The last thing either buyer or seller wants to hear is that an appraisal fell below a property’s contract price.
If it has happened to you or someone you know, you probably would join my occasional chorus of contempt for the appraiser. And these days, with automated appraisals and out-of-town appraisers, the song we sing may well be justified.
However, an appraiser Ryan Lundquist has written a blog post that explains why a short appraisal in the face of what appears to be market value may be correct, even in the case of multiple bids.
In his post, he notes that “offers above asking price are Continue reading