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Old 10-12-2010, 08:45 AM
 
14 posts, read 41,971 times
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Why would an agent lie about what an appraisal came in at?
We are short selling and the purchase price we agreed to was for 440,000. Our agent had told us that it was appraised for 442,000. When we asked our bank, they said our house appraised for 445,000.
When I confronted her she said that there are a lot of things the bank does not inform her about and the buyers lender was the one who appraised it for 442,000. Confused??
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Old 10-12-2010, 09:29 AM
 
Location: Tempe, Arizona
4,511 posts, read 13,102,903 times
Reputation: 2200
In a short sale, your bank will do their own price analysis to determine if the buyer's offer is reasonable for them to accept, and probably came up with the $445,000 value. The buyer's lender also does their own appraisal to make sure the house is valued correctly for their loan to the buyer, and came up with the $442,000 value. Sounds like your agent didn't lie, they were just not informed by your bank of the value they set.
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Old 10-12-2010, 10:04 AM
 
14 posts, read 41,971 times
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got it, thanks for the response..it just seems to me that the agent should know what our bank came up with so if we wanted to, we would get a higher offer.
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Old 10-12-2010, 02:00 PM
 
Location: Tempe, Arizona
4,511 posts, read 13,102,903 times
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Keep in mind that from a buyer's perspective, the only appraisal that counts is the one from their lender.

Usually, your bank's "appraisal" is just another broker's opinion of value (BPO), not a real appraisal by a licensed appraiser. I doubt you can use it to leverage a higher offer.
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Old 10-12-2010, 02:45 PM
 
Location: Austin
7,238 posts, read 20,762,641 times
Reputation: 9997
Exactly what was just said. It doesn't matter what your bank says is the value. What matters is what the lender's appraiser says is their value as they're the one lending the money. Like your agent, I wouldn't care what your bank said as they're not paying for an appraisal, just a BPO.
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