Buyers in our area, and others, are now confronting a new issue in their real estate transacation - the APPRAISAL.

Having a home appraisal is NOT new, of course, and most buyers (and sellers) typically anxst over the appraisal until it is completed, since the bank will not issue a loan commitment until the underwriter has the complete file and reviews the appraisal.

Today's market, wtih declining prices in many areas, and the increasing number of short sales, foreclosures, and REOs (bank owned properties) is creating problems in many communities with appraisals which are, increasingly, coming in below the agreed-upon purchase price. Banks are tightening standards (only 3 months allowed for comparables, not 6) and appraisers themselves are being more closely scrutinized.

You may be relocating to a market very different from your current one and may find this to be more of an issue, or possibly less.

Is this a concern?

In many markets it should be. And as a prudent buyer there are things you should know, and do.

Read There's a New Source of Anxiety here.

This is just one more GOOD reason to make sure you are working with an agent in your relocation who really knows the local market and can help avoid some of these issues.

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If I can provide more information about Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by

phone or text at (760) 840-1360 or email me at JDowler@remax.net.

All content copyright © 2007 Jeff Dowler