Yesterday I received an e-mail informing me that we have experienced a pretty significant hiccup in the sale of our home. The appraiser informed the buyer's agent that he didn't feel he needed to do the appraisal as the comps for the area don't justify the price we are selling the house to the buyers. The item to note is that the buyers are wrapping their closing costs into the deal, raising the price they are paying for the house. Had they not done that, the appraisal probably would have been fine.
Our agent is working the problem and has a few ideas. We aren't dead in the water, this type of problem isn't unusual. Appraising is all based on opinion, not fact. As someone told me, a house is worth what someone is willing to pay for it; yet to the bank it is worth what they can sell it for should the owner default.
It's just another reason to really not enjoy the moving process.