Little is more irritating than a low appraisal, except for maybe a low appraisal for an FHA buyer. Because an appraisal like that will prevent another FHA buyer from purchasing that home. So it's not like it's easy for the seller to put the home back on the market if it primarily appeals to FHA buyers.
Conventional appraisals are a different story; although I have heard rumors they are headed the way as FHA, and they will eventually also receive case numbers. Sometimes I long for the good old days, you know, when you take a driver's exam, fail miserably, and just go to some other DMV the next day and take it again without a waiting period because there were no computers. But I digress.
Today we have appraisers telling us what market value is. They follow a system, with rules. When there are few comparable sales, and the appraiser doesn't know the intricacies of the neighborhood in which he is appraising, we have problems. You can read more in my personal blog about a real life situation at this link: Why Curtis Park Home Appraisals are More Difficult Today.
Certified HAFA Specialist
Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying expert for About.com, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area with an emphasis on Elk Grove. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. BRE License # 00697006.
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Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.