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News Story Source: https://mishtalk.com by Mish
The Wall Street Journal reports Soaring Home Prices Are Roiling Appraisals and Upending Sales
"I don't remember any time where the frequency of buyers being willing to pay so much more than the market data was this high," said Shawn Telford, chief appraiser at CoreLogic.
Jason and Talitha Brooks listed their house in Orange Park, Fla., in June at $320,000. After receiving multiple bids, the couple accepted an offer at $335,000. But the appraiser, hired by the buyer's lender, valued the home at only $305,000. The Brookses and the buyer couldn't agree on a new purchase price, and the deal fell through. "This whole appraisal process, it's just so subjective," Mr. Brooks said.
An unusually high number of homes across the country are being appraised below their agreed-upon sales prices, causing a number of deals to collapse.
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