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My home was appraised but I don't agree with the appraiser's opinion. What can I do?

  • July 17 2009 - Salem
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Answers (8)

So many home owners don't realize the Market Values will be affected by post foreclosure sales (REOs) or short sales and the Market in most areas has NOT turned back up let alone stabilized.

Unless the appraiser is from way out of the area - he/she has probably come very close to the market value - and sold comps from 6 months ago in many markets can be 25-35% higher than current values........it depends on the area of the nation and how hard it has been hit by the economic melt down.

Don't look for multiple  Realtors to do multiple CMAs until you find one that might come in around where you WANT IT TO BE -They're probably  hoping to get a listing  rather than offer the honest truth - if the current appraisal does not negatively affect the loan due to the low refinance request - let it go, and later, seek another appraisal if you can't sleep for worrying about the value. If you are staying in your home for the foreseeable future, worrying about the value is inconsequential. It's when you solidly plan to resell, you should get a local appraiser to set you straight with an honest and accurate appraisal value THEN.


The Real Estate Market is cyclical and will remain cyclical. This has just been a depressing and deep decline, after an inflationary rise into the clouds. Trouble is - then it rained. It will stabilize and then will come back up again. We need to be patient and use common sense and remain positive.

Realtor/Broker/Certified Appraiser
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  • July 20 2009
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Profile picture for agentblu15
Also, the appraisal is for re-financing purposes. The loan amount is significantly less than the appraisal amount (less than a third). Is there any harm in letting the appraisal amount stand?

You should double-check with your lender to verify what the LTV (loan to value) ratio is for your refi.  This is basically a measure of what the minimum property value has to be for you to qualify.  Chances are good that since the refi amount is so much less than the appraised value, it will still qualify-- in which case there shouldn't be a problem with just "accepting" the lower value and moving ahead with the loan.
  • July 20 2009
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Profile picture for real estate mike
If your not selling or refi let it slide, probably short slaes and foreclosure comps dragging you down. Have a local realtor prepare a cma for you and give them facts on your updates. If you're dealing with a lender you can ask for a second appraisal if the cma supports a higher value. best of luck.
  • July 18 2009
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Profile picture for Salem Customer
Thanks to everyone for your thoughts about what to do if I don't agree with the appraiser's opinion of the value of my home. I've conducted research into the values of homes in the area that have sold recently (within the last 6 months) and that are currently for sale, and that are very close to the characteristics of my home. These facts are the basis for my disagreement with the appraiser's opinion. Thanks for the advice to submit them to the appraiser; I plan to do so, and to compare them with the comparables that he used to come to his conclusions.

The lender's representative advised me that the lender will do its own evaluation of the appraiser's opinion. What happens if the lender doesn't agree with the appraiser's opinion?

Also, the appraisal is for re-financing purposes. The loan amount is significantly less than the appraisal amount (less than a third). Is there any harm in letting the appraisal amount stand?

Thanks again,
Salem Customer
  • July 18 2009
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About all you can do is raise a stink with the lender and request another appraisal, which you'll have to pay for. Even then, there's no guarantee the second appraiser will come up with a higher value. About all you can hope for is that the first appraiser missed higher comps or made some other factual error.
  • July 18 2009
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If you are not currently listed with a Realtor.  A Realtor can perform a market evealuation on your property to see if the appraisal is correct.  I would be happy to do this for you. 

Thanks Rick Maurmann

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  • July 18 2009
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The new federal system is set up especially to prevent homeowners and others from influencing an appraiser toward a higher value.  There is no appeals process.

You only option is to hire another appraiser.  If your conclusion on the value of your home is based on facts -- such as comparable sales -- give the new appraiser written information about the facts.
  • July 18 2009
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Are you selling your home, or trying to refinance it?  You could pay to have another appraiser do an appraisal, but I would suggest that you ask your trusted Real Estate Consultant to prepare a report for you first.  Appraisers use homes that have sold recently, that are comparable to your home,  to help determine the value.  The recent market activity and sold homes in your area will directly affect how much your home appraises for.  Your consultant can provide you with a report showing all of the homes comparable to your home, within a 1 mile radius, that have sold in the last 6 months.  This may help explain to you why your home appraised for what it did.  If not, then you can pursue the option of having a second appraisal. 

Warm regards,

Mel
  • July 17 2009
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