1. When measured, the house had smaller square footage than originally thought.
2. House is unusual, and it's hard to find enough comparable sales.
3. Nothing has sold in the neighborhood in the past 6 months to a year.
4. The house is in poor condition or needs repairs, decreasing value.
But what it boils down to is.....the purchase price is over market value (at least according to that particular appraiser) at this time.
I'm so sorry for your trouble! I don't know if you are the buyer or seller, but either way it's not a good thing to happen.
Take care, and good luck!
Coldwell Banker Harris McHaney & Faucette
the necessary comps, either because nothing has sold recently, or too many of the sold properties
were foreclosures, sometimes the appraisers are not particularly familiar with the particular location.
So yes it can happen...... If and when you see the appraisal report and the properties compared to
it may make more sense....
It could also be that the property initially was listed to high..... not sure if you are a Realtor, buyer or seller, but yes it can happen, has happened and in today's market more often than before.
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)