Falling appraisals creating drama
April 29, 2008 04:52PM By Mary Duan
Marcello Agostini of Fortune International
From the April issue: Lucas Lechuga has a client with a serious decision to make. After three separate appraisals, she's still facing a $50,000 gap between the appraised value and the actual price of the new downtown Miami condo she's under contract to buy. Lechuga, a condo specialist with the Keller Williams real estate firm, has advised her to either show up to the closing with the $50,000 or be prepared to forfeit her deposit and walk away from the deal altogether. The developer, who Lechuga didn't name, resolutely refuses to budge on the price. But his client's story is becoming more familiar. more
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