Click the play button on the video window to the right to see the storyCHANDLER, AZ -- Christa Pensworth is in escrow for the third time on her Chandler home.
“It was really a heartbreaker for both of us, because they wanted the house as much as I wanted to sell it,” said Pensworth.
When the first deal fell through Christa knew this wasn’t going to be easy.
“I’ll never forget the call that I got from my realtor. She said we’ve got a problem.”
A problem that’s coming up frequently for Valley buyers and sellers ... low appraisals.
“The appraisal came in $33,000 lower than the price that the buyers and I had agreed on,” said Pensworth.
Mark Devine is a Valley Realtor.
“It used to be kinda something you didn’t think about so much,” said Devine.
He says typically these situations don’t have happy endings. The issue is that lenders won’t pay more for the house than the appraisal price.
But there are two ways the deal can still go through.
First, if the buyer is willing to make up the difference with cash out of pocket. Second, if the seller is willing to lower the price.
“If the deal stays together, normally the seller’s gonna get less somehow, someway,” said Devine.
He says it’s happening because appraisers are making conservative estimates in order to protect themselves.
Christa says there’s one thing she would have done differently.
“I would really recommend going ahead and getting an appraisal before you go on the market.”
She says it will at least give you a starting point.
