Well, we didn’t get the house. The bank basically pulled a fast one. First, my agent talked the agent for the house and found out that there were 8 offers in, all over the asking price but none over X amount. She said she was glad none were over X amount because the house would not appraise for X amount. So we bid $100 under X amount. Next came counter offers to multiple bidders (what happened to not going over X amount?). So we countered with X amount plus $100. Then came the fun part: they wanted us to sign an appraisal contingency removal. Yep, they wanted us to pay what we offered regardless of whether or not the house appraised at that price. We declined that fine offer. I guess some other sucker must not have because we haven’t heard anything since. I officially hate Wells Fargo Home Mortgage. This seemed so damned shady. “Let’s jack the price up as much as we can with these counter offers telling bidders to give us their best and final offer and then pull the rug out!” The mortgage industry seems to be plugging right along with their crappy ways.
We are now taking a bit of time off from house hunting to figure out what we want to do. Most likely we’ll keep looking after taking a short break, but we just need some time to calm down and de-stress. This was such a bummer – we were both already practically moved in mentally. We really loved that house and felt like we had a good shot at getting it.