Did you know 1 in 5 real estate contracts get cancelled due to appraisals?! I'm in a deal now where the purchase price is $550k, but the appraiser used 300k and 800k comps. Seems like there is no rhyme or reason! There are indeed some fine appraisers out there who take there job seriously. However, I'm noticing a new crop of lazy appraisers who breeze in fast and crank out lackidasical reports, which wreck utter havoc on sellers, buyers, agents, loan brokers, etc! They do a sloppy job and leave it to us to clean up their mess! But do they care? Heck, no. They got paid and have moved on to another house. No skin off their back! AGBeat quotes Mike Evans, the former president of the American Society of Appraisers, who says, “Some guy blows in from 300 miles away and grabs three comps that may not be in the right area, and leaves.” It's an epidemic!
If you get a lemon of an appraisal, try these remedies I filmed for ehow.com:
If you get a lemon of an appraisal, try these remedies I filmed for ehow.com:
How to Fight Incorrect Appraisal on House -- powered by ehow
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Hello! This is Herman from HabitatforHermanity.com - everyone's favorite real estate and design video blog. Alright, today's topic is how to fight an incorrect appraisal on your house. Alright, well, this has been a really big problem in our industry recently, because of all the overhaul that happened to the appraisal rules. So, you know, a lot of people have been getting a lot of bad appraisals. So, if you want to fight them, I have some tips for you. First of all, check if your lender even allows you to appeal. Most of them do, so if that's possible, here's what you should do. Number one: look over that appraisal and look for any discrepancies or omissions. Sometimes appraisers will leave out information on accident, such as a non-MLS listings, private listings, or maybe just human error. Make sure that you look over that report with a fine-toothed comb. Number two: if you do find a discrepancy, provide the documentation to prove your case. So, for example, if you have X amount of square footage in your house but the appraiser got it wrong, well, you've got to submit to your lender the public tax records all your permits that you've pulled and that it was done legally, to prove your case. And number three: partner with a realtor in the area who's familiar with what's going on. Oftentimes, they will have access to some information that the appraiser didn't and that'll help build your case as well. Last but not least, what you can do is maybe get another appraiser. That may set you back a couple more hundred dollars, but you know what? It may save your re-fi or your purchase, so it may be well worth it. If that's the case, make sure you insist your appraiser is local, and has direct knowledge of what's going on in your area. Alright, those are my tips on how to fight an incorrect appraisal. My name is Herman for HabitatforHermanity.com.
Read more: Video: How to Fight Incorrect Appraisal on House | eHow.com
Read more: Video: How to Fight Incorrect Appraisal on House | eHow.com
