Back in March, 2011 I wrote a post about protecting my buyers in the event the appraisal came in lower than the sales price . I had entered into the bid and negotiation that should the property NOT appraise at the sales price (as I feared it wouldn’t but there were multiple bids) then the sellers would offset the differential, and not approach my buyers for additional monies. They agreed.. and when the property did not appraise, I was able to save my buyers some heart-ache and money.. All good. It also made me wonder if there WERE multiple bids…
Now fast forward to 2012, and I have a lovely couple who are buying their first home together.. I felt the home would appraise, but was still surprised to hear that it appraised at just $5000 over the sales price. This is becoming more and more common nowadays as the banks wish to protect their interests – but what else is new!
However, if you feel the home you are purchasing has received a less than correct appraisal then you do have other avenues… You can request a second appraisal or take it further http://www.appraisers.org/ProfessionalStandards/CodeOfEthics.aspx.
Westchester is GREAT!