House Update #2

Yesterday we received our first appraisal. Chase bank, our lender, is requiring two appraisals, so we are still waiting on the second one. This second appraisal came back $8,000 less than the price we agreed to pay. So, on the one hand we will be taking out a smaller loan. That is good for us. On the other hand, we may have to put down an additional $3-4,000 down, sort of as a reimbursement for the closing costs the seller agreed to pay. It is confusing, even to me. Basically, the seller is going to say the closing costs he is paying is a part of the value of the house, in order so he can get a little more money. Gas Monkey is not too worried about it. In fact, he is happy about it. His dad is coming down later this week, and he will be able to look at the house and give us approval. . . hopefully. Anyways, we still have a couple of weeks before closing, so anything could happen.