The title just about says it all... The appraisal is final, there will be no budging or correcting or second opinion on it. Well to be honest, the appraisal has been done for a few weeks now. However, we decided to question the validity of it due to many misunderstood (or misinterpreted) values listed on the final report. We sent a letter requesting explanations on different things, like why the picture was of the property next door?!? Of course we had to send a copy to the bank, who in turn contacted the appraisal company and things were in limbo about what to do. Either way, the appraiser stands by his appraisal, the bank stands by him and all comps are in, the values are set and all the waiting was pretty much for nothing. I still don't understand how you can depreciated $30,000 for being in a low employment area, nor can I understand the $30,000 depreciation for having a basement?!? Now we have to figure out to cut costs to stay within the new budget without cutting any square footage!
Moving forward now - paperwork will have to go the underwriters, then to the loan officers and if everything works out as planned, we should be ready to close in 21-30 days! I do love progress - even if it moves at a snail's pace. :)
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