On at least 2 different occasion this month a short sale transaction closing has been delayed because of a low appraisal.
You can imagine the frustration of everyone involved. The listing agent and the seller were successful in getting the seller’s lender to accept a reduced payoff of the seller’s mortgage. The buyer and their agent were excited to know that the short sale contingency had been met and the seller would be able to close.
All for naught however as the buyer’s appraisal of the property, required by the buyer’s lender, came in lower than the agreed upon short sale price!
Appraisers no doubt are being very careful as home values are bound to be affected by the numerous foreclosed properties hitting the market.
Related Florida real estate views:
How can I make sure I am not paying too much for a home?
Buyers suing over real estate appraisals
Orlando real estate - Selling your home tip #1.
- Greg Staker - Watson Realty Corp. - 407-304-0255
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