Neil Garfinkel is quoted in an article (March 28, 2008) by Sheree Curry on The Street.Com – “How To Handle Those House-Price Declines.”
An excerpt appears below:
Neil Garfinkel, a real estate lawyer with Abrams Garfinkel Margolis Bergson, says home prices were increasing so rapidly a few years ago that it was typical to see appraisal values come back at or above the contract price.
Things are different today.
“A client is selling a property [it is in contract]. The appraisal came back today and it was $40,000 less than the contract price. The house is very likely worth more than the appraised value. This is a good example of how numerous forces are working on the real estate market. This house would have appraised out one year ago. We have now moved to the other extreme in the marketplace, where the house most likely is worth more than it will be sold for — or may not be sold right now.