With the recent uncertainty and shifts in the real estate market, REALTORS® are experiencing sale contracts that are falling out of escrow due to appraisals that come in below the agreed upon purchase price.
Low appraisals are not necessarily wrong, but it does create a situation in which the lender might not approve the loan. The appraiser is merely comparing the value of a certain home with other comparable properties in the area. READ MORE http://buckscountypatoday.com/appraisal/
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