Unexpected Appraisal Shortfall

Frankly, it is rare in the areas with great schools. But it happened to one of my buyers in Los Altos this week! A brand-new construction home just didn't appraise, not even near price. It just goes to remind everybody, that even a new house, with two recent close comps will not guarantee the value to be the same in the eyes of the appraiser. Be prepared!