MADISON, Wisconsin (AP) – For Greg Lewis, the house was beautiful. Comfortable and inviting, the two-bedroom house in Milwaukee had a finished basement, a two-and-a-half-car garage, an attached apartment, and a yard.
He had his eyes on it for 42 days, only to learn that the appraisal, or the appraisal of the property, was lower than he had expected. Lewis thought it was going to be around $ 100,000 because another house on the same block sold for $ 130,000. Still, the valuation only hit $ 90,000, meaning the banks would be limited in how much they could lend him to buy the house.