AFTER FOUR (4) APPRAISALS...WE'RE CLOSING TOMORROW!

It was a sunny and warm day in Fort Lauderdale, FL--like many days are in South Florida. And I had a client, the buyer. After much home searching, we found the perfect Victoria Park townhouse! We submitted the offer and the seller accepted. The contract was executed for a purchase price of $470,000...and my buyer was a solid candidate for financing (great credit score, low debt-ratio and fantastic job)...AND THEN CAME THE BANK....

AND THEN CAME THE APPRAISERS....The first one appraised the townhouse at $330,000. The bank said no, thanks and silently walked away! The next bank sent out another appraiser and the property appraised at $516,000 (within a week of the first appraisal)! We were happy...yes, it appraised. Wrong! The bank advised us that the 'appraisal was too high, based on the underwriter's recommendation. The bank suggested the appraiser 'modify' the appraisal, so it was done. The third time (after modification) the appraiser submitted an appraisal for $487,000. The second bank said, no!

Then, my client continues for another bank. From the third bank, we get a 4th appraisal for $478,000! Yes! However, now Bank No. 2 comes back into play--and decides may be they do want to lend my client money....I just say Yippee...my client is happy with the interest rate and details of the loan--I'm happy to finally close.

Tomorrow is the closing! Banks, appraisers--we can't live with them and can't live without them!