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First Time Homebuyers--HELP!

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BuckeyeFinance:
My gf and I are looking for some advice on how to handle this situation. We love the house but we don't want to overpay.

The house we are in contract for listed at 450k a couple months ago and has since reduced to 425k list price. After we walked through the home, we knew we wanted to make an offer. The selling agent let us know that they had another offer on the property but it was a lowball offer and they didn't know if anything would come of it. I have no way to know if that is a complete lie or not. We offered 410k and ended up settling on 415k. It is very difficult to run comps because the houses in the area are anywhere from 100k to 1m with varying lot sizes from .2 acres to 10 acres. Most of the houses are custom built and have been updated at different rates over the years. I suspect we may be overpaying for the home but I am unsure. Our lending bank appraised the home at exactly 415k. Is this legitimate? The bank knows we are putting 20% down so why would they want to appraise below sell price and potentially have the deal fall through if the portion they are lending is easily covered? Would it make any sense to pay for a private appraisal?

We've completed the inspection and have about 10k worth of repairs we'd like the seller to make or credit us for. We think it may be more difficult to get the repairs now that the bank has appraised the house at 415k. Is that accurate? Any advice on handling the situation?

ShoulderThingThatGoesUp:
My advice is not to buy a house with somebody you're not married to, and that in most places $400k is way too much space for two people.

BuckeyeFinance:
While I appreciate your reply, that's not the purpose of the discussion. Either of us can afford the mortgage without the other's income. Also, we are renting out rooms and have 2 tenants (friends of our's) signed to long term leases. Additionally, we have a very specific agreement between the two of us that governs what happens in each undesirable scenario that our attorney put together.

Lews Therin:
The house is worth 415k to you, and you've now realized it's only worth 405 (because of the repairs) If that is how much it is worth, offer than much (or require them to fix it). Unless it's the perfect house, others will come on the market in the future.

Finallyunderstand:
Appraisers don't look for repairs so you still have the right to ask for repairs regardless of the appraised value.  Additionally, the seller should never have access to your appraisal and you're not required to tell them, their agent, or anyone else what the value came in at. 

Appraisals are simply an opinion of value, not a fact.  A different appraiser could give you a different value but what would you do with that information?  Your lender can't/won't use an appraisal they didn't order so you simply would be throwing a few hundred dollars out the window and not accomplishing anything. 

Be happy with the home and don't worry about it.  A home is a place to live first and foremost.  And if you're lucky enough to live in the right locations it can be a great builder of wealth but that shouldn't be the primary purpose for your primary residence. 

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