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What can I do if I disagree with the home appraisal?
We're selling our condo and got an offer for our asking price. An appraiser from another area said the value of our home was $10K less than the agreed upon offer price. We're in a city where home values are only increasing. Do we have any recourse with the appraiser and can we get it reappraised? Otherwise, what do we do?
Asked By Natalie S. | San Francisco, CA | 676 views | Selling | 1 year ago
Answer(4)
Glenda X Bozett
RELI
Have your agent review the appraisal and see which properties the appraisers chose as comparable and see if you need to order a second appraisal.
- 1 year ago
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Brian DiMaggio
Atlanta Communities
May be different in your state. Here in Georgia we would find comparable sold listings form the past 6 months, no more than 5 miles away from the subject property, and resubmit them to the appraiser. There are no guarantees unfortunately.
- 1 year ago
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Jennifer Davidheiser
The Real Estate Professionals, Inc.
Hi Natalie. It is a week since your post and I am hoping that you have resolved your issue. I can say that here in PA, it would be the buyer who would have to agree to challenge the appraisal as it is their lender and appraisal. First I look for errors in the appraisal. This is your best argument for a reevaluation of value. If buyer and seller agree to dispute, the agents can submit more appropriate comparable sales in hopes that the appraiser will reconsider. There is usually a form that needs to be completed. Best of luck with your transaction.
- 1 year ago
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Julie Yuan
eXp Realty of California Inc.
Have your agent review the appraisal and see which properties the appraisers chose as comparable and see if you need to order your own appraisal. Does the buyer have contingencies? If not, they will have to pay the purchase price anyway and cover the $10K gap. If they do have contingencies, do they have enough cash to cover the difference? Can you meet in the middle? Can the lender give them any credits? Lots of ways to deal with this. Good luck.
- 1 year ago
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