In speaking to many local KC REALTORS, and from my own personal experience, some lender appraisals are currently coming back as "low ball appraisals" for many qualified buyers.
Given the current market and economy, this does not come as a surprise. Lenders want to make sure before offering financing to a buyer for a particular home that the current market value supports the purchase price. Lenders determine current market value of a property from an appraisal. That is fair enough - no questions asked.
What seems a little unfair is that two different appraisers can determine the current market value of a home to be different - VERY different.
When a lender hires multiple appraiser's, one appraisal can come back with one market value and another appraisal can come back with a discrepancy of $10's of thousands of dollars different. How is that possible?
To read more about this subject, CNNMoney.com wrote an article. To read the full article, please visit this Link.
Have you as a buyer or seller ran into this scenario? What was the outcome? It is vital in the current economy to use a lender that offers the best customer service possible, the best terms for you and a lender that can close when promised.
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