|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!