2 weeks ago my Buyer went under contract with a bank owned property (I won't mention the bank's name for obvious reasons). The contract price is $253k, the list price was $300k. The appraisal was conducted and low and behold.... it came in at $232,500. "Yippee," squeeled my buyer, thinking he is going to get even a better deal than he had hoped. The bank's response...."no, we don't want to sell it at that price." HUH??? Their full answer was, "we'll do our own appraisal and get back to you in a few weeks." Do their own appraisal? What does that mean? My Buyer cannot wait a few weeks, so he has decided to rent as he is "homeless" in 4 days. He even offered to pay $235k, above the appraised value, in an effort to not have to move twice and rent. They still said "no."
Help me out fellow agents, what is happening in the banking industry? Why do they make such poor decisions? They have a ready, willing, and able buyer wanting to purchase their property for more than the appraised value and he wants to close now. Has this bank lost its mind? This is just wrong... it is a difference of $18,000! By the way, I should mention that this home, along with 2 others owned by this bank, have been on the market now for 6 months.
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