The Banks Are Not Taking the Appraisal's Report Value

I have been negotiating with a Bank a Foreclosure property and the buyer sent the appraisal in order to get the loan and the appraisal came up for 60k less than the sells price and i submitted the appraisal report  to the bank and they said that the investors cannot sale the property for less than 160k and the 120k offer was rejected.

What are they thinking? they don't know that the appraisal value is  who gives the price to the properties and how the buyer can buy a property for 40k more than the house value?

In this market? in this time?

It is unbelievable!

 

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Permalink Reply by Gloria Oquendo on April 5, 2011 at 4:41pm
I will do it
Permalink Reply by Gloria Oquendo on April 7, 2011 at 1:03pm

Green Card is a/or DCA expide by "DEPARTMENT OF COMMUNITY AFFAIRS" that the state of NJ gives to the home owners saying that the house is in a good and safe conditions and it is inspected by the State and not by the City. It is apply for a 3 to 6 families .

From the City you have to get the CO but from the State, they have to give you the DCA or Green Card in order to you can sell the property and be sure that there are any violations or fines  again the property.

Permalink Reply by Devaykanan Rishudeo on April 7, 2011 at 1:24pm
forgive me, but this is the 1st time I am hearing about the green card. I hope that system stays there and don't implement it in NYC. but that is good info. thanks for the explination, Gloria.

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