When Boca Raton Real Estate Does Not Appraise At Purchase Price

 

Boca Raton Realtors have noticed that some home appraisals are not supporting the negotiated sales prices between buyers and sellers and contracts are falling out as a result. Even though home sales were up by 13% in February 2011 compared to February 2010 according to the Florida Association of Realtors. One of the explanations for this is the fact that distressed home sales are distorting the true median sales prices of homes in Florida and elsewhere according to the NAR and home sale prices on single family homes and condos are fluxuating depending on how many distressed properties come on the market tin a certain neighborhood at one time. Until the uneven home sale conditions correct themselves, we may continue to see more problems with home appraisals. The buyer can always obtain a second appraisal to correct the problem if they choose to do so and still want to buy the home if they think it is a good value or renegotiate the sales price with the seller. A lender will require a larger down payment on a home appraisal that cone sin lower than the market value of the home. The buyer has the choice to comply or cancel the contract if the seller is not willing to reduce the price to at least the appraised value.