5,583,278
we have challenged a couple of them..... we were successful....
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Andrew Mooers | 207.53...
Houlton, ME
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Nina Hollander, Broker
Charlotte, NC
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Lynnea Miller
Bend, OR
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
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Bob Crane
Stevens Point, WI
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Mary Yonkers
Erie, PA
6,393,179
Not yet, but there may come a time, will follow the advice from the others here.
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Lynnea Miller
Bend, OR
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
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Bob Crane
Stevens Point, WI
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Mary Yonkers
Erie, PA
2,781,163
You may challenge an appraisal but not interfere is my understanding
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Lynnea Miller
Bend, OR
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Debe Maxwell, CRS
Charlotte, NC
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Bob Crane
Stevens Point, WI
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Mary Yonkers
Erie, PA
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Fred Griffin Florida R...
Tallahassee, FL
1,231,853
Not recently but have challenged& been successful in past.
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Nina Hollander, Broker
Charlotte, NC
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Lynnea Miller
Bend, OR
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
1,543,634
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.
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Thomas J. Nelson, REAL...
La Jolla, CA
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Fred Griffin Florida R...
Tallahassee, FL
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Debe Maxwell, CRS
Charlotte, NC
599,274
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.
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Fred Griffin Florida R...
Tallahassee, FL
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
1,711,988
Yes, only twice, both were successful.
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Fred Griffin Florida R...
Tallahassee, FL
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
4,800,082
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.
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Fred Griffin Florida R...
Tallahassee, FL
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
3,071,489
I've challenged BPOs that were too HIGH - twice - by the same agent - and prevailed both times!
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Fred Griffin Florida R...
Tallahassee, FL
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
5,772,575
We have challenged them, and succeeded. A
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Fred Griffin Florida R...
Tallahassee, FL
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
711,852
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.
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Candice A. Donofrio
Fort Mohave, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
5,229,945
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!
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Nina Hollander, Broker
Charlotte, NC
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Lynnea Miller
Bend, OR
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Fred Griffin Florida R...
Tallahassee, FL
3,988,007
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.
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Nina Hollander, Broker
Charlotte, NC
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Lynnea Miller
Bend, OR
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Fred Griffin Florida R...
Tallahassee, FL
7,836,129
Nope.
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Lynnea Miller
Bend, OR
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Fred Griffin Florida R...
Tallahassee, FL
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Mary Yonkers
Erie, PA
2,178,553
Yes... turns out the appraiser did the house down the street.
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
1,027,602
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.
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
2,241,053
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.
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
1,052,211
Yes, successfully. Fortunately, it rarely happens.
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Fred Griffin Florida R...
Tallahassee, FL
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Candice A. Donofrio
Fort Mohave, AZ
5,216,398
Sometimes ou have to realize that you can't fix stupid! Then again, it pays to call it to the attention of others!
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
5,104,931
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.
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Fred Griffin Florida R...
Tallahassee, FL
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Debe Maxwell, CRS
Charlotte, NC
3,416,038
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.
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
4,319,419
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!
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Fred Griffin Florida R...
Tallahassee, FL
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Nina Hollander, Broker
Charlotte, NC
3,986,258
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.
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Lynnea Miller
Bend, OR
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Fred Griffin Florida R...
Tallahassee, FL
1,239,901
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.
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
321,564
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.
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Fred Griffin Florida R...
Tallahassee, FL
5,868,482
Yes, it was an appraiser from out of the area, and did not utilize the comps from the immediate neighborhood. It was successful.
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Fred Griffin Florida R...
Tallahassee, FL
472,114
Yes, and we were successful on one recently.
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Fred Griffin Florida R...
Tallahassee, FL
3,345,091
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!
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Fred Griffin Florida R...
Tallahassee, FL
4,936,605
I have try and only had one reverse
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Fred Griffin Florida R...
Tallahassee, FL
1,502,998
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...
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Fred Griffin Florida R...
Tallahassee, FL
417,221
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
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Fred Griffin Florida R...
Tallahassee, FL
716,049
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.
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Fred Griffin Florida R...
Tallahassee, FL
117,135
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.
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Fred Griffin Florida R...
Tallahassee, FL
1,466,207
Fred Griffin I've never had a client want to contest an appraisal.
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Fred Griffin Florida R...
Tallahassee, FL
1,712,676
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.
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Fred Griffin Florida R...
Tallahassee, FL
2,182,502