Comp sales out of whack

Re: 'Out-of-town appraiser draws ire' (July 7)

Dear Editor:

Realtors of the San Francisco Bay Area, such as myself, are experiencing similar problems with out-of-area appraisers. I recently sold a very nice remodeled home in Union City that bordered on the adjacent city of Hayward. It sold with multiple offers at $285,000.

The first appraiser used a "radius" approach and pulled closed sales from Hayward, which has much-lower-priced homes, and he refused to remove them from his comparables. Buyers ended up changing lenders and the second appraiser came in at $280,000. We closed!

What can be done about this outrageous scenario that we are experiencing on a daily basis? It appears that banks really don't want to give loans right now and are doing everything they can to "kill" the deals.

Madeline Walker
J. Rockcliff Realtors
Livermore, Calif.

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