Appraisal problems can create loan difficulties when selling your house. I had some clients who had found a new house they liked and needed to quickly sell their existing house. I came up with a marketing plan and quickly had two offers. I negotiated the first offer and the prospective buyers started the loan process.
My client's existing house was in a neighborhood that had houses built in the 1970's and early 1980' with newer houses built in the late 1990's. They were in one of the homes built in the late 1990's and there were not a lot of comparables. When the appraisal came in, it came in much lower than the selling price we had agreed upon. In the type of market we were experiencing we were all amazed. We were asking a fair price for their house and tried to work it out with the original buyers but the appraiser was not from our area and would not budge.
We were in a no win situation. I suggested we go back to the second offer. The second buyer was thrilled to be considered for the house. The new buyer started the loan process this time using a local appraiser. With the new buyers using a local appraiser who was familiar with this subdivision we were able to close within two weeks.