Over the past 2 weeks I have had a number of agents stop in my office to discuss a similar issue. Appraisal problems hindering or killing their deals.
We have had appraisals that come in below the contract price or we have appraisals that come in at full value only to be found unacceptable by the lender's underwriter. In one case, the appraisal came in lower than the bank agreed upon short sale amount!
Our agents are now cautioning sellers that simply being able to obtain a buyer at the seller's asking price does not automatically equal a sale. Until home prices finally hit rock bottom and start inching back up, waiting on appraisals will be a nerve racking experience.
Related Florida real estate views:
Florida amendment 5
Appraisals + short sales = no sale
How can I make sure I am not paying too much for a home?
- Greg Staker - Watson Realty Corp - 407-304-0255
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