Appraisal problems in the hot Sarasota real estate market

My clients closed on a gorgeous home today in Sarasota. At the time of the offer, we were competing with other buyers and bid the home up about 5% over list price. In this hot market where multiple offers are common it is possible for a home not to appraise at the sales price. This usually occurs because there are no good comparable sales in the area. My buyers were required to put a little bit more money down. Remember, an appraisal is one person's opinion of value. It can be debated and a second opinion/appraisal can be obtained.