[quote=SD Realtor]There is nothing detructive about it at all and it is by no means a bait and switch attitude. It is a perfect example of the few mechanisms in place for buyers in this state where real estate is laughingly overpriced. The RPA contains contingency provisions in them for the protection of the buyer.
In every case buyers are 100% serious about buying a home when they put an offer in. Whether that home will appraise at sales price has is made on a 100% independent appraisal.
Similarly for a home to get an appraisal that is low the seller can walk away. Furthermore that appraisal is a material fact and the bottom line is that this seller should DISCLOSE that material fact to anyone who comes along in the future.
So in reality, to base a strategy of making a home purchase at the appraised value is not only very sound, but it also has nothing to do with what you come in at.
A true appraisal will reveal that these are 100% independent events.
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SDR, pardon the ignorance….
I’m not suggesting this be done, but couldn’t the appraisals be “cooked” lower? We’ve seen cases in which the appraisals in the past were “cooked” higher. What’s to prevent collusion between a buyer and appraiser to cook the home price lower?
Again, pardon the ignorance. Just wondering if the RE industry has really changed since the bubble in terms of regulation/oversight (or lack thereof). My thoughts are nothing has changed, but just checking.
