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Posted by Jules on 7/15/19 10:24am
I am also a real estate broker. The standard contract in California has a 17 day contingency for inspections and the appraisal. In practice, the contingency for the appraisal is often 21 days or extended because difficult to get the appraisal in 17 days.
If the Buyer is using a loan, the lender orders the appraisal through an appraisal management Company. I have seen appraisals come in low because the appraiser wasn't familiar with the area. We also seem to see that the contract is given to the appraiser and that the appraiser value comes in very close to the contract price.
We are in a market transitioning to a Buyer's market. Possible that second appraiser found more recent sales the were lower. If, Buyer relies on second appraisal they must provide copy to Seller.