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Is it worth fighting the appraisal or just walking away?

I was under contract on a house in Austin last month and the appraisal came in $15k under the agreed price, seller wouldn't budge. I ended up walking but my realtor said I should have pushed harder - what would you have done?

2 comments

2 Comments

the_anthony2d ago

Man, that's a tough spot! Honestly I think you did the right thing walking away. I've been seeing this pattern more and more lately where people get too emotionally attached to a house and end up overpaying or forcing a bad deal. $15k is real money, not pocket change. Your realtor probably just wanted their commission, but you're the one who has to make those mortgage payments every month. There's always another house, but it's hard to dig out of a hole you talked yourself into.

david8212d ago

That whole "sunk cost" trap gets people everywhere, not just with houses. I see it with friends who keep fixing up old cars because they've already spent so much on repairs, or people staying in jobs they hate because they've been there for years. Saw a buddy drop another thousand into a clunker last month because he couldn't let go of what he already put into it. Same goes for relationships or even just sticking with a bad haircut cause you paid good money for it. Sometimes the best move is just to walk away clean even if it stings at first.