Appraisers are often blamed for more transactions being canceled or delayed after appraisals values come up short of contract price.
“When an appraisal comes in low, it puts doubt in the mind of the buyer as to the true value of that property,” Richard Kassouf, the broker-owner of New Hope Realty in Brunswick, Ohio, told Cleveland.com. “And it gives them a crisis that they have to deal with, where they have to come up with more money for the down payment to allow that transaction to be completed. Or they have to negotiate the price down.”
Many people just don’t realize how much Fountain Hills home values have adjusted down since the housing boom. Plus, appraisals have become more challenging, banks require much more documentation, more detailed market analysis, extensive interior photos. 1004 MC ( market statistics), 3 sold, 2 pending or active comparables, which can sometimes be difficult if there aren’t many comps.
“Appraisers were blamed for the run-up of the market when prices were high, and now they’re being blamed because prices are low,” says Ken Chitester, a spokesman for the Appraisal Institute. “Both can’t be true. Appraisers are doing the same thorough research and analysis that they’ve always conducted. So, in short, don’t shoot the messenger.”
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