Will our loan go through?
My wife and I had our offer accepted on a home last month for $300k with 12% down, conventional Fannie Mae. Our closing is the 20th of this month. We got conditional approval pending the appraisal. We did everything through a very local lender and everything so far has been great.
The home itself is a geodesic dome, in great shape, and on 20 acres of good land in the country. This is a very rural area and the closest sold dome within the last 90 days is 66 miles south, around the same price but without the land. Other than that there are plenty of other similar sq footage/land/area home nearby.
Our realtor is very concerned that our appraisal may come back with very poor comps/no comps, and that might wreck everything. We are freaking out internally because we got it for a good price and everything has been going so well.
I asked our lender about it and they assured me that everything would turn out fine and that they recently had a unique home go through no problem…and that they handpick their appraisers so it should be fine, but my realtor thinks it is BS. This is our first place and we don’t know much about how the entire process works/the details, but we are looking for other opinions on this because our realtor is really tough to talk to.
Any feedback or opinion is appreciated.