Industry NewsNews Brief

Low appraisals sabotage more deals

Published on Aug 26, 2009

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by CareyBot

Edward Milton Cisneros, a real estate agent at New York Living Solutions, was surprised recently to receive a panicked phone call from a family he is representing in the purchase of a Long Island City new construction condo. The buyers said the appraisal for their new home -- a two-bedroom and studio they planned to combine into one unit -- had come in far below the agreed-upon purchase price.

"I got an alarmed phone call from my buyer," Cisneros recalled. "The bank was questioning why they were paying so much."