Saturday, September 5, 2009

I was right to worry about my condo....

We got the appraisal in, and its value is coming in at $120,000.00 not $133,000.00

I talked with my lender and if the bank who owns the condo will not negotiate on the price of the condo, I’ll have to shell out an additional $13,000.00 or I’ll have to walk away because my loan will not exceed the value of the property.

Physically, I ran the numbers, and I could hypothetically come up with the additional money, but I’d have to use everything I have (all my condo money, all my emergency fund, my 1500 vacation fund, and the rest of my 2009 contributions to my Roth IRA, and kiss remodel good bye). The tax refund I’d get in January would be use to create an emergency fund.

I’m not comfortable with that… which means if the bank won’t budge, I’ll walk and be screwed.

1 comment:

  1. I don't blame you one bit. Hopefully, the bank will be willing to negotiate here. After all, they would have same problem with the next person, so hopefully they will work with you. Good luck!