I have been a licensed Realtor for over 20 years here in the Boise area and I have never seen it this messed up before. I have had appraisals come in both high and low as the market tries to figure out where it is at.
Common sense is no longer common. Logic appears to be a detriment to getting things done sometimes. I think instead of partnering with the lenders on my marketing, I would be smarter to try to partner with the pharmaceutical companies and give out free samples, during these trying times.
Best of luck!
I just had an appraisal come in 30% low. It appraised at less than the previous sale and appraisal as a bank owned property before the seller put about $20k into it
Are you sure it was a full appraisal that was done or was it just a "Broker Price Opinion"?
I'm so sorry to hear about your situation...I have a seller short selling a Fanne Mae property as well and we have dealt with similar issues.
We had a buyer's appraisal come in at $170,000 and Fannie Mae basically said they weren't going to consider our appraisal so they decided to stick with their BPO (broker's price opinion) which was $214,000.
The only advice I can give to anyone looking to purchase short sales is that you need to know that it is not always an easy process. Sometimes you can get them closed smoothly with quick responses while other times it takes forever to get answers and the answers aren't always what you wanted to hear. My suggestion to someone that is tired of dealing with that would be to look for properties that are not in short sale. If you want or need to move in to something quickly, I'd suggest you look into homes that are bank owned or are equity sales.
Best of luck to you!