New Home Buyer: Log Home Purchase - Appraisal Concerns

[Eli]

When I say cannot be answered here I mean questions you have like a county line or concerns along that line.

 

[mike5809]

Hello All,

We got the report last night and everything came back fine. The appraisal came in at the contract purchase price. The appraiser was able to find 3 similar log home comps which sold within a year and all within 15 miles (one of which we almost put an offer on but didn't because of the condition due to carpenter bee damage). The appraiser also did the cost approach, further substantiating the value. The report was very detailed and had some great information in it.

I was worked up and worried about nothing Thank you all for your input and help - it is greatly appreciated.

 

[Meandering]

Glad it worked out.

But if the appraisal came in at contract price, that is by coincidence.

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[mike5809]

The appraisers "Indicated Value by: Sales Approach" came in right at contract price (based on the three comps). His "Cost Approach" based on "Replacement Cost New - Marshall & Swift" was slightly above the agreed upon contract price (even after a significant depreciation deduction).

Either way we are happy It substantiated the loan which was all I needed. Once again, thanks all!

 

[Tim The Enchanter]

The report was very detailed and had some great information in it.

That's good to hear.
Also that your purchase is going through.

 

[Eli]

When can we come over for a catfish supper? I like fried squirrel too.

 

[Meandering]

Eli,

This is Pennsylvania.

We don't fry our squirrels. We BBQ them.



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[mike5809]

Hahaha - Very funny! But not far from what does happen around here....

We just got the official approval on everything today and everything has now been moved to closing - so the appraisal was accepted and the lender found now issues. Now we just have to wait till closing!

 

[Meandering]

It's nice to hear good news.

Congrats on your home purchase.

And don't forget a bottle of Sweet Baby Rays to go with them squirrels,

and some Yuengling!

.

 

[Tim The Enchanter]

No scrapple?