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!
Yes i did and they didn't accept the appraisal report value, they came up with a counter offer for 40k more that the appraisal value.
Yes, you are right. I already spoke to my client and he really wants the house and her loan officer request an appraisal review in order to see if he doesn't has to put that amount from his package but, they are very difficult.
Thanks for your comment.
I had 1 like that re
cently with ASC they were one of the banks was very good now they r getting tough