We Close on 765 Monticello in Allen Despite a Terrible First Appraisal

Appraisers can drive agents crazy. After all the work the buyers, sellers, lender, title company, and everyone associated with the transaction puts in, an appraiser comes in and kills the deal with a poor appraisal. All agents have their own horror stories, just like this.

We just closed on 765 Monticello in Allen. It was priced at $399K and went under contract quickly. In fact, we could have sold the home several times at this price but the first appraiser apparently thought the home was overpriced, and by a lot. You KNOW it’s a bad appraisal when even the buyer is willing to bring in another appraisal to get a higher price which means they’ll pay more for the home.

So a second lender was brought in. The second lender ordered another appraisal from a different appraiser, and not surprisingly, it came in very close to the contract price. We closed the sale but the poor appraisal caused unnecessary heartburn to our seller, the buyer, the buyer agent, and Sean Elliott, our listing agent.

Is it any wonder agents resent appraisers having so much power on a transaction? Sorry, I’m venting.