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Low Appraisal in Bellair, FL

We are selling our home in Bellaire FL, The street the house is located on is a dividing line for the city. Out home is on the north side of the street which is Bellair the south side of the street is Indian Rocks Beach. Our home is on the Biltmore golf course. We are in contract but the buyers bank came back with an appraisal of $30K lower than the accepted price. We have been negociating with the buyers to make up some of the difference in cash which is proving difficult. Can we get a second apparisal? Any information would be helpful!
  • August 14 2013 - Clearwater
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Answers (3)

Being on the dividing line can make a difference on an appraisal. Because the other side of the street is Belleair Bluffs or Largo the value of your house may be lower then if it was surrounded by properties in Belleair. Your Realtor is the best source to discuss options but it is really up to the buyer and the buyer's lender.

I just met a person who had a contract on a house 2 years ago. The appraisal was less than the contract price. Because it was covered on FNMA's Home Path program they could have gotten financing through that program and not worried about the appraisal. The buyer decided he wouldn't pay the price if his lender's appraisal was less.

The good news is most appraisals are now reflecting the rising market and are closer to current market value. If the appraiser was not familiar with the area you live in it could make a difference.
  • August 14 2013
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You could also request an "appraisal review". SOMETIMES, if you can prove there are better comps or that it's a poor appraisal, the lender make either accept a new appraisal or have the appraiser make adjustments. If the value is truly there....that's important....sometimes they will allow this. It depends on the lender and their guidlines.
Good luck!

Tesa Noonan, REALTOR
  • August 14 2013
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The lender will have to agree to accept a second appraisal and you would probably have to pay for it. I doubt you will get the buyers lender to agree to another one, your agent might be able to show the banks appraiser comps that would support a higher value, but you might be in a tough spot.

  • August 14 2013
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