In a lot of cases, the lender depends on an appraisal for "market value" and will not budge from that value. As we know, appraisals are not an exact science and in some cases are just not correct, or even close. The bank does have their "guidelines" and unless you can get to someone who can make a decision, the file just sits on someones desk. That has been my experience with short sales or pre-foreclosures. I find that the more knowledgable I am and persistent, the better my results in getting to someone who can make a decision to either get a new appraisal or has the authority to make a change in value.
Pam Jernigan, Realtor
Keller Williams Realty