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

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Real Estate Agent with Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales 3090099

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

Appraiser

Assuming that your purchase is in line with the market value of homes in the area, yes, an experienced Realtor could possibly help.  

The first step is to take a good close look at the appraisal and check to see if the comparable properties used by the appraiser are good choices compared to any other possible comps for the area.  

Next, check that the appraiser used reasonable adjustments and had the correct facts about the comparable properties.  

If either better comparables are available or if their are any erors in the comparable property facts, this can give a valid reason to contest the appraisal.  The lender can order a new appraisal or possibly the appraiser may revise his original value.

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Topic:
Home Buying
Location:
Florida Martin County
Groups:
All Things Florida
The Lounge at Active Rain
Advice for Buyers
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Tags:
realtor
appraisal
low

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Ambassador
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Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

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.

Mar 28, 2013 10:13 AM #1
Ambassador
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

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.

Mar 28, 2013 10:13 AM #2
Rainmaker
1,120,544
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com
Coldwell Banker, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

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!

Mar 28, 2013 10:21 AM #3
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

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

Mar 28, 2013 11:01 AM #4
Ambassador
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Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

Gabe,

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

Rich

Mar 28, 2013 01:46 PM #5
Rainmaker
289,867
Ellie Penaranda
239.776.5077 Downing-Frye Realty - Naples, FL
Naples Florida Real Estate - Waterfront & Beach Co

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. 

Mar 28, 2013 01:57 PM #6
Rainmaker
650,335
Bobbie Smith
Stroudsburg, PA
570-242-1891

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!

Mar 28, 2013 09:09 PM #7
Rainmaker
1,333,848
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

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.

Mar 29, 2013 01:08 AM #8
Rainmaker
622,611
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

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

Mar 29, 2013 03:18 AM #9
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks for your comments, always appreciated.

Nov 18, 2015 04:22 AM #10
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Belinda, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:46 AM #11
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Debbie, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:46 AM #12
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Laura, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:46 AM #13
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Hannah, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:47 AM #14
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Richard, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:47 AM #15
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Ellie, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:47 AM #16
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Bobbie, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:47 AM #17
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Michelle, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:47 AM #18
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Morgan, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:47 AM #19
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Gabe Sanders

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