November 22, 2011
Fighting a Botched Appraisal
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.
November 22, 2011 | Permalink
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I think the most effective strategy would be to call the appraiser and notify him or her that you'll be contacting the state appraisal board if the problems aren't fixed. Contacting the lender may not do much if it's a large bank and you're dealing with various out-of-state employees who don't know the local market and are mostly interested in protecting themselves. I am speaking from experience.
Posted by: Josh Tate | Nov 22, 2011 6:27:47 PM