Low appraisal

Oh my gosh! I am super stressed out! Why do these things always happen at the worst possible time? John Chris is out of town for work this week, and I got a very upsetting phone call from our REALTOR. She just called to let me know that the appraisal on our current house just came back very low. She tried to talk to the appraiser about the comps he used and how he figured such a low amount.
Story is that no homes in our community have sold in the past 6 months, but he didn't feel comfortable using other comps in the same city with similar finish out. He decided to pull old comps for homes in our community that sold further back than the 6 month rule. One of the houses that he used was a house that a relocation company purchased when the homeowner was moved. Needless to say, the relo company "dumped" the house for a ridiculous price. Unfortunately, the agent did not choose to complete a non-disclosure statement, so now we will pay the price. The other part of this issue is that the contract price was increased by the purchaser in order to roll in closing costs. Basically we raised the price and will pay that amount worth of her closing costs. Fine agreement until the house didn't appraise for the contract price. I told our agent that we would adjust the contract price in order to offset the low comp part of the difference, but I think the purchaser needs to come up with her own closing cost portion. Fair right?
Yes, but the purchaser doesn't have the liquid finances to pay the closing costs! What? John Chris and I had to make a decision. Either say no to lowering the price and lose the sale or say yes and pay all the additional funds for the purchaser to close on the house. We elected to go ahead and "suck it up". I am devastated, because that will dramatically lower the amount of renovation work we will be doing to the next house. There goes my new master bathroom.

House inspection

Today was the house inspection on the house we are potentially going to buy. John Chris and I were really nervous about this step, because we wanted to make sure that the basic structure and components are functioning correctly. We already knew the house would need major cosmetic work like all new flooring, paint, plumbing and lighting fixtures, appliances, and major updating in the bathrooms.
The inspector was awesome. He let john Chris tag along to get a front row view of everything on the report. After the thorough inspection, John Chris and I feel much better about proceeding. There were just a few minor things that need prompt attention, but they can easily be fixed. Next step - get our current house closed.

Have we found a new home?

John Chris and I have been working on a house deal all week, and it finally may have worked out. We made an offer on a house a couple miles away from where we are currently living. After brief negotiations, we have come to an agreement with the owner. We signed the contract today, and we now start the 14 day option period. We still have many things to work out before the deal is done, but at least we found something we really like. The next step - the inspection.

House contract

Great news! We have a contract on our house. John Chris and I are so very thrilled and excited. We are shocked that it happened so fast after listing it with an agent and burying St. Joseph. The lady from the single showing is in love with our house and wants to purchase it ASAP. It will be a quick close that will be scheduled for August before she travels back to England. She has elected not to take an option period, so the contract goes immediately to the title company and the loan process has started.
It is very nerve racking, and we will say our prayers and cross our fingers that everything will work out. What wonderful news!