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Appraisals can be problematic
The home market continues to recover across the nation but two problems persist that continue to limit interested home buyers in purchasing a home.
The first is continued tight mortgage credit that prevents many buyers from entering the market. The second is a problem with real appraisals that affect a sizable share of the market.
Many would-be home buyers nationwide are faced with an appraisal below the contract amount and are unable to close the sale.
For example if a buyer and seller agree on a price of $200,000 and the buyer qualifies for the mortgage the sale still may not close if the appraisal is only for $175,000. The buyer is faced with the normal down payment plus the $25,000 difference in the appraisal and the agreed upon purchase price.
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Bill Roark is a Commercial Associate Broker at Keller Williams Realty and may be contacted at bill_roark1@yahoo.com. |
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