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Is it possible to contest an appraisal?

Our second floor condo appraised at $200,000 less than the 3rd floor with the exact same floor plan.  Is there a way to change appraisal companies or contest the appraisal.  The condo is in Cambridge MA and the refi company is Money Store.  Thanks!!
  • May 13 2009 - Cambridgeport
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Answers (4)

Dear Noranoah,
There are three things you can do , first geta copy of the appraisal and have your realtor,lender ,husband etc look at it
2nd get another appraisal that you would have to pay for .
3 rd go to another lender.
I have been in this situation many times since I am a Realtor for 23 years. Sometimes you might have to do all three. Hopefuly you have not given any money to them so far. Usually they can tell before the appriaser comes out what the value range will be.  Good luck
  I don't trust any lenders today  please read between the lines
    sincerely yours,
  Don Yosef Marcus GRI,ABR,CCREC,SRES
    Century 21 MB
    Chicago&Northbrook
    DonYo770@aol.com
  • May 16 2009
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Profile picture for SoCal Engr
The best way to challenge an appraisal is to get the actual appraisal and review how the valuation was obtained (i.e., what comps were used, how the appraiser assessed your property, etc.).

If you paid for the appraisal, you typically have a short time window (30-60 days) to ask for a copy. If you read your paperwork, there is usually an address that you need to send the request to. I was fortunate - my broker gave me a copy with just a verbal/email request.

When you say the same floor plan on the 3rd floor appraised for $200K more, how do you know this? Did you see the appraisal, or is that what it sold for? Also, appraisals have a somewhat limited shelf-life, even more so in today's market. How long ago was the value determined for the 3rd floor condo?

These are all items that should be addressed, both in the appraisal of your condo and in any appeal of the valuation you may decide to make.
  • May 13 2009
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We are going to see many more posts like this soon. Noranoah, were you just given the figures or do you have a copy of the appraisal? If you have a copy, how many comps are in  the same building? BTW, what did the 3rd floor condo sell for?
  • May 13 2009
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I would say that is a huge difference.  The only ones that can answer that is the money store.  They are the ones lending the money so if they don't want to reconsider the value no one can make them.  Not what you want to hear but it is the truth.
  • May 13 2009
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