Quote:
Originally Posted by MODE ROGUE
Of course my friend. Happens every day. The banks will only lend, NOW, based on what THEY believe the value of the home is and not what your certified appraiser is valuing it at. In essence, they’re “forecasting” prices to drop even further despite the fact there are existing comparables that support the values and you have willing/qualified buyers prepared to make the deal happen. They (banks) are obviously protecting their best interests while making it wildly difficult for a standard real estate transaction & closing to take place.
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I wonder why the loan officer at Wells Fargo warn my friend about this practice. Why waste both parties time.