What to do if an appraisal comes in low

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WHAT TO DO WHEN AN APPRAISAL COMES IN TOO LOW? First, you need to get a copy of the appraisal. I read another blog that said the "guidelines" vary from lender to lender. That couldn't be further from the truth. Appraisers must follow USPAP. USPAP stands for the Uniform Standards of Professional Appraisal Practice. State to state and town to town appraisals all look the same. They contain the same information. The only difference would be addresses. Appraisers must be geographically proficient. No more out of state appraisers who don't know the area. So how can we dispute the appraisal? It has to be about the comparables used. You have to have better comps than the appraiser. If you don't then you are dead in the water usually. Vary, vary rarely do you find math mistakes. Adjustments are tough to fight. So if you did your job in the beginning the appraiser would have had the best comps when he came to do the appraisal. Is it worth double checking the appraisal? You bet it is if only to see what the appraisal looks like. Follow Realtor Conrad: Subscribe to Webster, Ma Conrad Allen, Realtor's Blog by Email Created by Conrad Allen on 10/07/2013 03:13 AM Comments (26) Posted to Lending / Financial conrad allen realtor, webster homes for sale, dudley homes for sale Generate short URL 26 Comments on WHAT TO DO WHEN AN APPRAISAL COMES IN TOO LOW? 20 Most Recent Comments Displayed Show All « 1 2 » OCT 07 2013 Hi Conrad, Very rarely do I have an issue with appraisals..I like Barbara have everything they need in a nice neat packet, 3 comparable homes, Plat plan, floor plan, tax appraisal, list of amenities, sellers disclosure. They can get this all on line in the MLS as I have it there but it sure makes it easy when I have it printed out for them! Dorie Dillard, Realtor-Canyon Creek- NW, Austin TX Homes For Sale (Coldwell Banker United Realtors) 4:45am • #7 You can tell sometimes just by looking at a person whether they are interested in their job or its just about drawing a pay check. Good point James Dray, I find those hard to find properties in NW AR and (Wise Custom Realty) 5:05am • #8 Hi Conrad, I hear complaints about appraisal coming in too low. Never too high. Why is that? Many don't realize the intricate parts of an appraisal. Have a good day in Webster.

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