Question Details

Jflt, Home Buyer in Elizabeth, NJ

Appraiser made mistake on appraisal.

Asked by Jflt, Elizabeth, NJ Thu May 7, 2009

The appraiser made mistake in the appraisal. We are buying a condo, in a building where SOME of the condos have balconies. The condo we are buying does NOT have a balcony, yet the appraiser checked-off "unit has balcony" in the form where it lists "amenities". clearly a condo with a balcony, would have more value than a condo without a balcony.

The question is, what do we do now? We want the condo re-appraised, and we are confident it would appraise for less once the appraiser CORRECTLY accounts for the fact the condo does not have a balcony.

Any guidance on what we need to do?


Help the community by answering this question:


The previous poster is correct. Appraisers make mistakes, they are human... and most of ones I have met are aware of that fact. So, they will make that adjustment fairly easily. Just report the issue to the bank, they should take it from there.

However, unless you are trying to get out of the contract for some reason, I am not sure what benefit a lower appraisal has to you. I can actually see negative consequences.
0 votes Thank Flag Link Fri May 8, 2009
This should be an easy fix. Most appraiser's will be happy to fix the mistake and give you a copy of the new appraisal.If you can't get intouch with the appraiser directly get in touch with the bank or his/her company. My question would be what do you want the appraisal for? If you are looking to use this for buying your home than I would not worry about it unless it bother's you. If you are using this to get your tax value down than yes call the appraiser. It is quite common for appraisers to make mistakes like this. It happens more than you think. A word of advise: I have seen appraiser's and home inspectors be so far from each other it is crazy. 10 different appraiser's or home inspectors will get you 10 different answers. Hope this helps.
0 votes Thank Flag Link Thu May 7, 2009
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