By Michele Lerner SPECIAL TO THE WASHINGTON TIMES Shares
"If the appraisal comes in below the contract price, the buyer can void the contract, the seller can reduce the price, the buyer can bring cash to make up the difference between the loan amount and the contract price, or the buyer and seller will have to meet somewhere in the middle and renegotiate the contract," Ms. Hutchison said.
"This is an example of a buyer being caught short by an appraiser from an area who does not know our current local market," Ms. Hutchison said. "I can understand that in Fredericksburg a land adjustment would be made only on an acre or more, but certainly not inside the Beltway. I've seen appraisers come from Delaware, Pennsylvania and remote areas of Virginia and even from Florida who do not know our market."