What I'm saying is if you ask for them to eat the whole 47k, or even a large portion of it, then they will say no and either you eat it or it goes back on the market. Obviously you can ask. But I would proceed with caution.
I just sold my house and would be very cautious with believing they can’t pull. They are only under contract for the agreed upon offer. They can say they won’t budge on the accepted offer and ask you to pay cash covering the rest over what the appraisal is.
It really depends on. Did you waive your appraisal contingency? If you did not, then you can negotiate, if the seller does not agree, you can walk and lose your earnest money. If you waive it and you can’t come up with the difference, you walk then seller can sue you. But I was told the chance of suing is low. In this case it is not about the seller walking or breaking the contract because they are making ****load of money more than what the house is worth. It is more about you whether you can legally back out of the contract or make up the difference. 40K is a lot so I assume you don’t want to. You can also request and pay for a second appraisal if you don’t think this is not correct and negotiate with seller. But they may not agree, and it is important for you to talk to an real estate attorney if you can legally back out.
I swear if it’s a certain three story with French doors I will hate you forever.
This is the 4th home we've owned....we're pretty familiar with the process and we've already spoken to our lender and attorney to make sure of our legal options and potential liabilities. We can not force them to renegotiate, only ask and see if they're willing to work with us. If they do great. If not, well at least we asked and then we'll have to decide where to go from there. We formally asked for another appraisal or an addended appraisal including more recent comps (the ones used were from last summer....a COMPLETELY DIFFERENT MARKET). So time will tell.
yes....we're quite aware. But they can't pull out of the deal unless we tell them we'll only pay the appraised value, which is not something we've told them we'd do nor is it something we would do for that matter. We can only ask if they're open to renegotiating....we can not force them to do a thing. If they're agreeable then great. If not then we have to decide if we want to forfeit our earnest money and back out or just pony up the cash to pay the appraisal gap.
So you are still at ~42K gap? Good luck. Lets us know how it goes. This market sucks.
Yup. 41.5. Sucks indeed. We have the money.....we own the house we're in outright and are selling it for 115K. We'd just like to pay as little of the gap as possible and have that money work for use elsewhere at a higher interest rate.
How much do you love the house? Are you considering back out or can you? That is a lot of money to cover. Idk about your area but it seems like few areas are cooling down.
I doubt we'll back out. Not really much time to find a new place and close in time before orientation starts. And the market is still crazy there with even less inventory than when we looked last month.
😱 you must be in a very hot area. My area definitely is slowing down which makes me feel like I should have waited. I over paid my house by 5.7% too. Good luck. Hope it will work out.
Thanks man. You too.
Yup, we graduated in a worst time to start the next chapter: residency and house purchase.
What are the percentages from previous years?
Yeah seems like all around worse stats this year by a couple percentage points. Hard to say what that’s due to but it’s possible the corona craziness played a role. Or maybe just relatively more applicants.
Definitely due to corona. The relative number of applicants increased this year at the same magnitude that it has always increased. Whereas the relative drop in % who match first, second, third, etc dropped by far more than the previous trend.
And all the students who want it to stay virtual?
Depend on your situation: If you don't have a lot of stuff, you can tow your car by packing your stuff in the cars and flight over. If you have a lot of stuff, then drive over. Can you drive long distances? Anyone, to help you? When you have to be there etc.
Definitely depends on a bunch of things. Frenchyn hit a few, but also - is it a good match for the weather where you’re going, is it in good shape, and is it paid off? I would definitely keep a paid off car that is in good condition - unless it was a sports car and I was going somewhere with snow, or some circumstance like that.
Thanks. I hope to match in California next year, but I have to apply broadly as a DO student. I definitely want to keep the car if I have to move across the state.
If you do, can you pls change the other residency panic thread to c/o 2020 Residency Panic?
Yeah if they want me to change this one I’ll change that one too.
Sounds good to me!
I’m starting on ICU
It's just heart surgery not brain surgery geez 🤣
Best time to be on icu
Milrinone, lasix, amio. D/c chest tube, d/c pacing wires, d/c swan. Rinse and repeat.
I just have the basic whatever the residency supplies.
It's however much risk tolerance you want to have. You could get a "smaller" policy just for peace of mind. Not sure if your program offers multiple options though.
I got it. As an IM resident my monthly premiums are pretty low and the companies don't require a physical or labs if you're a resident. This is theoretically the healthiest I'll ever be so I opted for it.
Ditto. For us they only don't require health questionnaire/ check if you sign up for life/ disability insurance when you initially choose your benefits. I've been told as a pregnant person no one in their right mind would sell me either a life insurance or disability insurance policy if I had to disclose my current health state. So for me, better to just sign up for them initially in case, God forbid, things go sideways with the delivery and my spouse ends up being the only breadwinner and dealing with the fallout from a much too high US maternal mortality rate.
Yes I got separate DI from one of the big 6. I would get it now, it'll only get more expensive as you age. Check out the page on white coat investor about disability insurance.
