What a day. Seller's beware. We do our homework, we set a price, we find a willing buyer, our willing buyer has great credit! Yippee! The bank sends an appraiser to the house and the appraisal comes back over sales price. Mr. Seller is happy his house has appraised well. Mr. Buyer is happy he's buying under appraisal. What could go wrong??? A lot can go wrong. This particular home happened to be a condo, an older unit that had been completely remodeled. An underwriter reviewed our appraisal and decided that two of our comparable properties used in the appraisal to determine value were newer than our unit and wanted to see comparables of a like age. Now please keep in mind these units are supposed to compare with our unit. Two new comparables where found they were not remodeled units so adjustments were made. These adjustments adversely affected the appraisal downward by 15%!!!! My question, would Mr. Buyer have considered buying one of these comparable units? My answer...heck no! So why is it that they can effect our value? I'll tell you why, it's our government hard at work for it's tax paying, bailing out citizens. Federal Banking regulations and new appraisal guidelines are so stiff it's causing headaches for everyone. Solution? Pay cash. Moral of the story? it is never over until it's over...don't count your chickens before they hatch...move to Canada.