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Appraisal Came in Low |
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I am a realtor and i am having problems on a deal because the appraisal on this 3-family home came too low . Is there any way to boost up the price since my client claims his property is worth more, without doing another appraisal? |
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Boosting up appraisals to meet high sale prices, when done by unethical appraisers, is what got the mortgage market in some areas into its present mess.
Asking for another appraisal is probably your best idea here. If another qualified appraiser also comes in lower than the figure your seller and buyer have already agreed upon, I'd be interested in knowing if that higher sale price includes any "seller concessions" -- credits (or kickbacks) the seller would be giving the buyer, which would mean the sale price is really somewhat lower. |
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Edith
Originally published on August 27, 2007 |
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