The home that we are interested in buying is listed at 500K. Our home appraisal report came with 25K less than the asking price. There are certain errors in the reports like community name, comparable etc. Our guess is that the value should be close to 490K. What can be done in such scenarios?
Write down the errors you have found in the appraisal report. Give your error report to your lender. If the errors have an effect on the appraised value, your lender should forward your found errors to the appraisal company/appraiser for a re-evaluation.
Obviously the appraiser got it wrong when he compared it to the wrong community. You can either appeal it or if you want, stick with it and try to renegotiate with the seller. I believe that if you want this house however, and not to upset the seller, appeal and have it re-appraised.
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