Didn't realize this thread was still going and there were so many cynics.

So update: Closed 12/2021. Everything was good. House is good. Got it fenced in and dog is happy. The other 3 homes built at the same time as ours closed around the same timeframe as us and currently there are 8 more homes b/w the two building companies that will be closed on in/around August.

I consider myself lucky that I was able to get in before things got really out of control. As it stands now, I've been contributing $500 per month in extra principal to accelerate payments and build up equity quicker to shield from any eventual downturn, but I'm hoping to keep that up for as long as I can.

No regrets, FL is a great state even with the crazy housing market. My mortgage payment is way less than the $2500 is would take to find a home or apartment of similar size for rent and there are very few of those.

In the past year, everything that has happened to the market has shown how important the effective date of the appraisal. With rapidly rising markets, a home could be worth more two months after it was purchased and again more in three months. So, the appraisal could have been spot on, but with time and the increasing market, the value is not reasonable 30-60 days later.