Appraisal falls short of sale price for more Bakersfield, Calif.-area homes.

Publication: Bakersfield Californian (Bakersfield, CA)

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COPYRIGHT 2004 The Bakersfield Californian

Byline: Jennifer Plotnick

Jul. 16--Some home sellers across Bakersfield are listing their houses at such high prices that when the houses sell -- often to buyers willing to pay thousands more than the asking price -- the houses won't appraise for the selling price.

Bakersfield residents Sonja and John Talamantes know just how hard it is to play the numbers game. They listed their home for sale at $145,000 -- and a buyer even agreed to pay it.

But the home only appraised for $120,000, Sonja Talamantes said.

And now they're waiting to hear if their buyer can pay their compromise price of $125,000.

Over the last three months as prices have continued to climb in Kern County, that scenario has become more common.

"We're in a market that's spiraling up so fast, it leads me to believe the market is overvalued," said Gary Crabtree of Affiliated Appraisers.

In the case of...

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