Andrew Cooper (Other)

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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Yes, provide a bullet list of very specific points that support your opinion of the valuation to the lender who will then provide your information to the appraisal management company. The appraisal management company then addresses it with the appraiser.

Feb 28, 2019 10:59 AM
Rainmaker
3,216,080
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Present facts in writing, don't voice opinions.  

Feb 28, 2019 10:47 AM
Rainmaker
673,977
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

You can challenge the appraisal. You typically will go back to the lender, and have them contact the appraisal management company to inform them that we are challenging the valuation.

With VA, it's a little different. Google 'Tidewater initiative' and you'll find that the VA appraiser can actually directly contact the broker and ask for supporting comps if they're having a problem with the value.

Feb 28, 2019 11:40 AM
Rainmaker
2,940,596
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Yes, there are numerous steps one can take.

Feb 28, 2019 11:33 AM
Rainmaker
998,238
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Yes, present supporting documentation to proof your point. 

Feb 28, 2019 12:26 PM
Rainmaker
1,553,591
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

We have an appraiser in town who feels it's his duty to keep property values down, everyone hates it when his name is drawn for an appraisal because it's always way low. You have to ask the bank to see if the underwriter will listen to arguments as to why he is low and if we could higher another appraiser. Sometimes it's yes, sometimes it's no.

Feb 28, 2019 11:57 AM
Rainmaker
2,926,756
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

YES of course.  You need to reach out to the loan officer and can provide comps to show the value you believe. Your comps better be right though. In the same or similar area, within 20% in size, within 20 years in age and similar in condition. 

Feb 28, 2019 11:26 AM
Rainmaker
271,884
Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

There is an appeal process

Feb 28, 2019 11:21 AM
Rainmaker
1,265,961
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

Contact the lender and ask what the Challenge process is.

Feb 28, 2019 12:13 PM
Rainmaker
642,771
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Yes, you can dispute an appraisal with better facts. At least you think they are better. The one reviewing the appraisal and your rebuttal may not agree.

If there are errors in the appraisal, that is a different story.

Feb 28, 2019 11:19 AM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Sure, come up with better comps and hope the appraiser is willing to take a look at them.

Feb 28, 2019 10:43 AM
Ambassador
904,262
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

yes, well covered in this thread. 

Feb 28, 2019 01:30 PM
Rainer
405,793
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

Submit to your lender your comps or home facts.  Hope they will get on board to submit to the appraisal.   Sometimes the appraiser will look and agree but often times they will not.

Feb 28, 2019 01:23 PM
Rainmaker
95,209
Scott Lawson
America's Home loans - Santa Rosa, Petaluma Mortgage Broker - Santa Rosa, CA
Mortgage Broker FHA, VA, refinance or purchase

Don't just provide better comps--also point why the comps the appraiser pulled are inferior to the ones you manage to come up with. You need to put together a well thought out rebuttal to a report that you think is sub-standard. It's quite difficult to get an appeal accepted and the value increased, but I have managed to pull it off a few times over the years...

Feb 28, 2019 12:53 PM
Rainmaker
1,204,273
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

The one time I've had to do it, I went through the comps the out of area appraiser (that's the first "red flag" that it wouldn't appraise) used and they were horrific!  3 year old sales, stuff way outside of the area.  No Bueno!!!!  I explained that to the buyer's agent (who didn't give a rat's bottom) and went around her directly to the lender (who actually cared).  The lender was apalled at the comps used.  I provided my own and she disputed the appraisal.  If it wasn't for the lender, the deal would never have closed.  I had words with the agent's manager (not the last time that happened that deal).

Feb 28, 2019 02:35 PM
Rainmaker
1,497,010
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

yes, I have done many successful appraisal disputes with lenders. It is getting harder & harder to do with the underwriters though. You have to basically prove the appraiser incompetant based on his comps & then add yours. Still no guarantee that it will get over-ridden.

You might get the appraisal changed but the underwriter has to agree to it also. 

Feb 28, 2019 02:03 PM
Rainmaker
4,834,203
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

this happened once or twice within the past year.... we request another appraiser who knows the area.... different areas of town have a different value....that's why one needs an appraiser who is familiar with the area....we requested another and got it...and closed...

Feb 28, 2019 01:54 PM
Rainmaker
387,135
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

Finding comps to support a higher number has been my best approach. Also, if there was mutiple offers make sure the appraiser knows how many and how many of them were over asking price.

Feb 28, 2019 01:45 PM
Rainmaker
4,278,893
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Michael Jacobs said it perfectly.  A

Feb 28, 2019 01:42 PM
Ambassador
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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

It depends - is there mortgage financing involved?  If so, the answer is no, as an agent or client there's nothing you can do, except ask the lender to take action.

As odd as it seems, the lender is the client for the appraiser when financing is involved, so any disputes have to come from a lender.  If there's ample evidence a value should be improved, a good lender will ask the agent for supporting evidence, and put together a case.

 

We just had to do this in a case where an appraiser lowballed us on a rent schedule - we gathered comps, put together a case, argued through the dispute process, and in the end, the appraiser increased the rental forecasts

 

Has to go through a lender, but the agent and clients can certainly help by providing supporting evidence that the value should be adjusted

Feb 28, 2019 04:24 PM
Rainmaker
2,683,935
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Andrew Cooper present proof documents different than the appraisal.

Feb 28, 2019 05:16 PM
Rainer
219,246
Caroline Gerardo
CMG Financial - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Best practice is for listing agent to hand the appraiser comparables, square footage, and accurate legal details before they write it up. after they wrote up the the full 29 page appraisal it is more difficult. You must have written facts that can refute the error. For example there is additional square footage with permits that they made a mistake

Feb 28, 2019 05:03 PM
Rainmaker
904,296
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Yep, dispute it.

I've done it several times, but it's like getting an NFL referee to over turn his call...just ask the Saints.

Feb 28, 2019 04:23 PM
Rainmaker
737,811
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Dispute an appraisal? Of course. Each local has published procedures based on the lender and/or program.

However, any agent worth a bag of beans will know how the house will appraise. After all, you need not work at JPL to find comparable sales and apply elementary math.

Let's say the agent has reason to believe the appraisal will not support the list or negotiated price. This is when the listing agent earns their keep. Most agents subscribe to the 'price beat down' method of selling a house. These agent are not worth a bag of beans.

Feb 28, 2019 03:55 PM
Rainmaker
5,223,237
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Yes. Your trusted local mortgage loan officer will help you with the process.

Feb 28, 2019 03:40 PM
Rainmaker
1,203,987
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Many good answers that explain how to appeal a low appraisal.

Feb 28, 2019 03:05 PM
Rainmaker
721,209
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

You are able to challenge the appraisal but be ready to support your reasons with evidence

Mar 01, 2019 07:40 AM
Rainmaker
436,349
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Provide comparables that are recent that he/she may have missed.

Feb 28, 2019 08:23 PM
Rainmaker
546,674
Peter Mohylsky, SoWal Is HOME.
Gulf Place @ 30A - Santa Rosa Beach, FL
Let me help you find your path to the beach.

Google and read further,  it’s a tough row to hoe.

Mar 01, 2019 04:53 AM
Rainmaker
1,931,771
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Study the appraisal and see where it is flawed... but did you suggest comps to help he or she do their valuation job? I have had a property come in $45,000 out of whack low and the bank agreed to allow another appraisal if sellers dug into their pocket to pay for it. It was worth a $45,000 difference in value. Depends on your lender and if you continue to have low ball values, use a lending that does not have that appraiser in the stable. The bank mortgage lender will figure it out. Go around your problem. 

Mar 01, 2019 04:26 AM
Ambassador
3,898,578
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Yeo and you have the answers right here...better than Google!!

Mar 01, 2019 09:50 PM
Rainmaker
513,549
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

My best advice is to go to the appraisal. 

Mar 01, 2019 12:14 PM
Rainmaker
687,772
Richard Bazinet /MBA, CRS, ABR
WestUSA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Yes, there is a process for which you may challenge and appraisal.

Make sure you got your ducks in a row and did your homework.

Mar 01, 2019 11:15 AM
Rainmaker
719,911
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Provide better or more pertinent comps with appropriate explanations. Actually, I do that BEFORE the appraisal - provide info to the appraisers who generally quite appreciate it.

Mar 01, 2019 10:23 AM
Rainmaker
2,755,645
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Yes.  I have done it many times. 

Mar 01, 2019 08:26 AM
Rainmaker
2,415,168
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The squeaky wheel still gets the oil....

Mar 01, 2019 08:04 AM
Ambassador
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I have challenged them with the lender but rarely does this happen in our market.

Mar 01, 2019 07:42 AM
Rainmaker
4,796,419
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yes.  To contest the appraisal look it over very carefully and try and find an objective mistake, not one that is subjective.

If the appraisal really is low, there will be mistakes.

Mar 01, 2019 05:36 AM
Rainmaker
4,003,361
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I have a few times, and only got it changed once.

Mar 09, 2019 10:47 AM
Rainmaker
3,975,651
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

You can try to find better comps but very very few will change their findings

Mar 06, 2019 06:06 PM
Rainmaker
3,134,704
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Present current comps that factually dispute the appraisal conclusion!

Mar 04, 2019 04:31 AM
Rainmaker
3,040,826
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Ask for a review 

Mar 03, 2019 08:57 AM