Tuesday, November 22, 2011
If a low appraisal threatens to scupper your real estate deal, what can you do? Among other strategies, the L.A. Times recommends:
After the appraisal is completed, always ask for a copy to review — it's your right under federal law. If the value comes in low, check everything in the report, including the selection of comps and the accuracy of property measurements. If you find serious mistakes and the appraiser refuses to make corrections, appeal directly to the lender. Most have procedures to follow regarding "reconsiderations of value." Ask for a second valuation by a locally competent appraiser, even if that costs you more money.