A big problem for those financing purchases: Appraisals are coming in below the agreed-upon prices. Thatâ€™s because they rely on historical data and trail the market.
The lower appraisals mean buyers have to ante up larger down payments, because banks wonâ€™t lend as much.
â€œMany houses are selling above the appraisals. Many buyers are learning that if they balk, they lose the house because others are willing to make up the difference out of their own pockets,â€ said Mauricio Bara, a Coldwell Banker broker and member of the Master Brokers Forum, who sells heavily in Coral Gables and its surrounding areas.
Read more here: http://www.miamiherald.com/2012/06/16/2853177_p2/return-of-t