The new house!

We got our appraisal done on he new house on 10 July. I started to call on the following Friday, after thinking that it may come in low. After having our loan person be out of the office 4 out of 10 work days ... I finally found someone who could forward me a copy of the appraisal. It was 11 days after it was done that we finally got it. I read that it came in $9,000 less than what the current contract was on the house. And now the fun starts.

No one wants pay more for a house than what it's worth.

What do we do? There were really 3 options:
1. We could ask the sellers to lower the price to the cost of the house.
2. We could make up the 9K difference (NOT going to happen)
3. We could back out of the contract due to financing. (This was really our first choice, but decided to give them a chance to reduce the price)

We went with option 1. (This was actually the original price that we asked for the house). We gave them 30 hours to figure out if this is what they wanted to do. At 5pm on Sunday, we finally heard from our realtor who said that we needed to give them more time because they wanted to look at the appraisal to see if the best comps were used.

I was honestly ready to give the house back to them. We actually asked them if we could move in early ... rent the house from them before we bought it. They said that they would, but this was the deal: They wanted $3000 in earnest money (that we would NOT, I repeat, WOULD NOT get back when we closed) and then charge us $100 a day for 17 days. 17 days at a total of $4700 seemed like A LOT of money to me. We passed on the "deal". Actually, this put the sellers in a whole new light for us.

So today, the sellers signed the papers to reduce the price of the house. They were not happy at at, they had bought the house for almost 40K more than what we bought it for. I looked at the signature on amendment to contract and one of the sellers, you could tell was completely pissed. We were also told that the wife was crying as she was signing the papers. I understand being upset ... because I'm sure that I could be in this case too, but crying?

So now that this is finalized, we will be able to start buying things for the house ... like buy a kitchen table and chairs and get Gabby a bed. Sometimes, it's just the little things that make you happy.