Straight Path, Home Buyer in Ohio

can you contest an appraisal for an estate?

Asked by Straight Path, Ohio Wed Sep 21, 2011

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Answers

7
Yes you can contest it but if you feel that it is wrong about the only thing you can do is hire another appraiser:
1 vote Thank Flag Link Thu Sep 22, 2011
We contested once and the same appraiser was allowed to go out 25mi instead since we are a niche market. It allowed more comps and better price a little.
0 votes Thank Flag Link Fri Mar 23, 2012
Do you want it lower or higher? Usually for an estate, you want it lower. I would say the IRS would tell you whether they agree with the value or not. I would suggest you consult a trust and estate attorney about this.
0 votes Thank Flag Link Thu Sep 22, 2011
Yes, you can. If you believe that the appraisal on a property was completed in correctly, I say you should contest it. I've done it myself. Appraisers do make mistakes and it's okay to point it out! Good Luck!

Jennifer Henning
REALTOR | GREEN Designee
[p] 405.625.1576
[e] Jenn@JenniferSellsOklahoma.com
0 votes Thank Flag Link Thu Sep 22, 2011
In my experience, I've noticed that when a mortgage company orders an appraisal, the appraiser only appraises the property for either just enough to cover the loan or it doesn't appraise for enough to cover the loan.
In one case that I had, a property appraised for $12,000 more with an independant appraisal.
I would suggest having your realtor pull the comps and present them to the mortgage company. If that doesn't help, I would get an independant appraisal.

Best of luck...
0 votes Thank Flag Link Thu Sep 22, 2011
Straight,

One can contest anything.....getting the result you desire is another and more complecated story.

Since an appraisal is only as good as the "comparison" information used to establish the home's value, it may be helpful to do an analysis of the document relative to all of the current and similar comparison information available.

We are familiar with appraisals that have been done by 2 different appraisers on the same property and the appraisal amounts varied $40,000 to $60,000.

If your sense is that the information is not accurate, you should take it to the next level and investigate it for yourself.

Best wishes,

Bill
0 votes Thank Flag Link Thu Sep 22, 2011
Straight Path,
Yes. If an appraisal comes in at a surprise amount, your agent can review the appraisal and discuss the comparables used and suggest better ones if they exist. Whether the bank accepts the new information is up to them. Banks are cautious and not likely to accept a huge variance unless there is a significant mistake.
I hope this helps.
0 votes Thank Flag Link Wed Sep 21, 2011
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