In the increasingly competitive real estate market of Denver, some potential buyers are finding frustration rather than a contract. With rising demand, dropping inventory, and an all around urge to buy in Denver, the result is bidding wars on properties and also properties selling in a matter of days before interested buyers can even view them. The local Cherry Hills movers have found that time is of the essence in the local real estate. Homeowners are receiving offers well above appraisal prices, which is then making it difficult for buyers to seek the appropriate amount of lending. Banks don’t want to loan out more than a property is blatantly appraised for.
In these scenarios, mortgage companies are requiring additional appraisals, a step that delays the contract and risks the home hitting the market again as a pending contract fizzles out. One problem with the appraisals is that the Denver market is continually fluctuating, making it difficult to obtain an appraisal that is both fair and accurate.