Getting home appraisal, sale price to match is getting harder
Financing a home purchase has become extremely difficult since the housing boom turned to bust. Getting an appraisal to match the price for which one’s lender has preapproved a mortgage can be more art than science.
In June, a sizable share of U.S. purchase contracts for previously owned houses, signed 45 to 60 days earlier, were canceled by buyers because of appraisal/asking-price mismatches. In a month when Realtors expected sales to rise, they dropped instead.