The competition for desirable homes under $150k sales price has increased dramatically over the past several months. Multiple offers above list price are not uncommon. It is important to note that the buyer/borrower is still “protected” by the appraisal. Re-negotiations even on bank owned properties normally seem to end up setting the new purchase price equal to the appraised value. The appraisal on FHA and VA loans stays with the property for 6 months.
Also, the new national appraisal ordering system for all Conventional appraisals keeps the seller from wondering if the buyer and “his” appraiser are working together to get a lower sales price. Just some food for thought as you hopefully work to find your buyer homes in the market.
If have a home that you need to sell, whether you are upside down or not give us a call at the Phoenix Metro Group.
Amy Gerrish | www.phoenix-metro.com| 480-294-8680 | amygerrish@gmail.com
