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To Appraise or Not to Appraise
I am currently representing a couple from out of the area moving to Glens Falls.  We found a 2 family that would be perfect for their needs as the couple would also like to bring along one of their parents. We wrote an offer , and it was accepted , but immediately there were concerns over the pending appraisal.  The seller was concerned that the appraisal figure may not be high enough to cover the sellers concessions requested by the buyers.  the buyers actually agreed to forfeit the seller concession if the house did not appraise for the amount they were requesting,  which I felt was a pretty stand up thing to do. 
As it turned out,  the house actually appraised for $9000 less than contract price.  The buyers again agreed to compromise and offered $4500 over appraisal,  which was essentially half of the difference.  The seller refused,  evidentally feeling that he didn't care what the banks felt his home was worth or that any would be buyer would have to pay cash for every nickel over appraisal value.
The end result of this is the buyers are entitiled to their deposit back,  but they lost $400 on the inspection and paid another $450 for an ... more

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