5,229,945
Yes, provide a bullet list of very specific points that support your opinion of the valuation to the lender who will then provide your information to the appraisal management company. The appraisal management company then addresses it with the appraiser.
-
Jeff Dowler, CRS
Carlsbad, CA
-
John Pusa
Glendale, CA
-
Peter Testa
Danbury, CT
-
Doug Dawes
Topsfield, MA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Mary Yonkers
Erie, PA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Bob "RealMan" Timm
Minot, ND
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Carol Williams
Wenatchee, WA
-
Michael Jacobs
Pasadena, CA
-
Bob Crane
Stevens Point, WI
4,572,117
Present facts in writing, don't voice opinions.
-
John Pusa
Glendale, CA
-
Peter Testa
Danbury, CT
-
Doug Dawes
Topsfield, MA
-
Mary Yonkers
Erie, PA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Bob "RealMan" Timm
Minot, ND
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Carol Williams
Wenatchee, WA
-
Bob Crane
Stevens Point, WI
-
Debe Maxwell, CRS
Charlotte, NC
1,052,211
You can challenge the appraisal. You typically will go back to the lender, and have them contact the appraisal management company to inform them that we are challenging the valuation.
With VA, it's a little different. Google 'Tidewater initiative' and you'll find that the VA appraiser can actually directly contact the broker and ask for supporting comps if they're having a problem with the value.
-
Peter Testa
Danbury, CT
-
Doug Dawes
Topsfield, MA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Mary Yonkers
Erie, PA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Bob Crane
Stevens Point, WI
-
Bob "RealMan" Timm
Minot, ND
-
Carol Williams
Wenatchee, WA
5,104,931
Yes, there are numerous steps one can take.
-
Kathleen Daniels, Prob...
San Jose, CA
-
Doug Dawes
Topsfield, MA
-
Greg Large
Grove City, OH
-
Diana Dahlberg
Pleasant Prairie, WI
-
Mary Yonkers
Erie, PA
-
Michael Jacobs
Pasadena, CA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Bob Crane
Stevens Point, WI
-
Bob "RealMan" Timm
Minot, ND
-
Carol Williams
Wenatchee, WA
2,220,323
Yes, present supporting documentation to proof your point.
-
Peter Testa
Danbury, CT
-
Doug Dawes
Topsfield, MA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Mary Yonkers
Erie, PA
-
Michael Jacobs
Pasadena, CA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Bob Crane
Stevens Point, WI
-
Bob "RealMan" Timm
Minot, ND
-
Anthony Acosta - ALLAT...
Atlanta, GA
2,390,595
We have an appraiser in town who feels it's his duty to keep property values down, everyone hates it when his name is drawn for an appraisal because it's always way low. You have to ask the bank to see if the underwriter will listen to arguments as to why he is low and if we could higher another appraiser. Sometimes it's yes, sometimes it's no.
-
Peter Testa
Danbury, CT
-
Doug Dawes
Topsfield, MA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Mary Yonkers
Erie, PA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Bob Crane
Stevens Point, WI
-
Anthony Acosta - ALLAT...
Atlanta, GA
3,416,038
YES of course. You need to reach out to the loan officer and can provide comps to show the value you believe. Your comps better be right though. In the same or similar area, within 20% in size, within 20 years in age and similar in condition.
-
Doug Dawes
Topsfield, MA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Mary Yonkers
Erie, PA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Bob Crane
Stevens Point, WI
-
Bob "RealMan" Timm
Minot, ND
-
Carol Williams
Wenatchee, WA
628,764
There is an appeal process
-
Doug Dawes
Topsfield, MA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Mary Yonkers
Erie, PA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Bob Crane
Stevens Point, WI
-
Bob "RealMan" Timm
Minot, ND
-
Carol Williams
Wenatchee, WA
2,178,553
Contact the lender and ask what the Challenge process is.
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Mary Yonkers
Erie, PA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Bob Crane
Stevens Point, WI
-
Bob "RealMan" Timm
Minot, ND
1,311,397
Yes, you can dispute an appraisal with better facts. At least you think they are better. The one reviewing the appraisal and your rebuttal may not agree.
If there are errors in the appraisal, that is a different story.
-
Doug Dawes
Topsfield, MA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Bob Crane
Stevens Point, WI
-
Bob "RealMan" Timm
Minot, ND
-
Carol Williams
Wenatchee, WA
6,393,154
Sure, come up with better comps and hope the appraiser is willing to take a look at them.
-
Doug Dawes
Topsfield, MA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Mary Yonkers
Erie, PA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Bob "RealMan" Timm
Minot, ND
-
Carol Williams
Wenatchee, WA
-
Bob Crane
Stevens Point, WI
969,888
yes, well covered in this thread.
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Dan & Laurie Pittsenba...
Bellingham, WA
536,943
Submit to your lender your comps or home facts. Hope they will get on board to submit to the appraisal. Sometimes the appraiser will look and agree but often times they will not.
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Dan & Laurie Pittsenba...
Bellingham, WA
108,016
Don't just provide better comps--also point why the comps the appraiser pulled are inferior to the ones you manage to come up with. You need to put together a well thought out rebuttal to a report that you think is sub-standard. It's quite difficult to get an appeal accepted and the value increased, but I have managed to pull it off a few times over the years...
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Doug Dawes
Topsfield, MA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Lyn Sims
Schaumburg, IL
-
Bob "RealMan" Timm
Minot, ND
-
Dan & Laurie Pittsenba...
Bellingham, WA
1,502,998
The one time I've had to do it, I went through the comps the out of area appraiser (that's the first "red flag" that it wouldn't appraise) used and they were horrific! 3 year old sales, stuff way outside of the area. No Bueno!!!! I explained that to the buyer's agent (who didn't give a rat's bottom) and went around her directly to the lender (who actually cared). The lender was apalled at the comps used. I provided my own and she disputed the appraisal. If it wasn't for the lender, the deal would never have closed. I had words with the agent's manager (not the last time that happened that deal).
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Mary Yonkers
Erie, PA
1,844,271
yes, I have done many successful appraisal disputes with lenders. It is getting harder & harder to do with the underwriters though. You have to basically prove the appraiser incompetant based on his comps & then add yours. Still no guarantee that it will get over-ridden.
You might get the appraisal changed but the underwriter has to agree to it also.
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Mary Yonkers
Erie, PA
-
Michael Jacobs
Pasadena, CA
5,583,278
this happened once or twice within the past year.... we request another appraiser who knows the area.... different areas of town have a different value....that's why one needs an appraiser who is familiar with the area....we requested another and got it...and closed...
-
Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Michael Jacobs
Pasadena, CA
-
Lyn Sims
Schaumburg, IL
469,510
Finding comps to support a higher number has been my best approach. Also, if there was mutiple offers make sure the appraiser knows how many and how many of them were over asking price.
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
5,772,575
Michael Jacobs said it perfectly. A
-
Doug Dawes
Topsfield, MA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Dan & Laurie Pittsenba...
Bellingham, WA
1,076,551
It depends - is there mortgage financing involved? If so, the answer is no, as an agent or client there's nothing you can do, except ask the lender to take action.
As odd as it seems, the lender is the client for the appraiser when financing is involved, so any disputes have to come from a lender. If there's ample evidence a value should be improved, a good lender will ask the agent for supporting evidence, and put together a case.
We just had to do this in a case where an appraiser lowballed us on a rent schedule - we gathered comps, put together a case, argued through the dispute process, and in the end, the appraiser increased the rental forecasts
Has to go through a lender, but the agent and clients can certainly help by providing supporting evidence that the value should be adjusted
-
John Meussner
Fair Oaks, CA
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
4,160,362
Andrew Cooper present proof documents different than the appraisal.
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
417,221
Best practice is for listing agent to hand the appraiser comparables, square footage, and accurate legal details before they write it up. after they wrote up the the full 29 page appraisal it is more difficult. You must have written facts that can refute the error. For example there is additional square footage with permits that they made a mistake
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
1,543,634
Yep, dispute it.
I've done it several times, but it's like getting an NFL referee to over turn his call...just ask the Saints.
-
Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
921,504
Dispute an appraisal? Of course. Each local has published procedures based on the lender and/or program.
However, any agent worth a bag of beans will know how the house will appraise. After all, you need not work at JPL to find comparable sales and apply elementary math.
Let's say the agent has reason to believe the appraisal will not support the list or negotiated price. This is when the listing agent earns their keep. Most agents subscribe to the 'price beat down' method of selling a house. These agent are not worth a bag of beans.
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
7,836,129
Yes. Your trusted local mortgage loan officer will help you with the process.
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
1,231,853
Many good answers that explain how to appeal a low appraisal.
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
1,196,798
You are able to challenge the appraisal but be ready to support your reasons with evidence
-
Debe Maxwell, CRS
Charlotte, NC
-
John Pusa
Glendale, CA
-
Doug Dawes
Topsfield, MA
679,404
Provide comparables that are recent that he/she may have missed.
-
John Pusa
Glendale, CA
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
1,197,072
Google and read further, it’s a tough row to hoe.
-
Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
2,241,022
Study the appraisal and see where it is flawed... but did you suggest comps to help he or she do their valuation job? I have had a property come in $45,000 out of whack low and the bank agreed to allow another appraisal if sellers dug into their pocket to pay for it. It was worth a $45,000 difference in value. Depends on your lender and if you continue to have low ball values, use a lending that does not have that appraiser in the stable. The bank mortgage lender will figure it out. Go around your problem.
-
Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
5,049,033
Yeo and you have the answers right here...better than Google!!
-
Debe Maxwell, CRS
Charlotte, NC
758,035
My best advice is to go to the appraisal.
-
Debe Maxwell, CRS
Charlotte, NC
716,049
Yes, there is a process for which you may challenge and appraisal.
Make sure you got your ducks in a row and did your homework.
-
Debe Maxwell, CRS
Charlotte, NC
900,128
Provide better or more pertinent comps with appropriate explanations. Actually, I do that BEFORE the appraisal - provide info to the appraisers who generally quite appreciate it.
-
Debe Maxwell, CRS
Charlotte, NC
3,345,091
2,781,163
The squeaky wheel still gets the oil....
-
Debe Maxwell, CRS
Charlotte, NC
1,712,676
I have challenged them with the lender but rarely does this happen in our market.
-
Debe Maxwell, CRS
Charlotte, NC
4,800,082
Yes. To contest the appraisal look it over very carefully and try and find an objective mistake, not one that is subjective.
If the appraisal really is low, there will be mistakes.
-
Doug Dawes
Topsfield, MA
5,868,482
3,986,258
You can try to find better comps but very very few will change their findings
5,216,398
4,936,605