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Posted by notarydi/CA on 7/15/19 11:47am
was out-of-area. Not really familiar with this neighborhood. The house had "popcorn" ceilings, no central a/c, original hardwood floors (no carpet). We all thought the original sale price was high, but, there was a bidding war and she got the higher price. Then, when the first appraisal came in on target....we all thought well whoohoo, maybe these houses are worth that.
But, there must have been a contingency clause in the contract for the appraisal scenario. I just thought, how can they do that after you get an appraisal meeting sales price.
As an underwriter, years ago, we had to do desk reviews and full drive-by reviews of appraisals. We had to do 3 desk reviews a week and one drive-by out in the field once a month. Had to come up with "soft value" and "hard value". The $652,000 must be the hard value.
Anyway, good to know that you can put a contingency clause in for the appraisal. And, if I ever sell this place....this one will be good and sold before I get started on another one! And, I'll use a local realtor....not some out-of-area broker! |
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