Be careful, my friend. There are lots of red flags waving.
Of course at the 11th hour, they were granted 2 more days for the appraisal. This is getting ridiculous. The reason the appraisal has taken so long was the appraiser had questions for the seller and could not get them to answer a phone or email. Open Door sucks so bad if they are the seller. It is very hard to get a human being on the phone.
It is ridiculous. If the seller is acting this way, there's a reason. And there's no scenario where that reason works in your favor.I am at this point this is just ridiculous.
AKA, 'sunk cost' and as such becomes a moot point .
What is a Sunk Cost?
A sunk cost is a cost that an entity has incurred, and which it can no longer recover. Sunk costs should not be considered when making the decision to continue investing in an ongoing project, since these costs cannot be recovered. Instead, only relevant costs should be considered. However, many managers continue investing in projects because of the sheer size of the amounts already invested in prior periods. They do not want to "lose the investment" by curtailing a project that is proving to not be profitable, so they continue pouring more cash into it. Rationally, they should consider earlier investments to be sunk costs, and therefore exclude them from consideration when deciding whether to continue with further investments.
Sunk cost definition — AccountingTools
Good for you...and for the appraiser. Sounds like the realtor had a chat with the appraiser and handled the situation. I hope you find a good house if they don't fix this one...The appraisal came back and it is 3k over my initial bid. The appraiser is insisting on the roof leak being addressed on the sellers dime. They also want a range installed before closing. Plus there is a sink not connected and it will be done. If the seller does not address these issues, I am free and clear to back out and still get my earnest money back.
Plus, based on what you've posted, I'm not sure you'd have to eat the earnest money. I'm not a lawyer. I have, however, slept with one for over 30 years and dealt with so many for so long in my banking career that some of the logic has rubbed off over time. Might be time to consult one.
So. Much. This.glad you have an out if needed. this sounds like a complete p.i.t.a.
Amen to that. Sometimes the best action is to walk, even if it costs some earnest money. And given the circumstances, I’m not at all sure that would be the case here.So. Much. This.
….Inspections can only catch so much.
…..Houses are pretty complex (as you well know) - this one seems like a nightmare waiting to happen.
And I'm an optimist...