I am sad to report, however, that the gentleman who pulled up outside my house one week ago today, in his shiny new Audi, and wandered around our property in his Gucci loafers, Chaps trousers, and Versace shirt with Armani cuff links, did NOT give us a favorable appraisal.
In fact, he appraised our house for $100,000 less than what we paid for it 9 years ago this week. Now, I realize that our home is 14 years old, and that we have chosen to focus our finances and efforts on things like planting trees, building a 10 x 12 shed, replacing water heaters and other appliances, and increasing our insulation and installing a whole-house water filtration system, instead of ripping out cabinets, flooring and fixtures to replace them with granite, travertine, chrome, polished nickel, oil-rubbed bronze, cherry or reclaimed oak from a barn somewhere, but I have a very hard time believing that our house has depreciated 25% in 9 years since we bough it.
I mean, I know the economy is in the tank, house values are dropping, but really, 25%? Honestly?
We live in a newer neighborhood, in which, our house is one of the oldest. We are across from a private country club, next to 5 schools, but off the main roads, on the largest lot in the neighborhood, and we've LOST 25%?!?!?!?!?!?!?
Needless to say, we're frustrated that we spent the money to have the appraisal done, and now cannot move forward with the refinance of our mortgage.
We are NOT in a bad situation financially, this refinance is not going to break us, but it did make us angry and fuel us in some decisions regarding what to do with any extra money that may come across our table and into our wallets.
Please continue praying for BB and I - he took it quite personally, but we don't have money to pay for another appraisal that may come in more favorably, and we don't think we can appeal to the appraiser to reconsider and raise his appraisal value the lousy $50,000 we need him to so we can refinance.
Pray for wisdom on how to proceed with this matter as well as how to budget with the additional money we'll have from the progressing sale of our timeshare.