If the appraisal is low the seller should come down? So if the appraisal is high the buyer should come up in price?
I recently had an appraisal come in low – way low- on a transaction where I represent the buyer. Way low translates into $74K low. The seller was asking $429,900. We negotiated a price of $404,000 and the appraisal came in at $330,000.
There are various reasons the first appraisal came in low but just trust me that the value was there and the buyers were getting a terrific deal. But the reasons for the low appraisal are not the subject of this post.
So my mom was at the bookstore during all this and was telling the lady there about the low appraisal and the book store lady immediately said “Of course the seller is coming down…”
But when someone brags that their new house appraised above the sale price nobody ever exclaims “So you increased your offer, right?”
Why is it assumed that a seller should give up thousands of dollars based on the opinion of one stranger?
Who is John Galt?
Jackie Hawley, Realtor
ReMax Encore, Clarkston MI