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Appraisals Effect Downtown San Diego Real Estate

By in Downtown San Diego Real Estate|November 2011 with 0 Comments

Appraisals Effects Downtown San Diego Real Estate

 

Can appraisers effect home sales? This is a question that Downtown San Diego real estate professionals and buyers really did not pay too much attention to a while ago. Now, this is something that definitely is of concern. Why is this happening? Bad comps like short sales and foreclosures are some of the reasons that this has been happening.

Around 1/3 of real estate professionals have reported that appraisals have delayed their sales process. The cancellations and renegotiations to lower the sales price point is up as high at it has ever been.this figure made up of 29% of sales last year and around 10% in 2009. Short sales and foreclosures are some of the reasons that this has been happening even though appraisers are supposed to be comp-ing the nearby homes as if they werent short sales or foreclosures. So basically when an appraisal comes in at a lower than asking price the lenders can offer less financing for the home.this means that buyers and sellers usually have to come out of pocket to make up this difference.

If you are in the market for buying or selling your Downtown San Diego Condo or Downtown San Diego Loft we urge you to prepare yourself. Do your homework on the sales in Downtown San Diego, have your own appraisal done and putting protection clauses in the contract are just a couple of the ways that you can prepare yourself so this doesnt happen to you.just a few of these steps and some homework could end up saving you thousands. ')}
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