The appraisers these days are not always bringing in the values that the buyers and sellers have agreed upon. I remember years ago when in Berkeley they were having auctions to sell property. They would put out a price that was clearly to cheap to sell the home and say they would have the auction Saturday at 2 pm. Lots of people would typically show up & the auction would begin. I would watch as 15-20 people would be bidding more than the home was worth and the top bid got the deal. Try to appraise it when it sells for $200,000 more than it was worth yesterday. Better keep track of the other people who were bidding because their is your proof that the market would pay this high a price for a home in Berkeley.  Today is is a different problem in that many sales in the marketplace are fal... 03/03/2011

If you recall--and you probably don't--I have a short sale listing in Richmond. Whereas my clients paid $500,000 for this adorable bungalow, made significant improvements, invested their life savings, and this home should have been worth $550-600,000; I had to list it at a fraction of what should have been its' value:  $350,000--to no avail. A few months later, I dropped the price to $325,000--still no takers. After doing a new CMA, I dropped the price drastically to $250,000-still above the comps--as this is a special property. Amazingly enough-lots of interest-and FOUR offers. Hmmm, why? Yes, it is priced well, but there are houses selling and listed for $150,000; 100,000 and even less! Why is my listing selling for close to the list price? Because it is still-unlike almost everything... 10/07/2008