I found out from the MERP office in our state (Michigan) that you can use a CMA from a real estate agent to submit to the MERP office in lieu of a paid appraisal from a licensed appraiser. The quotes for appraisals I received were all around $400 - crazy. The CMA from a real estate agent is free - they can't charge, because they're not licensed appraisers.
Just thought I'd toss that out here in case anyone else needs it! :-)
Did the MERP issue resolve itself yet?
Hope things are going okay for you.
Hello.
I've been in the real estate profession for decades, and I have seen my fair share of Agents who over-price the house just to get the Listing. I wonder how it works if Agent has the market value set high, but when the time comes to sell the house, and the Buyer's mortgage company hires a license Appraiser who set the value at the normal price.... who pays the difference to MERP, or is that the chance MERP takes? Just curious.