I assume that the appraised value came in lower than you were hoping for. Appraisers have rules that they must follow to establish values. That value is for a specific moment in time. With commercial properties, when the appraised value is disputed by one party, a second appraisal is obtained and if there is still disagreement over the value, a third appraiser is hired to review both and make a final determination. When appraised values are in dispute, only an appraiser is qualified to resolve the dispute.
Real estate brokers are not qualified to establish property values, but do comparative market analysis to establish a listing price. The main way I've seen an appraisal value change is if another property sold for more after the study was complete. Changes in value tend to be quite small. If you appreciate an answer, please give "thumbs up". For the most helpful answer, please say thanks with a "best answer" click.
There is some avenues you can pursue on an appraisal I have contested a few appraisals done recently on homes I sold that I thought were not accurate to the market condition of the home.
The first question is are you looking to buy the house or are you looking to refinance the townhome? if you are looking to buy it; have your realtor pull the comparable homes that sold int eh area and see fi the appraisar left off any comparables that would justify the price being higher. Have your Realtor pull the comparables and go back to the bank and tell them that this is wrong and here si the comparables for the area that are more accurate.
If you are looking to refinance the place you may have to figure out how come you feel the home is not fairly priced...Is becuase of what you have done to it or is it a true indication of the market currently at this time. there are some variables that play into a home price and without seeing the comparables the appraiser used it is tough for anyone of us to tell you if they are using accurate comps to support that the house should be priced higher than the value they put on it.
there is no clear cut site to go to to locate the information you want as a consumer.... You can contact a Realtor and have them give you soem comparables in the area of sold town homes and see how they compare to what the appraiser came up with....
If I can be of any assisitance to you please let me know
However, when a seller is trying to price their home based on emotion and above the CMA range, the seller then runs into DOM (Days on Market) and the longer the home is on the market the buyer's start to ask questions like "What is wrong with the home?"
And this is where the seller starts to run into problems. So, be mindful of the strategy you put together when selling your home...