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The Appraisal Came In at What?
The Appraisal Came In at What?Over the past several years appraisals have obviously been an issue in our declining market. However if the comparables are there to support a value and the appraisal comes in low, what do you do? I guess it depends on who’s shoes you are in and the situation.As agents we’ve all worn different shoes at different times. Take an example recently though: Appraisal comes in $20,000 dollars low on a $400,000 dollar home just a mere few days before closing. The comps are there to support sales price but the appraisal still comes in low. There was no contesting it. The appraiser nor the buyers would budge.When requested by the sellers and listing agent to see the appraisal, the lender and buyer refused (belongs to buyer since they paid for it). They wouldn’t even say who the appraiser was.Should sellers be at the liberty of the appraiser as to what they think homes are worth? The sellers could have said no, but they were in one of those situations (we’ve all seem them) where they basically had to bite the bullet and go through with it, albeit changed their immediate future plans of purchasing another home ... more
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