I had two transactions where homes would not appraise. Unfortunately, I did lose one buyer over this, even though, I informed them we might have an issue with the appraisal. What we did not expect the home/condo to appraise for 30K less than the contract price. The last REO that sold in the neighborhood sold for $55K. The appraiser gave us $3K more for our unit, in almost perfect condition, and was a regular sale. I do not know if the new appraisal law had any effect. this was an FHA loan. I also had another transaction, right after that one, where we submitted an offer, but I spoke with the listing agent about the price, and how we felt it might not appraise for our offer, which was less than the list price. He told me that he spoke with the seller and they will not budge from the list price. They felt since they where not a short sale or a bank owned property, they did not need to lower their price. OK, their agent needs to bring them down to reality, was my only thought. Why have the listing, if they are not motivated in selling?
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- Topic: ActiveRain Community