Are you seeing Appraisals come in lower than usual

Are you seeing Appraisals come in lower than usual?

I certainly know the market is soft right now and prices have been down, but it just seems that we're seeing appraisals come in even lower.

A relocation client of mine hit the date where he was going to be offered a buy-out. The cvompany had 2 appraisals done and submitted to the relocation company. While the homes could certainly qualify as comps, there were other homes that had sold higher that could also have been used.It just seems to me that there is pressure on several fronts to keep appraised prices low.

Let me also say that I understand the relo/corporation viewpoint. They do not want to be stuck with an overpriced home and have to eat the difference. We're all watching our dollars these days.

I guess the moral of the story is, that if you are a relocation client and moving to another city, be careful about your options. Don't assume that because the Smiths next door sold for $500,000 last year, that you will receieve a similar price. Check out the LATEST comps and even the LOWEST COMPS. Sometimes the best buy-out you can expect will be at the lower end of the sales price range, and maybe not even in the middle.