REALTOR | GREEN Designee
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...
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.
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.