Saginaw Street, McKees Rocks, originally uploaded by MacaDamien

Spot of bad luck in the real estate department.

Our house was appraised for 38% of the selling price that we all agreed to. Actually it wasn't even properly appraised. The buyers' lender took a look at some foreclosed properties, in the worst neighborhood in the city, and decided our house was exactly the same as those.

The appraisal process is a disaster right now, of course, so we knew this was a possibility. It's still extremely disheartening. I feel like I just got punched in the stomach by the economy.

1 comment:

The Jay said...

Feel ya. I just built a custom house for a client. 1.2M to build, appraised at $500,000. Garbage!