I have to begin this post by extending another heart-felt thank you to our readers for all of the support you have shown us after the last update I posted. While this is definitely not the direction either of us saw our home building story to take, I’m so glad that we are able to share our experience with other people going through the process and alerting them to the possibility that this can, and does, happen.
I wish I had a definitive answer to give you as to whether or not we will be moving forward with our Allen Edwin home, but we’ve made a tiny bit of progress that I did want to update you on.
As I mentioned in my last post, we were waiting on the second appraisal to be ordered. There was a lot of back and forth as to who was supposed to order the appraisal and if any new comparable home sales could be provided to necessitate a second appraisal. Eventually, nearly 2 months after the original appraisal was conducted, we had to put our collective foot down and tell everyone involved (lender and builder) that we were done waiting: if a second appraisal could not be ordered within the week, we would be terminating our agreement with Allen Edwin. This, luckily, jump-started the conversation, and I am very relieved to report that the second appraisal has officially been ordered.
Within our agreement to proceed with the second appraisal, we also stipulated that we would be requiring the appraisal report to be returned by a specific date, meaning Allen Edwin has to do their part in scheduling the appraiser’s visit in a timely manner. They agreed to the timeline and to working with the appraiser to get him or her into the house as soon as possible. Hopefully we’ve eliminated any further delays caused by the builder.
Finally, I mentioned in my last post that we were encouraged to get a lawyer involved so we knew what rights we had. We were counseled by an attorney specializing in real estate law, and with his help drafted an official notice of action to Allen Edwin that was sent out the same day the appraisal was ordered. This notice stated, with supporting language from the purchase agreement, that Allen Edwin has no more than 15 days to return our down payment in the event that the second appraisal comes back under the sale price.
If you haven’t guessed yet, we aren’t messing around any more. We’ve been spinning our wheels for far too long and relying on others to work this out. We finally took matters into our own hands and set some deadlines, to which I am pleased to report have had a positive response so far. Let’s hope that trend continues through the receipt of the second appraisal and beyond.
A final note: we are under no misconceptions that the receipt of the second appraisal will be the end of the story. While we have a pretty good idea of which way the appraisal will go, we don’t know how Allen Edwin will react to this “final say” in the value of the home. But we do know that, once the final appraisal comes back, we will have done absolutely everything in our power to secure this house. Both Troy and I are firm believers that everything happens for a reason, and if this house isn’t meant to be ours, so be it.
We may not have all the answers yet, but we’re a step closer — and most importantly, we finally have a deadline in place.