14 months?  It's been quite some time since that has been an issue.  Good luck.

If you've got better comps and supporting data, definitely a good idea to do a rebuttal, but make sure there are comps that are more recent and better (or an appraiser will just come back saying they went back that far to find a decent comp)

Was it a local appraiser?  Do you know if the order was through an AMC?  That also plays a role a lot of times, unfortunately.

Our appraisals are 1 mile radius, no older than 6 months and need to be within 200 sqft. +- typically. If the appraiser violates that, I contest the appraisal with proper comps. However, the issue is never a surprise as my comps tell me what the appraisal will likely be before an offer has been written or received.

Hate when that happens. Appraisals are so subjective yet they are seldom changed once they are submitted. Maybe they were factoring in higher interest prices driving prices down in the future but that 14 month old comp should not be weighed in. 

We haven't had that issue for awhile.

Only one last year.  Low by $10K.  

Not in a year, and then it was an idiot who used a 3 year old comp!

Only problem here is when the buyer clearly offers well over asking price in order to get the home in this fast paced sellers market.  Just had this happen this last week.  I told my sellers my list price was pretty spot on based on my comps, so don't expect the appraiser to come in at the buyers full offer price.

Yes and not sure why when there are good comps, they just choose the worst of them, out of area, different condtion etc

14 months?   Challenge it!

Not really Christine Kankowski North SD and Temecula 

I found that usually buyers who are using non local lenders are the one who are getting low appraisal.  I think that's because the lender doesn't know the market.  An agent once told me that a certain lender intentionally make it hard for the appraiser.  The appraiser called her and apologized and told her his situation. 

Sometimes they need help with comps.

Naww, it's just getting rolling for the spring. Happens every year just like the sun rises in the east ....

Good luck with your appeal.

no problems with that in our area....

Yes and I have discovered that they will only allow us to present ONE comparable that should be substituted for one that they used. It's a PITA and the rebuttals are often ignored.

We've had to go to having the buyers use another lender and that has been successful 100% of the time. Good luck, Christine!

Not so far

Nope.

But 14 months comp sound like overkill. 

Not recently 

Christine Kankowski North SD and Temecula - none so far!

In central florida 25% of appraisals are short...a too common occurance.

• Our market has rebounded very quickly
• Properties are appreciating fast
• Inventory is tight

Eve

It's been quite some time since we've had any come in low. One file took 3 different appraisers as the first 2 were way off and didn't know the property or the area.

Have not heard that.  A

Knock on wood, only had one of those in the past couple of years.... but that was a home I told the listing agent up-front would never appraise and that if it didn't he'd have to renegotiate the sale price down to appraised value. It didn't appraise and as he was also the owner, he took the contract price down to the appraised value which was exactly what I told him the house was worth when we made an offer.

We see a few; however, they have improved.

Having been out of the industry for a while, I've wondered how appraisers are dealing with current market conditions and the ever increasing prices. I know they are always using closed transactions as comps.  Isn't that what the banks want and demand?  14 months, though???  That's not going to work.

I have not yet this year, but expect to, we are seeing buyers offering WAY over list price just to secure a deal.

Not seeing any major issues in my area. 

So far so good..not one low yet and it's been 16-18 months!

had a couple late last year, so far so good in 2018

If sellers allow banks to be the negotiator, they forfeit advantage to the buyer.

Agents should know what the appraisal will be.  If price can be validated via comps, make those comps available to the appraiser. They rarely reject (never) the opportunity to make their lives easier.   And appraisers emerging from the POOL really do want an easy process.

If the agent and seller KNOW the property won't comp, special provisions need to be in place. Allowing the lender to negotiate the deal means someone isn't on their game.

Not in a long time.

No.

Not yet this year...

Not as of late, but I now a few appraisers that are no longer working

I had one a couple of months ago. The buyer changed financing and the first appraisal came in fine. The second for the other financing came in $2000 low. The appraiser wouldn't budge.

What we tend to forget or ignore or not even know that who ever hires the appraiser gives them their instructions. Go conservative is their orders