Paul's Appraisal Blog

What do you do it you have a poor appraisal?
January 20th, 2014 5:06 PM
It happens. Appraisers aren't perfect and there is no such thing as a perfect appraisal. So what do you do when the appraisal comes back and it appears to be incorrect? What you need to do is point out specific details to bring to the appraiser's attention. First, is the property not accurately described? Are there features and upgrades that are not reported? Second, are there other comparable sales that better represent the value of your property? Remember, the industry accepted guidelines for comparable sales are sales that are no older than 6 months old, within one mile of your property, and within 15% to 20% of your property's living area. You also want sales that are similar in age and lot size and view. You find a lot of information on www.Redfin.com or www.Trulia.com. Once you have your specific information, have your loan officer file an appeal. As I said, appraisers are human so it's hard to know what they will do. I personally have revised a few reports after the additional information was presented, but not all appraisers are willing to admit they may have made a mistake. If you have any questions, feel free to contact me. Thanks for reading!

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Posted by Paul McEwen on January 20th, 2014 5:06 PMPost a Comment

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