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Westport & Fairfield CT Appraisal Trouble!
| | Wednesday, April 23, 2008 @ 11:09 AM EDT
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Contributed by: Doug Bross
Doug Bross Properties
Read more archived articles about Buying
With all the mortgage meltdown issues of late, here comes the fallout: The lenders are tougher and the appraisals have been even more difficult.
In the past 3 weeks, our office has had 4 deals on real estate in Fairfield County that the property did not appraise at the purchasing price.
So what ends up happening?
A Westport CT home had a purchase price in the 2 million range. The appraisal came in $100,000 BELOW the agreed upon price. The options are
1) Get another appraisal in hopes of a higher appraised value. If it still comes back low, then.....
2) RENEGOTIATE! The seller already feels that they are beaten down and giving their luxury house away- but realizes the same issue will come up even if they let the deal fall apart.
To see a full list of exclusive listings from our top producing westport ct realtors, or for a free MLS search of homes in Weston, Fairfield, Westport, Greenwich, or surrounding Fairfield County areas, go to www.TheRiversideRealtyGroup.com
Note: Doug Bross can be reached via phone (203) 221-2279 or online at www.DougBross.com
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