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Commence holding your breath while you wait for the... appraisal
 

You have an accepted offer.  Now, commence holding your breath while you wait for the appraisal…
 
(Scary music plays in the background….)  Dun dun daaahhhhhh…..
 
We had two deals terminate JUST today.  Accepted offers rolling toward the closing gates but the buyer cannot get a loan on a property if the appraiser doesn’t say it’s worth what the buyer would like to borrow.  This makes sense…  lending money can be risky business, so lenders have to exercise some caution.    
 
There is a lot of time and energy (not to mention emotion and excitement) that goes into the sale or purchase of a home.  How can we all avoid spinning our wheels and experiencing this frustration?  The seller, the buyer, the agent, the mortgage broker, the lender, the title and escrow company, and yes, that darn appraiser…  (We can blame them right?)
 
Know your market values.  Study how your property fits into the trends in the area.

Just because somebody is willing to pay list price for something, doesn’t mean they can get a loan on it.   
(No, those were the old days that got us into the mess we’re currently in.)  ... more

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