Q & A: My Appraisal Came in Low, Can My Realtor Help?

With the market changing over to a seller's market, the appraisers aren't always on the same page even if there are multiple offers on the property.  These are gereat tips for folks facing that challenge.

Gabe, We are the only resource a seller has as we know the market and the property better than anyone. Sometimes that even doesn't work.

Gabe - Great information for buyers and sellers to be aware of when it come to the appraisal process and knowing what the options are to turn things around!

Gabe  Sometimes the appeal process works with the help of the real estate agent who knows the market especially one like you!

Gabe,

Prices are escalating pretty quickly here and we are beginning to see some appraisal problems. Definately, your Realtor can help.

Rich

Gabe, just had one two weeks ago - appraisal was $16,000 below contract - and it was the comps used.  Luckily I had enough comps in my file (listing side) so we were able to contest.  It worked out and we should be closing soon.  Our market in FL is moving fast, and we need to be prepared. 

Gabe, This is a good question and answer. There have been times we have needed to dispute an appraisers comps. Since the guidelines have changed, sometimes our lenders use appraisers from out of the area, the comps they use are not even close to our area.  Have A Happy Easter!

Gabe - With property value increasing low appraisals are becoming more common place, thankfully 55%-60% of home buyers pay cash, so I don't have to face this too often.

Definitely a situation that having an experienced agent can help your chances of a successful closing.