Yeah, building in a buffer is key. I've seen clients get caught off guard by appraisal adjustments too—those can really mess with your DSCR. Curious, did your lender give you any heads-up beforehand or was it totally out of left field?
Totally agree on the buffer—saved my deal last year when the appraisal came in way lower than expected. Lender didn't hint at anything, just dropped the news like a bombshell two days before closing... lesson learned the hard way.
That sounds stressful—glad you had the buffer in place. Appraisals can definitely throw a wrench in things at the last minute. Curious, did you end up renegotiating the purchase price or finding another workaround to bridge that gap?
Been there myself with appraisal headaches—it's like the universe waits until you're almost at the finish line to toss in a curveball. Glad you had that buffer, though; smart move. When I refinanced last year, the appraisal came in lower than expected too, and it definitely threw me for a loop. We ended up going back to the seller to renegotiate, but they weren't budging much. Luckily, we had some wiggle room with our lender and managed to tweak the loan terms slightly to bridge the gap.
Did your lender offer any flexibility on their end? Sometimes they're willing to adjust things like points or fees if you're close enough. I've also heard of people bringing in a bit more cash upfront or even getting creative with seller concessions if renegotiating price isn't an option.
Either way, sounds like you're handling it pretty well considering how stressful these situations can get. Hang in there—once it's all sorted out, it'll feel great to have it behind you.
"Sometimes they're willing to adjust things like points or fees if you're close enough."
In my experience, lenders can be pretty rigid about fees, especially on DSCR loans. Did you have to push hard for that flexibility, or was your lender proactive about offering solutions? Curious how common that really is...
