Amy Hoak of Marketwatch covered this topic.
There are two main justifications for an appeal, William Fall, chief executive of the William Fall Group, a national appraisal company said: Either the appraiser neglected to consider similar, recently sold properties in the final value, or the appraiser made a significant error or omission in reporting characteristics of the property that could affect value.
But remember, to make the case that a home improvement should have been considered in the appraisal, it has to be shown to be a major capital improvement, such as a new kitchen. It's a good idea to save records of these upgrades as proof.
The important takeaway from this article is consumers have a right to appeal.
No, I personally haven't done this. But, I have been successful in making a case with the lender. As the market has become a seller's market along the Front Range, the lender might be impressed to hear that there is a lot of interest in a particular property. Bolstering confidence in the market may take a while. By summer's end, things could improve.