Preaching to the choir here, but latest report says housing market still is bad.
http://www.cnbc.com/id/4686670 5">No rebound yet
broke link
Oops...my bad, thanks for the correction
I am closing on a house I am selling and one I am buying next week. The one I am selling was agreed to a price that would have made a 30% profit and the buyers were extremely happy at the price I was selling. Appraisal came back lower than the agreed price $12k. That was cash straight out of my pocket. The buyers came to me offering to pay all closing costs and bring an additional amount of cash to the table, still slightly short of the original deal, but enough to make it happen. There were plenty of good comps in my subdivision to bring the value where it needed to be, but they chose to use one short sale, one foreclosure that sold at auction, and one low straight sale. The appraisers have to get on board with these straight sales when people are qualified for the loan and willing to take it on or values will never come back. I understand their situation and the new guidelines, but they need to try a little harder to start bringing things back up when a situation merits. It all starts with one....
