The Appraiser Said What?!

We all know what a tough time sellers are having out there right now. We also know all about the foreclosures and our status in the nation's top five for the worst housing markets. Here is another weird little facet lurking behind a curtain waiting to spring itself on unwitting buyers and sellers that are lucky enough to commit in this market the appraisals aren't always coming in high enough!!

When homeowners started letting their homes go into foreclosure banks started looking around for somewhere to point a finger.With homeowners who had already flown the coop the next logical place to assign blame was with appraisers. Banks have thrown down the hammer and scared appraisers into making VERY conservative appraisals.

If you have sold your home and the appraisal is delivered at less than the negotiated purchase price, you have two choices you can either convince the buyer to come in with the cash or you can compromise your price. There are many sellers out there that, when faced with a less than flattering appraisal, offer to pay for another appraisal in hopes of receiving a more satisfactory result. Truth be told, once a buyer has seen a low appraisal, they will immediately become disenfranchised with the transaction. You have to move fast to remedy the problem and keep them in contract.

Good luck on the close.