Quote:
Originally Posted by asianthree
We just had some friends come down to look for a home in TV..they found a great home and went to their bank for a mortgage...the mortage loan fell short of asking price by $80,000 due to the appraisal...anyone else have this issue..i know that as the build out comes near that prices are rising, but if banks will not grant the loan, I wonder if this will slow down the pre-owned sales..
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OP, when an appraisal is 80,000 short of the asking price I would seriously question if the house is well over priced. There is an over exuberance on the part of some buyers that sellers are taking advantage as TV moves toward build out. This is an example of the over exuberance.
I would advise my friend to look for a more reasonable priced house. There are plenty of them available.