Anyone else having trouble getting properties to appraise?

Question

I've had two (of two) sales fail in recent months because properties would not appraise at the contract price. In one case my buyer's house wouldn't appraise, so she couldn't buy my house. In the second case a house I'm selling appraised at $10,000 below the contract price of $190,000. Both appraisals seemed unreasonably low, not only because there was a willing buyer in each case, but because other comparable houses had sold at the same price per square foot. Are there timid lenders elsewhere with bad memories of 2008 squashing sales with abandon? Don't they allow room for prices to increase over time? It seems like the only ones making money are the inspectors and appraisers!

Dan Bryskin · Answer

@Kay March, we sold one of our rehabs recently for $210k and it appraised at $205k .... Biggest problem we had - down the block was a new construction, similar size, sold couple weeks prior to ours at 190k. But we never leave appraisals to chance. We always send appraiser CMA with our comps, detail property features and what not.  We have also challenged appraisals / order another one in the past ...  What also helps an appraisal is a multiple offer situation, so we always trying to get multiple offers if we know we may have a challenge with the appraisal.