It’s a cautionary tale as buyers and lenders grapple and adjust to rising rates and falling values.
Jacqueline Schaffer is a first-time homebuyer who bought a Cloverdale apartment in May with a 3-month closing date in early August. Her lender took an unusually long time to order an appraisal, more than 10 weeks, just as home prices were falling.Photo by Francis Georgian /PNG
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First-time homebuyer Jacqueline Schaffer bought an apartment in Cloverdale in May with a closing date in early August. But by the time her bank completed an appraisal 10 weeks later, her property was worth less than she had agreed to pay, and she only had a week to come up with the difference needed to…
