Appraisal 70% Of Contract

[Proactive]

Phew... I thought this thread was about one of my recent appraisals, but as it turns out, mine was at 72.5% of contract.

Buyer and seller renegotiated and the property is scheduled to close at the end of the month.

 

[InANightmare]

Phew... I thought this thread was about one of my recent appraisals, but as it turns out, mine was at 72.5% of contract.

Buyer and seller renegotiated and the property is scheduled to close at the end of the month.

Nope we are a few states apart, but I am jealous that your deal went through.

I would love to talk to appraiser #1 who lowballed the appraisal.

 

[Deleted member 128537]

Hold on!!! I have appraised a property for 70% of sale price before. It can happen. If the buyer doesn't understand the market it can easily be done. I had every good comparables to prove my point. All within 1 mile of the subject in a rural area. Comparables bracketed very single feature of the home. The agent nor the bank could argue my value. It was very well explained and supported. So I wouldn't be quite so quick to judge the validity of the appraisal. I've also had a situation where I came in under contract and the seller lost the buyer. They then relisted the property and NEVER sold it. So the fact is there are uneducated buyers out there.

 

[InANightmare]

Hold on!!! I have appraised a property for 70% of sale price before. It can happen. If the buyer doesn't understand the market it can easily be done. I had every good comparables to prove my point. All within 1 mile of the subject in a rural area. Comparables bracketed very single feature of the home. The agent nor the bank could argue my value. It was very well explained and supported. So I wouldn't be quite so quick to judge the validity of the appraisal. I've also had a situation where I came in under contract and the seller lost the buyer. They then relisted the property and NEVER sold it. So the fact is there are uneducated buyers out there.

I hear you. This buyer was a real estate broker so not sure that applies here, hopeful I will get a buyer with cash money.

3 appraisers have now looked at the property and we've got 3 vastly different prices, all 3 used 2 of the same comps. One discounted for location, and allowed $4 per sqft for finishing the basement to a Q3 level. The others didn't view the location as a negative and allowed much more for the value of finishing a basement. It's just confusing.

We just relisted and have open houses scheduled this week, we shall see.