4 ms·

I could be wrong, I am by no means well versed in this, but I think they are limited by appraisals and inspections. If the house gets appraised significantly le

I could be wrong, I am by no means well versed in this, but I think they are limited by appraisals and inspections. If the house gets appraised significantly less than the offer, I believe that the buyer can leave their offer, effectively wasting two weeks of the seller's time. The goal then is to get a cash offer that goes through an expedited process where an appraisal is not needed. In addition, for all of the sellers that believe we are in some degree of a bubble, they want to hurry to sell before it pops/deflates.

shanecleveland 6y ago
I believe this is correct. And even if the buyer is willing to pay the price, the bank may not be willing to offer the mortgage over the appraisal amount. Cash is king, but not all offers for the same price are equal, such as VA loans with requirements and such. Pre-2008 crash, lenders could pick their appraiser and it was easier for them to have the appraisal match up with the asking price. The lender was likely selling off the loan, anyway. Appraisals are now assigned to a pool. Doesn't mean there are not any shenanigans though. They all still know each other.