

2,717,898
If I represent the Seller, I challenge it.
If I represent the Buyer, I explain that this is the greatest Appraiser in the world; he/she never makes a mistake.
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Kathleen Daniels, Prob...
San Jose, CA
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Brenda Mayette
Glenville, NY
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Debe Maxwell, CRS
Charlotte, NC
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Christine Kankowski No...
Poway, CA
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Kasey & John Boles
Boise, ID
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Nina Hollander, Broker
Charlotte, NC
5,177,792
Share the information with the appraiser, and see if you can provide additional comps.
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Peter Testa
Danbury, CT
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Nina Hollander, Broker
Charlotte, NC
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Kasey & John Boles
Boise, ID
936,418
Depends. I have seen many " downstairs finished rooms" that don't add any value. Some even reduce value because they were so poorly done by Harry Homeowner without permits and need to be removed.
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
1,113,048
Challenge it.
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Debe Maxwell, CRS
Charlotte, NC
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Kasey & John Boles
Boise, ID
613,494
Not my problem.
As a buyers agent my job is to get the lowest price for the buyer...it sure is not my job to raise the appraisal so that the buyer can pay more.
Eve
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Kasey & John Boles
Boise, ID
3,447,516
I like Fred Griffin's thoughts on this. It really depends ... every situation is different. Thankfully, I rarely have issues with appraisals.
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Fred Griffin Florida R...
Tallahassee, FL
5,558,401
Exactly what Barbara Todaro does - they typically will take only one comp but, you do have to point out the deficiencies in a VERY tactful way! They're not often willing to admit that they are wrong and especially lately - they're so busy, they don't get paid to revise so, they won't, Ginger Harper.
I recently had the buyers change lenders - 5 days later, we had a correct appraisal...AND the buyers got a better interest rate going with the different lender!
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Cheryl Dukes . . . . ....
Atlanta, GA
5,585,039
send comps that confirm the true value....or demand another appraisal be done....
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Debe Maxwell, CRS
Charlotte, NC
177,646
The problem with invoking Tidewater on a bad VA appraisal is that now you have to wait another month while a re-evaluation is done. Best to put on your negotiating hat and try to reach a deal with the buyer and seller.
6,054,959
I have had to protest thru the lender, and they will submit the paperwork.
1,546,224
As the seller's agent, I go to bat for them. Last time this happened I spent two hours pouring over each comp with a fine tooth comb, then I wrote a LONG dissertation to the lender, buyer's agent and their broker (long story there) explaining why the comps were bad. In this instance the first comp was a 3 year old sale and 200k lower than our sales price. The next two were 8 and 9 months old. I also included the comps I had provided the appraiser which he didn't bother to use. The lender actually ended up contacting the buyers and kept the deal together. The lender and I worked to file a dispute with the bank for a second appraisal. If it happened, who knows, but I hope for the buyers it did. The buyer's agent just called and wanted the price reduced and didn't even bother looking at the comps.
As a buyer's agent, I review the comps if it's low. Most sellers won't reduce the price, so it's on us to work with the listing agent to keep the escrow alive.
784,780
Check with Appraiser for their requirements on reporting square footage underground
1,758,937
Search for more arm hair to pull out. I have learned to leave my head hair alone. All too often, appraisers do not have a clue af the true value even when we share comps.
3,074,716
2,259,413
878,841
4,322,295
Ginger Harper - challenge the appraisal. You can do it few ways. As long as you are confident, you should - with appropriate comps.
544,164
1,641,729
I've filed formal challenges over the years, with legitimate comps and never have won one.
1,713,581
If that is correct then you can dispute it with the lendeer but someone has to pay for a second appraisal.
5,292,059
225,576
Check the appraisal comps to see if they have finished basements. If they don't, contact the lender and have them appeal the appraisal. Check with the lender and see if the appraised value works for the loan. If there is no problems with the value, don't do anything
554,600
I probably wouldn't waste too much time with the appraiser - he/she is busy and doesn't want to "re-do" the report.
Your market is probably just as hot as the one I'm in. If you represent the seller, you might want to suggest that the seller go back on the market. You probably could get the price. And this also puts a lot of pressure on the buyer to come up with the difference, if they really want the house.
6,766,375
3,417,456
When i come across this, and it is more often these days, i contact the appraiser direct. If they wont talk to me, i go to the loan officer and their boss with my evidence of why it is wrong and what is right
1,153,799
When you KNOW it's wrong you've got to challenge. Generally, if I see at least three comparable sales were viable and not put into use that's the telltale to bring it to question.
3,988,144
Contact the lender and ask how you can challenge it. Some appraisers dig their heels in and refuse to make changes.
5,558,757
Ask the appraiser why he did not allocate value? Then you may want to challenge it
3,986,529
I will do one myself and check and see what comps are used and if better ones could be used and then try and challange it,.
4,434,277
773,586
First - ask the appraiser why they came up with the value they did and figure out if there was just a mistake. It is often hard for an appraiser to admit they were wrong, but occassionally this is successful. Usually, however, if the lender will permit and your buyer can afford it, a seccond appraisal may have to be ordered. Sometimes this necessitates the change of lenders. Just had this happen recently.
1,466,257
Ginger Harper I like to meet the appraiser at the property so I can provide all my data and comps. If you have good comps and an analysis, the appraiser will usually use them. As far as a wrong appraisal, your only choice is to appeal it.
117,135
If represent the seller and want a higher appraisal, I do contect the appraisal and provide as much backup as possible to show why my reasoning is better. Appraisers are people too and sometimes they overlook something.
3,691,310
Contest it. I've been down this road and have contested a couple of them the last few years due to appraisers that don't know the market - they're usually from other areas. They finally did come in correct - which I knew they would.
796,639
I ask the lender to have the appraisal reviewed and explain the difference between this home and the homes that the appraiser used as comps. If all else fails if it's my listing I'll ask the buyer to come up with more money to make it work. If it's my buyer I'll ask the seller to lower the price. If neither want to take the burden I'll try to get an agreeable price and have both side meet somewhere that is acceptable to both parties.
1,269,143
5,388,691
I've been known to call the appraiser and ask. I've had appraisers change their value more than once when the question was raised politely and nicely. But keep in mind that appraisers have their own set of rules and don't need to listen to you.
921,504
Stick a fork in my forehead because I broke my own rule.
The first thing you do is get the bank out of the negotiation process.
Below grade and flood areas are never valued by appraisers. The listing agent needs to make that clear and get the commitment from the buyer to make up the difference. Now I'm not talking about $2,000 in walnut laminate, but I am talking about "Un-insureable" fitness, entertainment, kitchen facilities in such a space. As you say they do have value and the buyer must commit before their offer is accepted.
Now your option to the buyer is, 'How much do you want the house?"
2,872,471
We discuss differences of opinion with each side having back-up to the talk