Quote:
Originally Posted by Copsgirl73
Correct me if Im wrong but if the appraisal comes in lower than the offer then the bank will only fund the loan for what the appraisal came in at...right? If that is the case I understand why the buyer walked.
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An appraisal is only an opinion of value at any one given time...
4 months ago, I applied with my lender to do a refi... my lender's appraisal came in low by over 100k and I told them so and offered comps... they would not budge... they did refund my appraisal fee.
Last month, I went with my Credit Union and the appraisal came in 120k more than the one from 3 months prior and it was 20k more than my research showed.
Two appraisals for the same purpose 3 months apart and they varied 120k... go figure.
In all probability, the offer was made subject to financing so the buyer had an out.
A freind was looking at a rather unique property that just wouldn't appraise... he bought it anyway by upping his down payment.
All depends on how your property stacks up to the competition.