Let me tell a story of something that just happened. A friend using a VLS agent was placing an offer on a resale home listed by another VLS agent...lets say sales price was $220K..buyer offered $210..contract agreed to price was $215....contigent on obtaining financing and apraisal. Went to get financing and the buying VLS agent suggested Citizens Bank to meet closing date. Buyer decidied to go with her own bank. Gets down to 10 days prior to settlement date and the Appraisal comes in at $210K (and after the selling VLS agent had a chance to support the higher price) but now buyer balks at the contract. Selling VLS agent reviewed the appraisal and said this apprisal is no good for according to the contract the appraiser MUST be located in Sumter County Florida (not Lake). The seller would not come down in price, Buyer wanted out of the contract ....... After some back and forth, the VLS Broker (who both agents worked for)got involved and all earnest monies were eventually returned to prospective buyer.
Lesson learned is if the buyer used Citizens bank for a VLS listed reasale..I can almost guarantee you the Appraisal would have met the contract sales price!!
Last edited by 784caroline; 10-06-2010 at 03:47 PM.
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