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Real Estate Appraisals

The Big Bear real estate market isn’t immune to market fluctuations and many sellers are finding themselves in an unhappy but common predicament. They may be in escrow with a qualified buyer but the financing has now fallen through because the appraisal has come in at less than the agreed upon price of the home. This has led to a high number of contract cancellations. The increase in contract cancellations or delays has been blamed on more lenders declining mortgage applications from stricter underwriting … [Read more...]

Low Appraisals – The Kiss Of Death for Your Big Bear Real Estate Deal.

I've had a few appraisals come in low the past couple weeks, and both times the buyers chose to back out of the deal. While this certainly happens from time to time, and is part of the real estate process, there are some things to keep in mind when talking about appraisals. As the video points out, appraisals are not fact. Rather, they are the opinion of one individual appraiser. While you would expect most appraisers to agree and come to the same value on a property, they don't. This is because some … [Read more...]