Low appraisals sabotage more deals

From TheRealDeal.com

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."