Appraiser says send me a comp

Maryland and Virginia

inShare Appraiser Says, "SEND ME A COMP". Low appraisals From A Buyer Broker's Perspective. WE HEAR IT AGAIN. "SEND ME A COMP". Inspired by a thoughtful post by Jennifer Prestwich, whose perspective is that of a listing agent. My perspective is that of a Buyers Broker. Low appraisals are commonplace in a rising market. The comps (SOLDS) simply cannot keep pace with the contracts for which appraisals are ordered. FACT IS: If the lender won't lend for more than the appraised value, why should a home buyer pay more than the appraised value??? The appraiser in Jennifer's case said what they almost all say, "SEND ME A COMP". Jennifer also writes: "It is also important to note that only the Seller's Agent can contact the appraiser. If the buyer, their agent or the loan officer does so, it can backfire in a horrific way." My information is that any agent may contact the appraiser, but not a loan officer. Although often asked by the listing agent or buyer's loan officer, I DO NOT contact appraisers when there is a low appraisal. I cannot support trying to get a higher appraisal and therefore a higher price for a buyer/client. The listing agent has access to the same comparable SOLD information. If the listing agent cannot produce a comp to support a higher appraisal, the price needs to be reduced. My advice to buyer/clients when there is a low appraisal is "JUST SIT ON IT". It is NOT usually in a buyer's interest for an appraisal to be adjusted to a higher price. Although one appraiser may be persuaded, if the buyer needs to sell in the near future, they may have difficulty with the appraisal on their sell. Eventually, if the listing agent/seller cannot successfully appeal the appraisal, the price will be reduced to the appraised value. Keep in mind that if this is a government loan, FHA/VA, there is a waiting period for an existing appraisal (loan #) to expire. The seller has the choice to re-list and accept conventional contracts only, or wait 4 months to accept contracts financed with government loans. Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988. Serving home buyers in Loudoun County, VA. _______________________________________________________________________________________________________ Want to learn more about Loudoun County, VA? Join Loudoun County, VA on Facebook!