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
Showing posts with label real estate appraisals. Show all posts
Showing posts with label real estate appraisals. Show all posts
Sep 3, 2008
Aug 21, 2008
Appraisals + short sales = no sale
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
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
Feb 10, 2008
Buyers suing over real estate appraisals
The couples claim that homebuyers were presented false or misleading data on previously sold homes to justify higher asking prices on new homes. read the full story
Subscribe to:
Posts (Atom)