Can an appraisor's report be revised due to inaccurate information?

King58
Home Buyer
Echo Highlands, Birm...

Answers (5)
Gusty Gulas
Agent
Birmingham, AL

The appraiser report can be revised as long as the appraiser is willing to revise it :) In most cases if an error has been made, they don't mind. The next part is if the appraisal has already been sent to underwriting. Like said before, the underwriters need a pretty good excuse for changes on the appraisal. Can you describe the inaccurate info? If you need an increase in price...your Mortgage Broker may need to send to a different lender. If it is with repairs, then the repairs need to be completed before you buy the house or refinance. Good Luck!

Wed Oct 28 2009, 05:47
Jean Thrasher
Agent
Trussville, AL

I did get an appraisor to adjust his comps when I found out that one of the comps was a FSBO which is find; however, the appraisor had used the mortgage amount, overlooking the fact that the buyer had put down $50,000. I agree with Jeff. It is very difficut to get this changed and the appraisors today are having to work (like all of us) double hard for one-half the price. Good Luck!

Tue Oct 27 2009, 19:19
David - Apprais...
Agent
Maricopa, AZ

Appraisal reports can be revised for any legitimate reason. It all depends on what is deemed or perceived to be inaccurate.

Tue Oct 27 2009, 12:58
Fred Glick,Prin...
Broker
Philadelphia, PA

If the lender does not allow for the changes because it is totally wrong, then the appraisal is a fraud.

Contact your state Attorney General and tell them that the lender is allowing mortgage fraud.

Tue Oct 27 2009, 12:56
Jeff Newman
Broker
Birmingham, AL
FIRST ANSWER

I have seen appraissals changed in cases where incorrect square footage was reported. It is rare for comps used on an appraissal to be changed, but if enough evidence is given they can make adjustments. The problem, however, is that once underwriters with mortgage companies receive an appraissal it is difficult for them to get it out of their minds. A lot of this will depend on what you want adjusted. If it is a remeasure of square footage it is one thing but appraissers have good reason to use the data they use and will typically stick to the numbers. Good luck.

Tue Oct 27 2009, 10:56

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