WHAT TO DO WHEN AN APPRAISAL COMES IN TOO LOW?
CONRAD saves the day!!!! We just had this happen on the "other side," my buyers home is undercontract in another state, thier purchase here in AZ is contingent and their appraisal came in lower than anyone expected! I can't help but post this awesome tidbit of info.... Thanks Conrad!
First, you need to get a copy of the appraisal. I read another blog that said the "guidelines" vary from lender to lender. That couldn't be further from the truth. Appraisers must follow USPAP. USPAP stands for the Uniform Standards of Professional Appraisal Practice. State to state and town to town appraisals all look the same.
They contain the same information. The only difference would be addresses. Appraisers must be geographically proficient. No more out of state appraisers who don't know the area.
So how can we dispute the appraisal? It has to be about the comparables used. You have to have better comps than the appraiser. If you don't then you are dead in the water usually. Vary, vary rarely do you find math mistakes. Adjustments are tough to fight.
So if you did your job in the beginning the appraiser would have had the best comps when he came to do the appraisal. Is it worth double checking the appraisal? You bet it is if only to see what the appraisal looks like.
Comments(4)