The negotiator from the bank came back to us with an inflated appraisal that was $50,000 higher than the listed price. Fortunately, my client is "hanging in there" while we submit new comparables, and collect estimates on the work required in our professional property inspection. The big question is what position the bank would be in if they allow this all-cash transaction to fail. If the property goes into foreclosure, the condo could easily sell for less than we are offering, and it would take many more months to achieve that result. Frustration for the seller, the buyer, the agents...and a loss to the bank. Meanwhile, we wait.
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