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Rainmaker
4,869,072
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

we have challenged a couple of them..... we were successful....

Sep 03, 2017 05:44 PM
Ambassador
4,055,344
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Not yet, but there may come a time, will follow the advice from the others here.

Sep 03, 2017 05:49 PM
Rainmaker
2,423,878
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

You may challenge an appraisal but not interfere is my understanding

Sep 03, 2017 05:28 PM
Rainmaker
1,206,307
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Not recently but have challenged& been successful in past.

Sep 03, 2017 05:59 PM
Rainmaker
911,112
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Yes I have challenged two unsuccessfully in the last 5 years. Even with hard evidence, you're dealing with email not humans, which buffers the pressure on the committee that has a made up mind (it seems) before the challenge has been made.

Sep 04, 2017 08:50 AM
Rainmaker
557,546
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

I have never challenged one but I did have an appraisal that was so far off that we tossed it and ordered a second one.

Sep 04, 2017 06:07 AM
Rainmaker
1,487,491
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Yes, only twice, both were successful.

Sep 04, 2017 05:54 AM
Rainmaker
4,796,501
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yes, I have.  I've been successful with a few of them.  The most important aspect of a successful challenge is in finding a factual error in the appraisal and not just challenging subjective valuations.

Sep 04, 2017 05:51 AM
Rainmaker
3,049,871
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

I've challenged BPOs that were too HIGH - twice - by the same agent - and prevailed both times!

Sep 04, 2017 03:52 AM
Rainmaker
4,312,089
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

We have challenged them, and succeeded. A

Sep 03, 2017 09:59 PM
Rainmaker
382,577
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

As a company, after the inspection is over, we take off the lockbox so that the appraisers have to contact us for entrance to the home. We always meet the appraiser and show him/her comps which justify the price. We have challeneged appraisals - two which come to mind were one with acreage property in which the appraiser didn't bother to find out about the outbuildings and ponds the property contained and then changed her figures to reflect the increased value. The second was one which cost my builder husband a deal on his newly built townhome. The appraiser came in $10,000 under the asking price which was also the agreed to sales price. When I pointed out to him the errors in his appraisal (such as giving no added value for a two car garage), he refused to change anything. Within a week we had a new buyer and when the appraisal was done, the value was $4000 over asking price - a swing of $14,000 between the two. My husband made a complaint with the state appraisal board on the poor appraiser and a year later (!!!) the board found he did make errors, but there was no requirement for additional education, no "teeth" behind the complaint process at all. I wonder how many other deals that guy messed up due to his poor judgement.

Sep 03, 2017 08:13 PM
Ambassador
3,184,694
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I have been successful in the past but, lately, the appraisers are so slammed and they don't make a dime for revisions of the original appraisals, they won't even consider your input.

That said, I've had this happen at least a half-dozen times this year due to this crazy sellers' market and have successfully encouraged the buyers (wheher I was representing the seller or the buyer) to apply with another lender. Each time, the apprasial came in correctly. 

There's no use doing that unless you're certain that you're right but, then again, an appraisal is an 'opinion' and many of our appraisers think their way is the only way! LOL

Good luck, Fred!

Sep 03, 2017 07:41 PM
Ambassador
3,981,944
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I have challenged appraisals and prevailed in getting movement on price more than half the time. I provide facts and do not apply undue influence. 

Sep 03, 2017 06:57 PM
Rainmaker
5,263,739
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Nope.

Sep 03, 2017 05:44 PM
Rainmaker
1,277,712
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Yes... turns out the appraiser did the house down the street.  

Sep 04, 2017 06:30 AM
Rainmaker
1,026,912
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Just one in the past year and it was ridiculous;  same floor plan, same street, closed just a few days earlier.  Difference? The subject property my buyers were under contract for had $50,000 worth of beautiful fencing, more acreage, a gorgeous 1,200 s.f. stone patio and built in outdoor kitchen, plus an upgraded kitchen.  Somehow the value came in $25,000 LESS!!!  

Ironically, the buyer's agent for the comparable house and I had just finished a transaction together, so I called and asked if her client would share the appraisal so we could submit to the lender with our request for a review. She did and while we were successful in getting the value raised, it still did not come in at sales price but was a price with which we could work.

Sep 04, 2017 06:28 AM
Rainmaker
1,935,408
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Sure. When flawed and comps used that were not the best, get it reviewed and re-assigned. Had one with close to $50,000 difference of opinion and we are in a lower to the ground rural area price wise.

Sep 04, 2017 06:27 AM
Rainmaker
680,349
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Yes, successfully. Fortunately, it rarely happens.

Sep 04, 2017 06:16 AM
Rainmaker
3,167,274
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Sometimes ou have to realize that you can't fix stupid! Then again, it pays to call it to the attention of others!

Sep 04, 2017 06:15 AM
Rainmaker
2,973,802
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I have and in one case, was successful, in another not so much, and in a third partially successful. In the most egregious one, the buyer just switched lenders and all was well with the subsequent appraisal.

Sep 04, 2017 06:13 AM
Rainmaker
2,941,812
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

YES and yes and no. I have found the under writer has to be on board. Most recently a split entry home, in a neighborhood of all split entry homes with ample comps. The appraiser used all comps outside the neighborhood. We got a revised appraisal. On another home, located in a great area, the out of state appraiser used all inner city comps, none comparable and we still lost that battle and sale when under writer would not allow any revisions. 

Sep 04, 2017 06:02 AM
Ambassador
4,298,221
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Fred Griffin - oh yes, once we did. The lender refused so we went to another lender and it turns out to be $5K more than what buyers were paying!

 

Sep 03, 2017 11:00 PM
Rainmaker
3,977,611
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I have and the guy would not even look at it.  So, he was added to the list I give every lender that if they use the guy, I will take my client someplace else.

Sep 03, 2017 07:11 PM
Rainmaker
984,184
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

I  have 3 in the queue. The value comes out more conservative and give lenders a median value.  They expect listing prices to be higher and need to bracket to the comps.  A major company valuation division wanted to hear a 4 plex in West San Jose for <$400K. I told them it would be even higher than last one rejected. We went back and forth 6 times. I did not bulge in.  I gave them data that since 1989 all sales were way higher >500K (today $2.5M).  The division of a public co was later removed from managing assets for lenders. Top mgmt team were serving their time since they undo influenced appraisers and independent brokers to low ball by selling to others and get a cut from the net profit. A couple weeks ago Chase wanted see a different value by suggesting older data I pushed back told them all their data are 1-2 years old. I will not change any because I am correct. They backed off.  BoA used to be picky for awhile.  Not sure how they operate.

Sep 03, 2017 06:54 PM
Rainer
302,029
Melissa Jackson
Citiwide Alliance Realty - Weatherford, TX
Helping You Make The Right Move

I challenged one in the past 3 years and yes, it was changed in our favor.  The lender had more to do with the scenario than I did. 

Sep 06, 2017 08:46 PM
Rainmaker
4,019,978
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Yes, it was an appraiser from out of the area, and did not utilize the comps from the immediate neighborhood.  It was successful.

Sep 06, 2017 05:35 AM
Rainmaker
438,622
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Yes, and we were successful on one recently.

Sep 04, 2017 06:18 PM
Rainmaker
2,763,274
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Once - I had the listing. Did not represent buyer. Appraial came in low. It was truly low. Buyer asked for more time to get another appraisal.  Seller said okay. Second appraisal came in at value. Boom! 

Sep 04, 2017 11:55 AM
Rainmaker
3,065,492
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I have try and only had one reverse

 

Sep 04, 2017 11:48 AM
Rainmaker
1,210,779
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Yes, challenged one on may 6th of this year and won.  Appraiser used shitastic comps.  Out of the 6 comps, one was three years old and two were 10-12 months old.  I spent about two hours researching and pulling together data and writing a very lengthy dissertation.  I gave it to the lender who did the leg work.  I also filed a complaint against the appraiser.  Oh, did I mention I was the listing agent? 

 

Buyer's agent was completely useless (with a broker's license to boot!) who should have lost her license for how badly she represented her clients... even negotiating for them w/o ever talking to them... and that's IF she called you back at all!  She didn't even know how contracts worked!  I had many a talk with her employing broker about her...

Sep 04, 2017 09:30 AM
Rainer
222,026
Caroline Gerardo
CMG Financial - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

It's called an "Arbitration" Yes I have done this successfully. 

#1 it is better to get the information to the appraiser before or when he/she first sees the property. MEET the appraiser with comparables printed on paper and hand to them. In CA make sure water heater strapped correctly, carbon monoxide detectors and smoke are installed. Show square footage.

If you want to dispute the finished appraisal the way to do this is with facts. You need to find errors in the report- square footage of subject or comps; condition of comp at date of sale may be very different from current remodel photograph this is substantive and you need to show photo of prior condition. Certain adjustments are difficult to dispute- is an ocean white water view better than a view of the hospital parking lot and what is dollar adjustment for this... $500,000.00 or more.  Start with comps that are 100 feet larger than your subject and adjust those down rather than use smaller and adjust up. Read every detail on the report and look for mistakes. After you have your bullet point list of facts - type up and this is given to Loan Officer who in turn sends to Appraisal Management company for submission to the appraiser. The bank, Loan Officer, lender CANNOT speak with appraiser at all, ever, never - there are big fines.  However the owner or listing agent can speak with appraiser. Mind your seller if they are going to rant or whine don't allow them to call or contact the appraiser. This is not a normal negotiation. Appraiser believes his her report is perfect. your job is to convince in writing otherwise. Need hellp call me my batting average with this is excellent. 

Appraiser may charge a fee to reinspect or make changes. This fee is paid in full by lender or Loan Officer as the appraisal cost/ fee was already disclosed and can't be increased. Lender wants to make he deal and eats the fee - if lender is not skilled or doubts appraiser will change due to lack of facts they will put you off. Comps recent dates- 2-3 months and similar 

Sep 04, 2017 08:35 AM
Rainmaker
692,537
Richard Bazinet /MBA, CRS, ABR
WestUSA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Yes, I have challenged both appraisals AND the qualification and competency of appraisers to appraise certain properties. I just did challenge one recently, on the matter of the scope of the appraiser in performing an appraisal.

Sep 04, 2017 08:01 AM
Rainer
113,395
Christine Kankowski North SD and Temecula
House Match Inc - Poway, CA
Excellent Sales and Property Management

Yes, just this week as a matter of fact..

The appraiser used the offer price, not the counteroffer acepted price in his work-up. Of course, he came in at the lower price.  Comps were good enough to warrant an adjustment.

It is my firm belief that appraisers should not be privy tothe contract price and should give a range not an exact figure.

Sep 04, 2017 07:55 AM
Rainmaker
1,366,827
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Fred Griffin I've never had a client want to contest an appraisal.

Sep 04, 2017 06:40 AM
Ambassador
1,611,213
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Rarely but I have asked the lender for as econd opinion and Dood Frank hasn't affected this, if fact I believe it helps. Too much abuse in the bubble.

Sep 04, 2017 06:31 AM
Rainmaker
1,817,266
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Yes several VA appraisals

Sep 04, 2017 04:15 AM