High-Priced Listings Battle Against Low Appraisals
OtherReal estate professionals of multimillion-dollar listings are increasingly finding the transaction more complicated by low appraisal values with properties not appraising for what the buyer and seller agreed to, The New York Times reports. “There are not enough good comps, and appraisals are coming in lower,” says Peter Grabel, a senior mortgage loan originator for the Luxury Mortgage Corp. in Stamford, Conn. Many lenders of “jumbo” mortgages above $625,500 require two appraisals on properties that are more than $2 million. If the appraised values are a big difference from one […]
