Cherry Creek Properties
In these types of markets, buyers may need to hold back some of the down payment monies in case the appraisal does not meet the purchase price. This does not mean the that the property is overvalued but rather that the market is requiring that buyers, rather than lenders, fund the increases in market prices. In the end, this will create a much more stable real estate environment.
So FYI for future transactions!
Bill Pearson GRI, SRES |"Your Denver Realtor For Life"
ERA Herman Group Real Estate| 201 Columbine Street| Suite 301| Denver CO 80206
5280 Magazine FIVE STAR Real Estate Professional â€“ 2010, 2011, 2012
If anyone needs a good, realistic evaluation of their home - or if you're in the market - feel free to give us a call or email any time!
In Denver I am seeing less problems with low appraisals. Last week I wrote an offer on bank owned home listed at $128,000 for $155,000 that had 60 offers and a bidding war. After getting getting accepted after a 'highest and best' request, the bank countered at $156,000. The conventional appraisal came in at $156,000. I am seeing this happening all the time lately. On the other hand I wrote an offer for $175,000 for a builder's lot in Erie to have a custom home built. the appraisal came in at $150,000 and we are having real issues trying to move forward. Suburban appraisals are not coming up to value as much as Denver.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
Good Luck to you
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