How to contest an appraisal and win...Your Choice of Realtor Matters
I am by no means an expert at contesting appraisals, but here's what I did in the instance when an Arizona appraisal came in below contract for a buyers FHA loan:
1. I read the entire appraisal and noted that all comps appraiser chose were "closed" sales...upon digging deeper,
I realized the last comp used has not "closed" and in fact is still "active".
2. I researched each comp the appraiser used and found the appraiser went over 1 mile to get a comp
and argued that there is sufficient comps within 1 mile of subject property that are similar in size, age
and have closed escrow within last 90 days.
3. I looked at all adjustments very closelyI pointed out that the a $5000 adjustment was given to subject property
when the comp was nearly all original with the exception of newer flooring...subject property has new windows,
flooring, custom cabinetry, new a/c, new bathrooms, granite countertops, water heater etc...the cost alone on these
upgrades is far greater than the $5000 adjustment...I flat out thought the appraiser choosing this comp was a bad choice.
4. I wrote a detailed message to lender as to why I was contesting the appraisal, justification for each specific comp I questioned
and provided comps that I had used to determine a marketing price for the subject home for sale.The timeframe for this was
very quick, in fact, I was not expecting a response for several days at minimum, but I had made notice that I was contesting the value on
Friday at end of business and Tuesday morning I am writing this post telling you that the appraisal value was reconsidered and changed to
meet at least the sales price.Who you choose to represent you in purchase or sale of residential real estate makes all the difference...I promise you the same service when you buy or sell confidently with me!
Andrew Texidor Solutions Real Estate Realtor 602-909-9414 http:www.HeroesHomeSolutions.com