OUCH! Sorry to hear about that. Well, I have represented 3 buyers in the last 2 years where this has happened. Honestly, what went down was the seller took the hit. Back in the day, if the buyer really wanted to apartment they'd come up with the extra cost but we're not in that environment anymore. But there are other quesitons that I have for you. Were there comps for the last 9 months that supported the price that you had when listing the property? Or was this the seller's idea to price it a bit higher than it should be? If it's the latter, you do have some leverage with them to accept the appraisal price as you showed them what the comps really were. Also, were you able to get a copy of the appraisal to see what the appraiser used as comps to comp out your listing? If so, were they legitimate? If not, can you fight it?
Nick Rafello, S.V.P.
The Corcoran Group