Disputing Appraisal
Posted: Fri May 05, 2023 9:24 am
by wakeboard1290
Hi guys, I'm hoping someone can help me here, I had an appraisal come in $4000 short, and of course both agents are pissed because it's so close to the purchase price. Any advice on how we can dispute the value and have the appraiser actually listen? I've never had an appraiser change their mind before.
Re: Disputing Appraisal
Posted: Fri May 05, 2023 9:41 am
by robtheknob
Following...
Re: Disputing Appraisal
Posted: Fri May 05, 2023 3:47 pm
by bypassthalamus
I’ve had my best luck asking for a “reconsideration of value” and providing something factual either incorrect or missing from report. Usually pointing things out on the comps won’t impact value, but items either not listed or incorrect on the subject property have a fairly good chance. I’ve had best luck with square footage and bathroom/bedroom counts.
Depending on your company, it may be possible to order a fresh appraisal if none of that works and the deal is in jeopardy.
Re: Disputing Appraisal
Posted: Sat May 06, 2023 9:11 am
by wakeboard1290
Thanks guys, we found that the square footage was actually short so we just submitted back to our AMC
We politely asked for a 'reconsideration of value' based on the 'higher and correct' square footage
I'll let you know how it turns out!
Re: Disputing Appraisal
Posted: Wed May 10, 2023 4:28 pm
by robtheknob
Any update?
Re: Disputing Appraisal
Posted: Mon May 22, 2023 3:56 pm
by wakeboard1290
The appraiser corrected the error and increased value to just over purchase price, thank GOODNESS
. We close in 3 weeks
