Appraisal problems

Appraisal problems are a fact of life in the real estate market these days, and I just had one. My listing at 1106 N. Cordova in Burbank appraised through Wells Fargo* for $14,000 less than what it is in escrow for.  The buyer had already waived the appraisal contingency, but the sellers and I wanted her to feel good about her purchase, so we cooperated with a second appraisal with her new lender, Great Western.  This time, I met the appraiser and brought area comparables along with the final cost sheet prepared by the contractor who had done the updates.  I also sent the appraiser copies of the other offers we'd received so he could see the range the "market" was willing to pay for the house.  Sure enough, this time the appraisal came out right at the sales price.  I'm sorry the buyer had to pay for two appraisals, but I'm sure she now feels even better about the purchase of this cute home.

*Note that I'm bashing the big banks once again.  Yes, this is a common theme of this blog.