need help please.

[knopf]

Thanks to everyone for responding!

I think I have gotten lucky on this one. I met with the owners and showed them both appraisals. We discussed the difference in square footage from their stated amount. We have negotiated the price much closer to the low appraisal. The owners have shown me something about character. They could have been difficult.

Thanks to everyone who responded. I recieved some valuable and professional opinions. Not to mention some education for my next real estate transaction.

ps. I am going to shop my MB

 

[KD247]

It's kind of interesting to read this thread twice, first assuming that there is abundant relevant data, and then again assuming that there is a wide variance in property types with no recent sales of similar properties.

In neither instance are the actions of the mortgage broker and the appraisers justified, but in a unique area with little conformity and no recent sales or current listings, it is possible that the $270k appraisal and the $315k appraisal are equally reasonable. Without more information, we can't just assume that the low appraiser was right and the high appraiser was wrong (although that's often the case).

 

[TJSum]

It's kind of interesting to read this thread twice, first assuming that there is abundant relevant data, and then again assuming that there is a wide variance in property types with no recent sales of similar properties.

In neither instance are the actions of the mortgage broker and the appraisers justified, but in a unique area with little conformity and no recent sales or current listings, it is possible that the $270k appraisal and the $315k appraisal are equally reasonable. Without more information, we can't just assume that the low appraiser was right and the high appraiser was wrong (although that's often the case).

But the $315,000 appraisal hit the sales price to the dime... we can all make an educated guess on what happened in this case.