In this crazy market where overbidding is a primary buyer strategy, accepting the highest offer might not always be smooth sailing despite an enticing sales price.
One of the most common problems is an appraisal that comes in for less than the contract sales price. Let’s say you accept an offer for $800,000 and the buyer is qualified for an 80% loan. That means he is qualified for a loan of $640,000 with $160,000 down. However, if the property only appraises for $750,000 his loan amount will...