I ask this question with great concern. I have a property that has had multiple offers, it showed several times a week before going under contract & yet it is NOT appraising for the sales price.
WHY? The appraiser ONLY used foreclosed homes as comparables to the property & was misinformed as to the accuracy of the description of those properties. I ask you, how is the market going to improve when multiple people are willing and wanting to buy a property for x amount of dollars & yet it doesn't appraise for x amount of dollars?
The true meaning of market value USED to be the price at which a buyer was willing and able to pay for a property. What is it now? The price at which the appraiser deems it to be?
We are in very scary times when people cannot afford their homes, cannot afford to sell their homes and those who are trying to buy a home are now not able to do so? I am very interested to hear your prospective on this issue.
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